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Forest Oil Corporation (NYSE: FST) (Forest or the Company) today announced the final distribution ratio for the special stock dividend to its shareholders of 70,000,000 shares of common stock of Lone Pine Resources Inc. (NYSE: LPR; TSX: LPR) (Lone Pine) owned by Forest of 0.61248511 of a share of Lone Pine common stock for every share of Forest common stock held as of the close of business on September 16, 2011 (the Record Date). The distribution by Forest of the special stock dividend will be made on September 30, 2011 (the Distribution Date) in the form of a pro rata common stock dividend to all Forest shareholders of record on the Record Date.
The final distribution ratio was calculated by dividing the 70,000,000 shares of Lone Pine common stock to be distributed by the number of shares of Forest common stock outstanding on the Record Date. As of the Record Date, Forest had 114,288,493 shares of common stock outstanding; accordingly, Forest shareholders will receive 0.61248511 of a share of Lone Pine common stock for every share of Forest common stock held as of the close of business on the Record Date. In lieu of fractional shares, Forest shareholders will receive a cash distribution.
Information Regarding the Spin-off Transaction
No vote or action is required by Forest shareholders to receive the special stock dividend of Lone Pine common stock. Forest shareholders of record on the Record Date will receive account statements reflecting their ownership interest in shares of Lone Pine common stock. The Lone Pine common stock issued in the distribution will be in book-entry form. Forest shareholders who hold their shares through brokers or other nominees will have their shares of Lone Pine common stock credited to their accounts by their nominees or brokers. For additional information, registered shareholders in the United States and Canada should contact Forest’s transfer agent, BNY Mellon Shareowner Services, at 1-888-213-0882. Registered shareholders from outside the United States and Canada should call 201-680-6578. Shareholders who hold their shares through brokers or other nominees should contact their brokers or other nominees directly.