Forest Oil Corporation (FST) announced that the Company’s Board of Directors has completed its executive search process and named Patrick R. McDonald as President and Chief Executive Officer, effective immediately. Mr. McDonald has served as Interim Chief Executive Officer since June 21, 2012.
James D. Lightner, Chairman of the Board of Directors, stated, “We are pleased to announce that, after an extensive search process and consultation with our outside advisors, the Board determined that Pat is the best candidate to lead Forest going forward. Pat’s leadership has been instrumental in Forest taking the important initial steps to deleverage and strengthen the balance sheet and he has successfully led the transition to an oil-focused operational strategy. We are thrilled that Pat has agreed to stay on as Forest’s CEO, and with his strong industry experience and operational background, we look forward to commencing the next chapter at Forest with him leading the way.”
Mr. McDonald said, “During the recent months, I have become increasingly familiar with and enthusiastic about the opportunities that our portfolio of assets has to offer and impressed with the talented, hard-working and dedicated employees at Forest. I look forward to continuing to advance the strategy set forth by the Board and creating additional value for all of Forest’s shareholders. Our strategy of driving strong cash flow generation by growing our oil and liquids portfolio, while maintaining our prudent approach to managing the balance sheet and controlling the bottom line, is paramount in the current commodity price environment. I am fully engaged in the commitment of delivering shareholder value and we, as a Company, will work together to bring this value forward.”