Forest Oil Corp. (NYSE: FST) announced that it has entered into a definitive agreement to sell all of its properties located in south Louisiana for approximately $220 million.
The properties produced 20 MMcf/d (65% liquids) during the third quarter of 2012 and had estimated proved reserves of 45 Bcf (62% liquids) as of Dec. 31, 2011.
Forest intends to use the proceeds from this divestiture to repay outstanding borrowings under its bank credit facility.
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