Forest Oil Announces Appointment of Richard J. Carty to Its Board of Directors
DENVER--(BUSINESS WIRE)-- Forest Oil Corporation (NYS: FST) (Forest or the Company) announced today that its Board of Directors appointed Richard J. Carty as an independent director, effective October 22, 2012.
Mr. Carty is President of West Face Capital (USA) Corp, an affiliate of West Face Capital Inc. ("West Face"), a Toronto-based investment management firm with over $2.8 billion in assets under management. West Face manages funds that own approximately 4.5% of Forest's outstanding shares. Mr. Carty has served on the board of directors of several companies in which funds managed by West Face have invested. Mr. Carty was previously with Morgan Stanley in New York for 14 years where he was Managing Director of Morgan Stanley Principal Strategies, leading the Special Situations, Strategic Investments and Global Quantitative Equity investment teams. Prior to that, he was a partner at Gordon Capital Corp, a private Toronto-based investment bank.
James D. Lightner, Chairman of the Board of Directors, commented, "We are pleased to have Rich Carty join Forest's Board. Rich has over 20 years of experience in the investment sector and brings a diverse background that spans several industries, including the oil and gas sector, making him an excellent complement to our Board."
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 Forest assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) 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 current belief, based on currently available information, as to the outcome and timing of future events. Forest cautions that future natural gas and liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing of capital expenditures, and other forward-looking statements relating to Forest are subject to all of the risks and uncertainties normally incident to their exploration for and development and production and sale of liquids and natural gas.
These risks relating to Forest include, but are not limited to, oil and natural gas price volatility, its level of indebtedness, its ability to replace production, its ability to compete with larger producers, environmental risks, drilling and other operating risks, regulatory changes, credit risk of financial counterparties, risks of using third-party transportation and processing facilities and other risks as described in reports that Forest files with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. 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, and production of natural gas and liquids in the United States and selected international locations. Forest's principal reserves and producing properties are located in the United States in Arkansas, Louisiana, Oklahoma, Texas, Utah, and Wyoming. Forest's common stock trades on the New York Stock Exchange under the symbol FST. For more information about Forest, please visit its website at www.forestoil.com.
October 23, 2012
Forest Oil Corporation
Larry C. Busnardo, 303-812-1441
Director - Investor Relations
KEYWORDS: United States North America Colorado
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