Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
DENVER (AP) - Forest Oil Corp. said Thursday that it will sell Templar Energy LLC its Texas Panhandle oil and gas assets for $1 billion as it works to cut its debt.
Forest Oil has been selling assets to help lower its debt since last year. The company said that the deal also lets it keep developing its Eagle Ford Shale wells. The energy-rich formation is in southern Texas. Forest also has energy properties in Arkansas, Louisiana, Oklahoma and Wyoming.
The deal with Templar, a privately held company, is expected to close by Nov. 25.
Shares of Forest, which is based in Denver, are up 6.3 percent to $6.75 in after-hours trading. The company's stock has dropped 24 percent in the past 12 months.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
