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Forest Oil Announces Second Quarter 2012 Results

The following table details the components of total cash costs for the comparative periods:

          Three Months Ended June 30,
2012         Per Mcfe         2011         Per Mcfe
(In thousands, except per-unit amounts)
 
Production expense $ 37,689 $ 1.23 $ 39,553 $ 1.30

General and administrative expense (excludingstock-based compensation of $5,707 and $3,057,respectively)

10,714 0.35 10,303 0.34
Interest expense 34,317 1.12 37,819 1.24
Current income tax expense   327   0.01   29,443     0.97  
Total cash costs $ 83,047 $ 2.72 $ 117,118   $ 3.85  
 

Current income tax expense associated withCanadian dividend tax

  -   -   (28,921 )   (0.95 )
Pro forma total cash costs $ 83,047 $ 2.72 $ 88,197   $ 2.90  
 

_________________________ Total cash costs is a non-GAAP measure that is used by management to assess the Company’s cash operating performance. Forest defines total cash costs as all cash operating costs, including production expense; general and administrative expense (excluding stock-based compensation); interest expense; and current income tax expense.

Depreciation and Depletion Expense

Forest's per-unit depreciation and depletion expense for the three months ended June 30, 2012 increased 39% to $2.39 per Mcfe compared to $1.72 per Mcfe in the corresponding 2011 period. The increase was primarily the result of higher finding and development costs associated with Forest's oil and liquids focused capital expenditure program.

Stock quotes in this article: FST 

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