Forestar Group Inc. (NYSE: FOR) today announced that Flavious Smith has been named Chief Oil & Gas Officer. Mr. Smith will be responsible for managing the company’s oil and gas assets.
Flavious joined the company in 2008 as Executive Vice President - Minerals. Prior to joining Forestar, Mr. Smith had been Division Land Manager for EOG Resources, Inc. in Fort Worth, Texas since 2005. Prior to joining EOG Resources, Inc., he spent nearly 20 years in various management positions within the oil and gas industry. Mr. Smith holds Bachelors and Masters of Science degrees from Vanderbilt University and a Juris Doctor from the Oklahoma City University School of Law.
In making the announcement, Jim DeCosmo, president and chief executive officer of Forestar Group, said, “Flavious has been a valuable member of our senior management team, and is an experienced and recognized leader in the oil and gas industry, with almost 25 years of exploration, production, and business development experience across multiple oil and gas basins. We believe his outstanding qualifications, extensive market knowledge and leadership will assist in the execution of Forestar’s strategy to recognize and responsibly deliver the greatest value from every acre.”
About Forestar GroupForestar Group Inc. operates in three business segments: mineral resources, real estate and fiber resources. At the end of second quarter 2012, the real estate segment owns directly or through ventures almost 145,000 acres of real estate located in eight states and twelve markets in the U.S. The real estate segment has 16 real estate projects representing approximately 27,600 acres currently in the entitlement process, and 72 entitled, developed and under development projects in seven states and eleven markets encompassing almost 15,600 acres, comprised of almost 24,000 planned residential lots and over 2,400 commercial acres. The mineral resources segment manages approximately 729,000 net acres of oil and gas mineral interests, including approximately 594,000 acres of fee ownership located principally in Texas, Louisiana, Alabama, and Georgia. In addition, the mineral resources segment manages leasehold interests in over 135,000 net mineral acres principally located in Kansas, Oklahoma, Nebraska, and North Dakota, including about 6,000 net mineral acres in the core of the prolific Bakken and Three Forks formations. Also included in the mineral resources segment is a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 17,800 acres of groundwater leases in central Texas. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. Forestar’s address on the World Wide Web is www.forestargroup.com . Forward Looking Statements This release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are typically identified by words or phrases such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” and other words and terms of similar meaning. These statements reflect management’s current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements, including our ability to achieve the synergies and value creation contemplated by the merger with Credo, our ability to promptly and effectively integrate Credo’s businesses, and the diversion of management time on merger-related matters. Other factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; changes in commodity prices; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.
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