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Forest Oil Corporation (NYSE:FST) (Forest or the Company) announced today that its Board of Directors appointed Richard J. Carty as an independent director, effective October 22, 2012.
Mr. Carty is President of West Face Capital (USA) Corp, an affiliate of West Face Capital Inc. (“West Face”), a Toronto-based investment management firm with over $2.8 billion in assets under management. West Face manages funds that own approximately 4.5% of Forest’s outstanding shares. Mr. Carty has served on the board of directors of several companies in which funds managed by West Face have invested. Mr. Carty was previously with Morgan Stanley in New York for 14 years where he was Managing Director of Morgan Stanley Principal Strategies, leading the Special Situations, Strategic Investments and Global Quantitative Equity investment teams. Prior to that, he was a partner at Gordon Capital Corp, a private Toronto-based investment bank.
James D. Lightner, Chairman of the Board of Directors, commented, “We are pleased to have Rich Carty join Forest’s Board. Rich has over 20 years of experience in the investment sector and brings a diverse background that spans several industries, including the oil and gas sector, making him an excellent complement to our Board.”
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Forest assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should, or may occur in the future are forward-looking statements. The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Forest cautions that future natural gas and liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing of capital expenditures, and other forward-looking statements relating to Forest are subject to all of the risks and uncertainties normally incident to their exploration for and development and production and sale of liquids and natural gas.