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Forest Oil Announces Second Quarter 2012 Results

Stocks in this article: FST

Net Sales Volumes, Average Realized Prices, and Revenues

Forest's net sales volumes for the three months ended June 30, 2012 were unchanged from the corresponding 2011 period and decreased 1% from the first quarter of 2012. Net sales volumes were negatively impacted by 8 MMcfe/d in the second quarter of 2012 due primarily to downtime associated with a fire at Eagle Rock’s Phoenix-Arrington Ranch natural gas processing facility in Hemphill County, Texas. The facility returned to operations on July 3, 2012. The following table details the components of net sales volumes, average realized prices, and revenues for the three months ended June 30, 2012:

        Three Months Ended June 30, 2012
Gas         Oil       NGLs         Total
(MMcf/d) (MBbls/d) (MBbls/d) (MMcfe/d)
Net Sales Volumes 229.4 8.3 9.3 335.4





Average Realized Prices Gas









Average realized prices not including realizedderivative gains

$ 1.85 $ 95.37 $ 29.07 $ 4.45
Realized gains on NYMEX derivatives   1.34   2.84   0.99   1.02

Average realized prices including realizedderivative gains

$ 3.20 $ 98.21 $ 30.06 $ 5.46
Revenues (in thousands) Gas Oil NGLs Total
Revenues not including realized derivative gains $ 38,693 $ 72,291 $ 24,710 $ 135,694
Realized gains on NYMEX derivatives   28,067   2,155   845   31,067
Revenues including realized derivative gains $ 66,760 $ 74,446 $ 25,555 $ 166,761

Total Cash Costs

Forest's total cash costs and per-unit cash costs decreased 29% in the second quarter of 2012 compared to the corresponding 2011 period due primarily to a decrease in current income tax expense. Production expense also decreased 5% in the second quarter of 2012 over the corresponding 2011 period due to a decrease in production taxes.

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