Forest Oil announces offshore discovery at Eugene Island 53

Business Wire, April 1, 1997

DENVER--(BUSINESS WIRE)--April 1, 1997--Forest Oil Corporation announced today that its Eugene Island Block 53 No. 10 exploratory well, drilled offshore Louisiana in the Gulf of Mexico, is a natural gas discovery.

The well, located in approximately 20 feet of water, was drilled to a true vertical depth of 13,973 feet and logged 115 net feet of hydrocarbon pay.

Forest has a 100% working interest in the discovery well and operates a production platform on Block 53. Possible additional drilling locations have been identified on Block 53. First production from the No. 10 well is anticipated in the third quarter of 1997.

Block 53 is adjacent to Eugene Island Blocks 64 and 65 on which Forest has participated in other recent discoveries. In addition, Forest was the high bidder on Eugene Island Block 43, another adjacent block, at the March 1997 federal offshore lease sale.

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 its goals 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, environmental risks, operating risks, risks related to development, and the ability of the company to meet its stated business goals.

Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America. Forest's principal reserves and producing properties are located in the Gulf of Mexico, Texas, Oklahoma and Canada. Forest's common stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol FOIL.

CONTACT: Forest Oil Corp., Denver

Zack Hager, 303/812-1610