Forest Oil Corporation plans to make $1 billion sale in the Texas Panhandle area.
On October 2, Forest Oil announced that is has entered an agreement to sell to Templar Energy LLC its oil and gas assets.
Le Norman Operating LLC, a wholly-owned subsidiary of Templar will operate the assets.
Patrick R. McDonald, President and CEO, stated, we are pleased with the outcome of our Texas Panhandle divestiture process.
McDonald says this transaction comprises a major component of the strategic deleveraging program we instituted in mid-2012 and will allow us to significantly reduce long-term debt and greatly enhance our financial flexibility and liquidity.
The transaction is expected to close on or before November 25, 2013, with an effective date of October 1, 2013.
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