Forest Oil Corp. (NYSE: FST) entered into a definitive agreement to sell all of its properties located in South Texas, excluding its Eagle Ford Shale oil properties, for after-tax cash proceeds of $325 million.

The transaction is expected to close on or before February 15, 2013, with an effective date of January 1, 2013, and is subject to customary closing conditions and post-closing purchase price adjustments.

The properties produced 66 million cubic feet equivalent per day during the 3Q 2012, had estimated proved reserves of 272 billion cubic feet equivalent ...