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Exhibit 99.2
NEWS
FOREST OIL CORPORATION FORCENERGY INC
1600 BROADWAY, SUITE 2200 3838 NORTH CAUSEWAY
DENVER, COLORADO 80202 LAKEWAY THREE, SUITE 2300
METAIRIE, LOUISIANA 70002
Contacts:
Donald H. Stevens, Vice President Joe Grady
and Treasurer Chief Financial Officer
303/812-1500 504/838-7022
FOR IMMEDIATE RELEASE
FOREST OIL CORPORATION AND FORCENERGY INC
ANNOUNCE THIRD QUARTER OPERATIONS RESULTS
DENVER, COLORADO - NOVEMBER 13, 2000 - Forest Oil Corporation (NYSE:FST)
(Forest) and Forcenergy Inc (NASDAQ:FORC) announced today their third quarter
operations summary and upcoming projects for their International, Gulf of
Mexico, Western, Alaska and Canadian operations. These results give effect to
the proposed merger between Forest and Forcenergy. For the third quarter of
2000, the pro forma daily production averaged 501 mmcfe (million cubic feet
equivalent of natural gas), up 1.4% from 494 mmcfe in the second quarter of
2000. This is the third sequential quarterly production increase for the
combined entities on a pro forma basis, all as a result of drilling operations.
INTERNATIONAL
~ SOUTH AFRICA IBHUBEZI (70% WORKING INTEREST)
Forest has drilled and logged the first of four planned exploratory wells on its
Ibhubezi Prospect. The A-K2 exploratory well spudded October 5th and was drilled
to a total depth of 3,430 meters. Casing has been set to total depth and the
well is 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. After completion of testing on the A-K2 well, the
rig is scheduled to move approximately seven kilometers to drill the second
location.
~ ALBANIA (30% WORKING INTEREST)
The planned spud date for the Shpiragu #1 is November 15th. The well is
projected to reach total depth in 195 days.
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~ SWITZERLAND (60% WORKING INTEREST)
Forest Oil Switzerland has plugged the Weiach #2 well and suspended operations.
The well, which was drilled to a total depth of 2,014 meters, tested water from
an interval of tight sandstone reservoirs with gas shows.
GULF OF MEXICO
OFFSHORE
~ HIGH ISLAND 116 (100% WORKING INTEREST)
The #4 well drilled to a total depth of 14,830 feet measured depth and has
encountered significant pay. Initial production from the well is scheduled for
December, at a rate expected to approximate that of the B-1 and B-2 wells.
~ EUGENE ISLAND 53 (100% WORKING INTEREST)
The #15 well drilled to a total depth of 15,100 feet and logged 110 feet true
vertical depth of gas pay in three zones. Forest is in the process of completing
the well and anticipates initial production will be in December.
~ EUGENE ISLAND 292 (45% WORKING INTEREST)
Two wells have been drilled, completed and placed on-line at a combined rate of
20.2 mmcfe/d. A third well (B-12) is currently being completed with initial
production expected in November at a rate of approximately 10.0 mmcfe/d. In
addition, a fourth well (D-9) is scheduled to be drilled before year-end.
~ EUGENE ISLAND 147 (25% WORKING INTEREST)
Two wells have been drilled and completed. Both wells are now scheduled for
initial production in March of 2001.
~ WEST CAMERON 225 (26.7% WORKING INTEREST)
Forest participated in the drilling of the #6 well which reached total depth in
August. Hydrocarbons were found as expected in three zones and initial
production is anticipated in December.
~ HIGH ISLAND 132 (25% WORKING INTEREST)
Forest is participating with Unocal in the "Chi Chi" prospect. The well is
permitted to a total depth of 17,632 feet and was spudded in October of this
year.
~ VERMILION BLOCK 380 (100% WORKING INTEREST)
The A-1 well was drilled to a total measured depth of 7,735 feet and encountered
129 true vertical feet of gas pay in multiple zones. The initial completion in
the Trim (A) D-4 sand is currently producing 2.2 mmcf/d.
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~ HIGH ISLAND 195 (23.5% WORKING INTEREST)
The C#6 well was completed and is producing 16.4 mmcfe/d. The C#7 well found 105
true vertical feet of gas pay in multiple sands after drilling to a total
measured depth of 18,378 feet. The well has been completed in the Rob L-C sand
and is producing at a rate of 18.4 mmcfe/d. Apache is the operator.
~ WEST CAMERON 110 #15 (37.5% WORKING INTEREST)
The BP operated well was drilled to a total measured depth of 10,973 feet and
found 157 true vertical feet of gas pay. The well was dual completed and initial
production is scheduled for December.
ONSHORE
~ MCALLEN RANCH, SOUTH TEXAS (50% WORKING INTEREST)
Forest has plans to spud two wells in early December of this year pending rig
availability. This will make seven wells drilled to date since our reemphasis in
this field 18 months ago.
~ KATY, TEXAS GULF COAST (52% WORKING INTEREST)
Forest is working in conjunction with Exxon / Mobil to acquire a 3-D seismic
shoot over this 9.0 tcf (trillion cubic feet) plus field and anticipates the
field work to begin in the first quarter of 2001.
~ SOUTH LOUISIANA PROPERTIES (VARIOUS WORKING INTERESTS)
Forest has finished numerous field studies including the interpretations of the
associated 3-D seismic on the South Louisiana Properties that were purchased in
1998 and plans to step-up operations in 2001 in an effort to create additional
value in these assets.
WESTERN REGION
~ JONAH FIELD - GREEN RIVER BASIN, WYOMING (64% WORKING INTEREST)
Forest completed the successful drilling of the Elm #23-22 in the Jonah Field.
The Elm #23-22 has 464 feet of net pay and will be completed with eight fracture
stimulations beginning on November 7th. The two wells completed earlier this
year, Elm #23-13 and Elm #23-14, are producing at a combined rate of 13 mmcf/d
with cumulative production of 3.0 bcf (billion cubic feet). Forest plans to
drill the Elm #23-12, a north offset to the Elm #23-22, in the fourth quarter.
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ALASKA
~ REDOUBT SHOAL (100% WORKING INTEREST)
The platform rig is in the final stages of completion and the well is expected
to spud in the next two weeks. The #1 well will be drilled to a total depth of
15,636 feet.
~ WEST MCARTHUR RIVER (46% WORKING INTEREST)
The WMRU #6 well was drilled to a measured depth of 14,963 feet and encountered
300 feet of net vertical pay. The well was placed on production early in the
fourth quarter and is currently producing approximately 1,900 bo/d (barrels of
oil per day).
CANADA
Eighteen of twenty-one wells drilled during the first nine months of 2000 were
successful. Forest is currently drilling six wells: one in the Northwest
Territories, four in the Foothills and one in the Alberta Plains.
NORTHWEST TERRITORIES
~ LIARD (50% WORKING INTEREST)
~ DEEP NAHANNI (SOUR GAS)
The C-31 exploratory well, located two miles north of the Chevron K-29 well, is
currently drilling and is expected to reach the top of the Nahanni formation in
late-November.
Production from the P-66 well was curtailed to approximately 8 mmcf/d of raw gas
when operatorship changed in August 2000. Since that time, the gas production
rate decreased to approximately 5 mmcf/d, as the field became limited by water
disposal capacity. The operator has recently initiated operations to increase
the field's water disposal capacity, allowing the raw gas production from the
P-66 well to return to approximately 7 mmcf/d. Current development plans include
the acquisition of 3D seismic data in the summer of 2001 to further delineate
the P-66 structure.
~ MATTSON (SWEET GAS) (33% WORKING INTEREST)
Forest's interest in the I-46 well, a direct offset to the F-36 discovery, is
scheduled for completion and initial production in December. The 2-D seismic
shot in the first quarter of 2000 has been interpreted and an exploratory well
at NO-1 is scheduled to spud in December.
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THE FOOTHILLS
~ CUTPICK (40% WORKING INTEREST)
Forest is currently active on its sixth well and is approaching intermediate
casing depth at 2,300 meters. A second drilling rig is currently moving to a
seventh location. To date, Forest has had 100% success through the first five
wells drilled. The first four wells tested at a combined rate of 22 mmcf/d and
the fifth well is being completed and tested in two prospective zones.
A license to construct a 23-mile pipeline to produce the field was received on
November 6th. Construction contracts have been awarded and installation of the
line has commenced. Initial production is expected in the first quarter of 2001.
~ NARRAWAY (50% WORKING INTEREST)
Two Cretaceous gas wells have been placed on production at a combined rate of
3.7 mmcf/d and a third well is currently being completed while a fourth well is
drilling.
~ FEDERAL (40% WORKING INTEREST)
The Federal prospect is being drilled and it is expected that this 8,000-foot
Mississipian (sour gas) test will reach total depth in early December.
~ WATERTON/BURMIS (40% WORKING INTEREST)
A 100-square mile 3-D seismic program shot jointly with Shell Canada is now 100%
complete. Processing and interpretation of the data is expected to be completed
in the 2nd quarter of 2001. Current plans are to commence the first joint
venture well in June.
EARNINGS RELEASE AND TELECONFERENCE CALL
Forest Oil Corporation will release third quarter results Monday, November 13,
2000, after the close of business. Company's management will hold a
teleconference call on Tuesday, November 14, 2000 at a.m. Eastern Standard Time
to review the third quarter results. If you would like to participate, please
call toll-free 888/781-5307 (for U.S./Canada) and 706/634-0611 (for
International) and request the Forest Oil teleconference. There will be no
replay of this conference call.
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FORWARD-LOOKING STATEMENTS
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 Forest 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 Forest's 1999 Annual Report on
Form 10-K as filed with the Securities and Exchange Commission (SEC) and
Forest's joint proxy statement/prospectus included in the Registration Statement
on Form S-4 filed with the SEC on November 7, 2000 in connection with the
proposed merger between Forest and Forcenergy.
INVESTOR NOTICES
Investors and security holders are advised to read the joint proxy
statement/prospectus included in the Registration Statement on Form S-4 filed
with the SEC on November 7, 2000 in connection with the proposed merger between
Forest and Forcenergy. Investors and security holders may obtain a free copy of
the joint proxy statement/prospectus and other documents filed by Forest and
Forcenergy with the SEC at the SEC's web site at www.sec.gov. The joint proxy
statement/prospectus and such other documents (relating to Forest) may also be
obtained for free from Forest by directing such request to: Forest Oil
Corporation, 1600 Broadway, Suite 2200, Denver, Colorado 80202, Attention:
Donald H. Stevens, Vice President and Treasurer; telephone: 303-812-1400;
e-mail: [email protected].
Forest, its directors, executive officers and certain members of management and
employees may be considered "participants in the solicitation" of proxies from
Forest's shareholders in connection with the merger. Information regarding such
persons and a description of their interests in the merger is contained in the
Registration Statement on Form S-4.
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,
Oklahoma, Texas, 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 13, 2000
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