Recovery Report: Forest Oil Corp.'s Recovery Rating Profile Jun 10

  • ID: 1871816
  • June 2010
  • Standard & Poors
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  • Sabine Oil & Gas Corp.
  • MORE

We are updating our recovery analysis on U.S. gas and oil exploration and production company Forest Oil Corp. (Forest) to reflect an updated valuation of year-end 2009 reserves based on a company-provided PV10 report using our revised long-term price assumptions of $65 per barrel of West Texas Intermediate crude oil and $5.50 per million BTU of Henry Hub natural gas. On May 28, 2010, we lowered the issue-level rating on the senior unsecured notes to 'B+' (one notch below the corporate credit rating) from 'BB-', and revised the recovery rating on those notes to '5' from '4'. Forest is a U.S.-based oil and natural gas company with properties located primarily in Arkansas, Louisiana, New Mexico, Oklahoma, Texas, Utah, Wyoming, and...

Companies mentioned in this report are:
- Sabine Oil & Gas Corp.

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: Full Analysis

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- Sabine Oil & Gas Corp.

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