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Forest Oil Announces 2013 Capital Budget And Guidance

The information contained throughout this press release presented for 2012 comparisons, unless otherwise indicated, relates only to Forest on a pro forma basis, exclusive of asset divestitures.

2013 Capital Budget: Forest’s capital budget for 2013 will focus entirely on oil and other liquids-based drilling opportunities within the Company’s concentrated asset base. Current plans entail operating four to five drilling rigs in 2013 with a total exploration and development capital budget of $315 million to $325 million (excluding capitalized interest, capitalized stock-based compensation, and asset retirement obligations incurred) and approximately $40 million to $50 million for non-drilling related activities as detailed below:
Capital Budget ($MM) Budget Low Budget High
Exploration and Development Capital Budget $ 315 $ 325
Non-Drilling Capital Budget:
Leasehold, Seismic, and Other 20 25
Capitalized Overhead 20 25
Total Capital Budget $ 355 $ 375

Forest expects to maintain two operated rigs in the Panhandle Area, one to two operated rigs in the Eagle Ford, and one operated rig in East Texas. The exploration and development capital budget is being allocated 45% to the Panhandle Area, 35% to the Eagle Ford, and 20% to East Texas.

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