DENVER — Forest Oil is selling all of its south Louisiana properties for about $220 million as part of its plan to shed some non-core assets.
The natural gas and oil producer said Friday that it plans to use the proceeds from the sale to pay back outstanding borrowings under its credit facility.
Forest Oil Corp. previously announced that it is selling its East Texas natural gas gathering assets for $34 million. It is also selling about 5,600 net acres in the Eagle Ford Shale for $15 million as well as some other properties for $8 million. The Eagle Ford shale formation stretches from the western Texas-Mexico border to Louisiana.