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BULLETIN: Forest Oil's Buffalo Wallow Field Acquisition Does Not Affect Rating Mar 05
Standard & Poors, March 2005
Abstract
NEW YORK (Standard & Poor's) March 1, 2005--Standard & Poor's Ratings Services said today that its ratings on Forest Oil Corp. (BB-/Stable/--) will not be affected by the company's announcement that it has agreed to acquire a private company whose primary asset is an 83% working interest in the Buffalo Wallow Field and approximately 33,300 gross acres primarily in Hemphill and Wheeler Counties, Texas. Forest will pay an estimated $200 million cash for the company's equity and assume an estimated $30 million of debt (net of working capital) at closing. The acquisition adds proved reserves of about 120 billion cubic feet equivalent (46% proved developed and 71% natural gas and production) in the range of 25 to 30 million cubic...
Companies mentioned in this report are: Forest Oil Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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