Forest Oil Corp. has retained J.P. Morgan Securities LLC to solicit offers from companies interested in buying the company's oil and gas assets in the Texas Panhandle.
Denver-based Forest Oil Corp. is seeking a buyer for its oil and gas assets in the Texas Panhanle and will focus on oil-development projects in South Texas? Eagle Ford Shale, company officials said Monday.
After receiving unsolicited proposals from parties interested in buying the Panhandle assets, Forest retained J.P. Morgan Securities LLC to help it market the properties.
?If completed, the sale of the Texas Panhandle assets should allow us to reduce meaningfully our indebtedness and enhance our financial flexibility and ability to accelerate development of our assets,? President and CEO Patrick R. McDonald said in a written statement.
In addition to its Eagle Ford holdings, Forest has a position in 111,000 net acres in East Texas.
Sanford Nowlin covers energy/utilities, transportation/aviation and manufacturing.
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