SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - December 20, 1995
FOREST OIL CORPORATION
(Exact name of registrant as specified in its charter)
New York 0-4597 25-0484900
(State or other juris- (Commission (IRS Employer
diction of incorporation) file number) Identification No.)
2200 Colorado State Bank Building, 1600 Broadway, Denver, CO 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 812-1400
Item 5. Other Events
For information concerning this item, please refer to
Exhibit 99.1 hereto, which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99.1) Forest Oil Corporation press release
announcing the completion of the acquisition of a
controlling interest in Saxon Petroleum Inc.
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
FOREST OIL CORPORATION
(Registrant)
Dated: December 21, 1995 By: /s/ Daniel L. McNamara
____________________________
Daniel L. McNamara
Secretary
FOR IMMEDIATE RELEASE
FOREST OIL COMPLETES SAXON ACQUISITION
DENVER, COLORADO - December 21, 1995 - Forest Oil Corporation
and Saxon Petroleum Inc. of Calgary, Alberta announced today that
Forest has completed the acquisition of a controlling interest in
Saxon.
Saxon's shareholders approved the transaction on December 18,
1995 and at the second closing of the transaction on December 20,
1995 the following events occurred: 1) the preferred stock of
Saxon issued to Forest at the first closing on October 26, 1995
was redeemed for C$1.5 million cash and 4.2 million common shares
of Saxon, 2) Saxon issued an additional 27.8 million common
shares, 12.3 million non-voting shares and 5.3 million warrants
to Forest in exchange for 4.5 million Forest common shares; and
3) Saxon issued C$15.5 million of new convertible preferred
shares to Forest in exchange for the Archean Energy Ltd.
preferred stock owned by Forest. Forest now holds approximately
56% of Saxon's outstanding common shares.
The 5.3 million common shares of Forest now held by Saxon have
been included in a registration statement filed by Forest with
respect to a proposed offering of its common stock. Saxon will
use the proceeds from the sale of the Forest shares it owns to
reduce bank debt and fund capital expenditures.
Forest Oil Corporation and Saxon Petroleum Inc. are engaged in
the acquisition, exploration, development and production of
natural gas and crude oil. Forest's principal reserves and
producing properties are located in the Gulf of Mexico, Texas and
Oklahoma. Saxon's principal reserves are located in western and
northwestern Alberta. Forest's common and preferred stocks are
traded on the Nasdaq National Market System under the FOIL and
FOILO symbols, respectively. Saxon's common shares are traded on
the Alberta Stock Exchange under the SXN symbol.
December 21, 1995
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