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Forest Oil Completes Spin-Off Of Lone Pine Resources Inc.

Forest Oil Corporation (NYSE: FST) (Forest or the Company) today completed the distribution 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.

The distribution by Forest of the special stock dividend was made today (the Distribution Date), in the form of a pro rata common stock dividend to all Forest shareholders of record as of the close of business on September 16, 2011 (the Record Date). Forest shareholders received 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.

H. Craig Clark, President and CEO, stated, “We want to thank our team at Lone Pine for its efforts in helping to facilitate this spin-off and to wish Lone Pine and its employees the best of luck in the future. We hope that Forest’s shareholders will continue to benefit from the strong asset portfolio and future upside that exists in Canada through their ownership in Lone Pine’s stock.”

Information Regarding the Spin-Off Transaction

No vote or action is required by Forest shareholders to receive the special stock dividend of shares 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. Shareholders from outside the United States and Canada may call 201-680-6578.

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