FOREST OIL CORPORATION INTRODUCTION TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTSAgreement for Purchase and Sale of Assets • December 24th, 2009 • Forest Oil Corp • Crude petroleum & natural gas
On November 25, 2009, Forest Oil Corporation and its wholly-owned subsidiary, Forest Oil Permian Corporation, entered into an Agreement for Purchase and Sale of Assets (the “Agreement”) with SandRidge Exploration and Production, LLC (“SandRidge”), a wholly-owned subsidiary of SandRidge Energy, Inc. Pursuant to the Agreement, SandRidge purchased from Forest Oil Corporation and Forest Oil Permian Corporation oil and gas properties located in the states of Texas and New Mexico (the “Oil and Gas Assets”), and various other related interests, rights, receivables, wells, leasehold interests, records, fixtures, equipment, and other assets (together with the Oil and Gas Assets, the “Assets”). The effective date of the purchase and sale of the Assets is November 1, 2009 and the transaction closed on December 21, 2009. The purchase price for the Assets was $800 million, which is subject to customary post-closing adjustments which, when complete, are estimated to yield a final sales price of appr
