Forest Oil Corp. said today it has completed its previously announced sale of natural gas properties in south Texas for $307 million.
The sale, retroactive to Jan. 1, is to Hilcorp Energy I, LP, a unit of Houston-based Hilcorp Energy Co.
The Denver-based natural gas company (NYSE: FST) said it sold the vast majority of its south Texas holdings except its Eagle Ford Shale oil properties.
The closing on an additional $14 million in held-back properties is expected within 90 days, the company said.
Forest said it will use sale proceeds to pay down debt and retains all its natural gas hedges.
Forest announced its plan to sell off the properties on Jan. 3.
Mark Harden is news director for the Denver Business Journal and writes for the "Broadway & 17th" blog. Email: mharden@bizjournals.com. Phone: 303-803-9227.
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