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Exhibit 99.2
[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 ANNOUNCES
COMPLETION OF MERGER WITH FORCENERGY INC
AND APPROVAL OF REVERSE STOCK SPLIT
DENVER, COLORADO - DECEMBER 7, 2000 - Forest Oil Corporation (NYSE:FST) (Forest)
announced today the completion of its merger with Forcenergy Inc (NASDAQ:FORC)
which was announced on July 10, 2000. Shareholders of both companies
overwhelmingly approved the merger at special meetings of shareholders held this
morning. Forest shareholders also approved a 1-for-2 reverse stock split of the
Forest common shares.
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SUMMARY TRANSACTION TERMS
Exchange Ratio: 0.8 of a Forest share for each Forcenergy common share
(after reverse split)
Accounting Structure: Pooling of interests / Full cost method of accounting
Tax Structure: Tax free merger
Capitalization: Book debt/capitalization ratio estimated at 49%
Company Name: Forest Oil Corporation
Headquarters: Denver, Colorado
Board of Directors: 10 Forest, 2 former Forcenergy
Total Employees: 530
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BOARD OF DIRECTORS
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Philip F. Anschutz
Robert S. Boswell
William L. Britton
Cortlandt S. Dietler
Dod A. Fraser
Cannon Y. Harvey
Forrest E. Hoglund
Stephen A. Kaplan
James H. Lee
J. J. Simmons, III
Craig D. Slater
Michael B. Yanney
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EXECUTIVE OFFICERS
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Robert S. Boswell Chairman of the Board and Chief Executive Officer
Richard G. Zepernick, Jr. President and Chief Operating Officer
David H. Keyte Executive Vice President and Chief Financial Officer
Gary E. Carlson Senior Vice President - Alaska
Forest D. Dorn Senior Vice President - Corporate Services
Robert G. Gerdes Senior Vice President - Gulf Offshore Metairie
J. Walter Knell Senior Vice President - Gulf Coast Region
Neal A. Stanley Senior Vice President - Western Region
Newton W. Wilson III Senior Vice President - Legal Affairs and Secretary
Cecil N. Colwell Vice President - Drilling
Joan C. Sonnen Vice President - Controller and Chief Accounting
Officer
Donald H. Stevens Vice President - Capital Markets and Treasurer
Matthew A. Wurtzbacher Vice President - Corporate Planning and Development
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POST-MERGER TELECONFERENCE CALL AND WEBCAST
Forest Oil Corporation will host a teleconference and webcast on December 7 at
10:30 a.m. MST to discuss the Company's Financial Forecast. A Q&A period will
follow. You may access the call by dialing toll free 888/781-5307 (for
U.S./Canada) and 706/634-0611 (for International) and requesting the Forest Oil
teleconference. You may log on to the Forest Oil website at www.forestoil.com to
view the presentation live. A replay will be available from Thursday, December
7th through Thursday, December 14th. You may access the replay by dialing toll
free 800/642-1687 (for U.S./Canada) and 706/645-9291 (for International),
reservation #731323. Please note that the reservation number is not needed to
access the teleconference, only the replay.
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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 companies 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, Cook Inlet, Alaska and in Canada in Alberta and the Northwest
Territories. Forest's common stock trades on the New York Stock Exchange under
the symbol FST.
December 7, 2000
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