Forest Oil Corp., Denver, (NYSE: FST) plans to acquire The Houston Exploration Co., Houston, (NYSE: THX) for $1.5 billion in cash and stock and will assume net debt estimated to be $100 million. Houston Exploration has assets in South Texas, East Texas the Arkoma Basin of Arkansas and Oklahoma and the Uinta and D-J basins in the Rockies. Production is 205 million cubic feet of gas equivalent per day, and proved reserves are approximately 655 billion cubic feet equivalent. Pro forma the acquisition Forest will have estimated proved reserves of approximately 2 trillion cubic feet equivalent (approximately 69% proved developed, approximately 70% gas).
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