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DENVER - Oil and gas driller Forest Oil Corp. said Wednesday it had agreed to sell a group of its properties in the Rocky Mountains to an unidentified buyer for $200 million, $58 million less than originally forecast.
| FST | 19.33 |  -2 |
Cash flow from the properties, estimated at about $12 million, will be retained by Forest. The buyer also agreed to pay Forest up to $21 million in 2009 based on the price of natural gas.
The transaction is set to close on Nov. 25, after which Forest plans to reassess its guidance for the rest of fiscal 2008.
Forest first announced on Sept. 30 that it had agreed to sell the properties, including its Niobrara, San Juan and various properties in Wyoming and Utah, for $258 million.
The properties produce about 21 million cubic feet of natural gas equivalent per day and had estimated proven reserves of 81 billion cubic feet as of last December.
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