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Forest Oil Corporation (NYSE:FST) (Forest or the Company) today announced that the Company’s Board of Directors has completed its executive search process and named Patrick R. McDonald as President and Chief Executive Officer, effective immediately. Mr. McDonald has served as Interim Chief Executive Officer since June 21, 2012.
James D. Lightner, Chairman of the Board of Directors, stated, “We are pleased to announce that, after an extensive search process and consultation with our outside advisors, the Board determined that Pat is the best candidate to lead Forest going forward. Pat’s leadership has been instrumental in Forest taking the important initial steps to deleverage and strengthen the balance sheet and he has successfully led the transition to an oil-focused operational strategy. We are thrilled that Pat has agreed to stay on as Forest’s CEO, and with his strong industry experience and operational background, we look forward to commencing the next chapter at Forest with him leading the way.”
Mr. McDonald said, “During the recent months, I have become increasingly familiar with and enthusiastic about the opportunities that our portfolio of assets has to offer and impressed with the talented, hard-working and dedicated employees at Forest. I look forward to continuing to advance the strategy set forth by the Board and creating additional value for all of Forest’s shareholders. Our strategy of driving strong cash flow generation by growing our oil and liquids portfolio, while maintaining our prudent approach to managing the balance sheet and controlling the bottom line, is paramount in the current commodity price environment. I am fully engaged in the commitment of delivering shareholder value and we, as a Company, will work together to bring this value forward.”
About Patrick R. McDonald
Patrick R. McDonald, age 55, has been a director since 2004 and has served as interim CEO since June 2012. Mr. McDonald has served as Chief Executive Officer, President and Director of Carbon Natural Gas Company, an oil and gas exploration company and its predecessor, Nytis USA, since 2004, and Mr. McDonald has served as Chairman of Carbon Natural Gas Company since 2011. From 1998 to 2003, Mr. McDonald served as President, Chief Executive Officer, and Director of Carbon Energy Corporation, an oil and gas exploration and production company. From 1987 to 1997, Mr. McDonald served as Chief Executive Officer, President and Director of Interenergy Corporation, a natural gas gathering, processing, and marketing company. Prior to that he worked as an exploration geologist with Texaco, Inc., where he was responsible for oil and gas exploration efforts in the Middle East and Far East. He is also the non-executive Chairman of the Board of Directors of Lone Pine Resources Inc. He is a Certified Petroleum Geologist and is a member of the American Association of Petroleum Geologists and Canadian Society of Petroleum Geologists. Mr. McDonald received a Bachelor’s degree in geology and economics from Ohio Wesleyan University and an MBA in finance from New York University.