Forest Oil announces offshore discovery

Business Wire, Dec 11, 1995

DENVER--(BUSINESS WIRE)--Dec. 11, 1995--Forest Oil Corporation announced today a natural gas discovery on West Cameron Block 615, offshore Louisiana.

The discovery well, an expendable hole drilled to a true vertical depth (TVD) of 7,146 feet, encountered 333 net feet of true vertical thickness (TVT) natural gas pay. A side-track well drilled to confirm the discovery encountered 472 TVT net feet of pay. Completion and production designs are being developed.

The prospect, which is in 286 feet of water, was developed by Forest's exploration staff using 3D seismic technology. The lease, OCS G-15118, was acquired at the May 1995 federal offshore lease sale #152. Forest was assigned a 50% working interest (WI) at no cost and subsequently sold a 25% WI to Santa Fe Energy Resources.

Subsequent to the discovery on West Cameron Block 615, Forest Oil has acquired a 50% WI in two adjoining blocks, West Cameron Blocks 616 and 617, from McMoran Oil and Gas Co. Forest plans to conduct additional 3D seismic evaluations of the adjoining blocks during the first and second quarters of 1996.

Forest Oil Corporation is engaged in the exploitation and acquisition of, exploration for and 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. The company's common and preferred stocks are traded on the Nasdaq National Market System under the FOIL and FOILO symbols, respectively.

CONTACT: Forest Oil Corporation, Denver

Zack Hager, 303/812-1610