Forest Oil buying Permian basin properties

Forest Oil Corp., Denver, plans to buy oil and natural gas assets in the Permian basin and South Texas through a stock purchase involving a privately owned company. The oil and gas assets are expected to cost $102 million.

Nov. 11, 2003

By OGJ editors
HOUSTON, Nov. 11 -- Forest Oil Corp., Denver, plans to buy oil and natural gas assets in the Permian basin and South Texas through a stock purchase involving a privately owned company. The oil and gas assets are expected to cost $102 million.

The seller's name was not disclosed. The transaction is expected to close Dec. 31.

Forest's 2003 acquisition program has added assets in the Gulf of Mexico, the Gulf Coast, and the Permian basin. Recently, Forest bought 70 properties in the Gulf of Mexico and onshore Louisiana from Unocal Corp.'s gulf region business unit for $295 million (OGJ, Sept. 29, 2003, p. 41).