Forest Oil announces discoveries at South Marsh Island #149
The following news release was issued by Forest Oil
DENVER, COLORADO - July 15, 2002 - Forest Oil Corporation ("Forest") (NYSE:FST) today announced two additional discoveries at South Marsh Island ("SMI") #149.
The SMI 149 C-4 well discovered 135 feet of oil and gas pay in five productive sands at a total vertical depth of 7,010 feet. Completion operations are currently underway. The C-5 well discovered 205 feet of oil and gas pay, also in five productive sands at a total vertical depth of 7,072 feet. The C-5 well completion and start-up will immediately follow the C-4 activity.
These two discoveries now bring the total number of productive wells on the recently installed SMI 149 "C" platform to five wells. At present, the C-1, C-2, and C-3 wells are flowing at a combined rate of 43 MMcfe/d. The C-4 and C-5 discoveries should be on line by mid-August and increase production by 12 MMcfe/d.
Forest Oil Corporation has a 50 percent working interest in the SMI 149 field. Unocal is the operator.
Craig Clark, Forest's President and Chief Operating Officer, stated, "The Gulf of Mexico unit is having a great year. They have capitalized successfully on deepwater, deep shelf, and conventional shelf plays that typify our diverse and ample Gulf offshore prospect inventory. I would like to compliment our offshore staff on their hard work this year."
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 the Company plans, expects, believes, projects, estimates or anticipates 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 examination of historical operating trends and its current belief as to the outcome and timing of future events. Forest cautions that its future natural gas and liquids production, revenues and expenses and other forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development and production and sale of oil and gas. These risks include, but are not limited to, price volatility, inflation or lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks as described in Forest's 2001 Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Also, the financial results of Forest's foreign operations are subject to currency exchange rate risks. Any of these factors could cause Forest's actual results and plans to differ materially from those in the forward-looking statements.
Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America and selected international locations. Forest's principal reserves and producing properties are located in the United States in the Alaska, Louisiana, Oklahoma, Texas, Utah, Wyoming and the Gulf of Mexico, and in Canada in Alberta and the Northwest Territories. Forest's common stock trades on the New York Stock Exchange under the symbol FST. For more information about Forest please visit our website at www.ForestOil.com.
Updated: July 2002