There is no assurance that Forest will make an application to the CRA to have the spin-off be a tax-free transaction in Canada for Canadian resident shareholders or that the CRA will determine that the spin-off qualifies for tax-free treatment in Canada. If Forest makes such an application and the CRA determines to allow the spin-off to be tax-free, notice of the CRA’s determination with respect to the spin-off will be available under the Investor Relations tab on Forest’s website at www.forestoil.com and Lone Pine’s website at www.lonepineresources.com. Canadian resident shareholders of Forest are advised to consult their own tax advisors concerning the particular tax consequences of the distribution to them including the application of federal, provincial, and foreign tax laws. The information statement will contain additional details on the Canadian federal income tax consequences of the distribution.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities laws. All statements, other than statements of historical facts, that address activities that Forest assumes, plans, expects, believes, projects, estimates, or anticipates (and other similar expressions) will, should, or may occur in the future are forward-looking statements. The forward-looking statements provided in this press release are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Forest cautions that statements relating to the spin-off by Forest of Lone Pine, future natural gas and liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing of capital expenditures, and other forward-looking statements relating to Forest and Lone Pine are subject to all of the risks and uncertainties normally incident to their exploration for and development and production and sale of oil and gas.