Forest Oil draws on existing facility for purchase of Ark-La-Tex assets

By Sara Rosenberg

New York, May 2 - Forest Oil Corp. used borrowings under its existing credit facility to fund the about $281 million acquisition of producing assets located primarily in its Ark-La-Tex core areas with Haynesville Shale potential, according to a news release.

The economic effective date for the transaction was March 1 and the purchase price remains subject to customary post-closing adjustments.

Forest Oil is a Denver-based natural gas and liquids company.

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