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Exhibit 99.1
[FOREST OIL LOGO]
NEWS FOR FURTHER INFORMATION
FOREST OIL CORPORATION CONTACT: DONALD H. STEVENS
1600 BROADWAY, SUITE 2200 VICE PRESIDENT AND TREASURER
DENVER, COLORADO 80202 (303) 812-1500
FOR IMMEDIATE RELEASE
FOREST OIL CORPORATION COMPLETES TESTING OF A-K2 WELL ON ITS
SOUTH AFRICA PROPERTY
DENVER, COLORADO - NOVEMBER 17, 2000 - Forest Oil Corporation (NYSE:FST)
(Forest) announced that it had completed testing on the A-K2 exploratory well on
its Block 2 concession in the Orange River Basin off of the west coast of the
Republic of South Africa. This well was the first of four planned exploratory
wells on this concession. The A-K2 exploratory well spudded October 5th and was
drilled to a total depth of 3,430 meters. Casing was set to total depth and the
well was being tested in two zones. The first zone tested at over 30 mmcf/d of
natural gas and associated condensate through a 3/4" choke with 2,200 psi tubing
pressure on a 12 hour test. The test of the second zone did not result in the
production of any material amount of hydrocarbons. The rig has been released
from location and is moving approximately seven kilometers to drill the second
location.
The results of the drilling done to date have not confirmed the existence of
commercial quantities of hydrocarbons and have not delineated the total size of
the prospect. Additionally, Forest is conducting a market study to determine the
commerciality of this project. After the completion of the current drilling
program and the conclusion of the market study, Forest will assess the
commerciality of the concession.
* * * * * *
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. Although the Company believes that its expectations are
based on reasonable assumptions, it can give no assurance that expected results
will be achieved. Important factors that could cause actual results to differ
materially from those in the forward looking statements herein include the
timing and extent of changes in commodity prices for oil and gas, operating
risks and other risk factors as described in the Company's 1999 Annual Report on
Form 10-K as filed with the Securities and Exchange Commission.
Forest Oil Corporation is engaged in the acquisition, exploration, development,
production and marketing of natural gas and crude oil in North America and
selected international locations. Forest's principal reserves and producing
properties are located in the United States in the Gulf of Mexico, Louisiana,
Texas Oklahoma and Wyoming and in Canada in Alberta and the Northwest
Territories. Forest's common stock trades on the New York Stock Exchange under
the symbol FST.
November 17, 2000 ###
