Forest Oil to pay down loan with $34 million sale of East Texas assets

By Sara Rosenberg

New York, Aug. 15 - Forest Oil Corp. plans to repay a portion of the outstanding borrowings under its credit facility using proceeds from the $34 million sale of the majority of its East Texas natural gas gathering assets to Tristate Midstream II LLC, according to a news release.

The transaction is expected to close on Oct. 31, subject to customary conditions and purchase price adjustments.

Forest Oil is a Denver-based acquirer, explorer, developer and producer of natural gas and liquids.

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