Friday that it has entered a definitive agreement to sell all of its properties in South Louisiana for approximately $220 million.
Forest said the transaction is expected to close on Nov. 16 with an effective date of Aug. 1, 2012 .
The Denver-based company did not say who the properties were sold to.
Forest said it intends to use the proceeds from the divestiture to repay outstanding borrowings under its bank credit facility.
in early July, Forest has completed or has under contract, transactions totaling approximately $227 million.
This includes the East Texas natural gas gathering assets for $34 million, approximately 5,600 net acres in the Eagle Ford Shale for $15 million, and other miscellaneous properties for $8 million. and chief executive of Forest, said Forest has made “meaningful strides in improving the company’s financial position, and we will continue to focus on other non-core divestitures to improve our balance sheet and increase our flexibility as we maintain focus on the development of our core oil properties.”
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
