Forest Oil to use existing credit line to fund acquisition of oil and gas assets

By Sara Rosenberg

New York, Nov. 11 - Forest Oil Corp. plans on using its existing credit facility to fund the acquisition of oil and gas assets located primarily in the Permian Basin and five fields in south Texas for about $102 million.

The transaction is expected to close on Dec. 31.

"This acquisition is consistent with the strategy announced in September to acquire properties in this region. There are exploitation opportunities through secondary recovery, recompletions, shallow-drilling and cost reductions. We are pleased with the swift progress our acquisition team has made on yet another negotiated transaction as well as the balance that the acquisition program has provided us to date," said Craig Clark, president and chief executive officer, in a news release.

Forest Oil is a Denver oil and gas company.

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