Forest Oil aims to redeem $150 million in 7¾% senior notes due 2014

By Devika Patel

Knoxville, Tenn., Dec. 21 - Forest Oil Corp. said it will use the proceeds from an $800 million sale of the remainder of its Permian Basin properties in West Texas and New Mexico to redeem its $150 million in 7¾% senior notes due 2014.

The company will pay 101.292% for the notes, plus interest from Nov. 1 to Jan. 27, the redemption date.

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

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