Forest Oil Announces Results of Its Cash Tender Offer for Its 7.50% Senior Notes Due 2020 and Its 7.25% Senior Notes Due 2019

  Forest Oil Announces Results of Its Cash Tender Offer for Its 7.50% Senior
  Notes Due 2020 and Its 7.25% Senior Notes Due 2019

Business Wire

DENVER -- November 22, 2013

Forest Oil Corporation (NYSE:FST) (Forest or the Company) announced today the
results of its previously announced cash tender offer (the “Offer”) to
purchase up to $700 million (the “Aggregate Maximum Tender Amount”) aggregate
principal amount of its 7.50% Senior Notes due 2020 (the “2020 Notes”) and its
7.25% Senior Notes due 2019 (the “2019 Notes” and, together with the 2020
Notes, the “Notes”). The Notes are subject to purchase in accordance with the
Acceptance Priority Level for each series of Notes and proration within the
2019 Notes as described in the Company’s Offer to Purchase dated November 7,
2013.

According to information provided to Forest by the depositary for the Offer,
approximately $277.9 million and $890.6 million in aggregate principal amount
of the 2020 Notes and the 2019 Notes, respectively, had been tendered as of
5:00 p.m., New York City time, on November 21, 2013 (the “Early Tender Date”).
Because the total principal amount of all Notes tendered as of the Early
Tender Date is more than the Aggregate Maximum Tender Amount, Forest expects
to accept all of such 2020 Notes for purchase, and to accept on a prorated
basis an amount of such 2019 Notes so that the aggregate principal amount of
the accepted Notes equals the Aggregate Maximum Tender Amount. Holders of the
accepted Notes will be eligible to receive the total consideration shown in
the table below, which includes the early tender premium, together with
accrued and unpaid interest from the last interest payment date to, but not
including, the settlement date.

Forest’s acceptance of any Notes for purchase is subject to the satisfaction
or waiver of the conditions to the Offer, including closing the pending sale
of the Company’s oil and gas assets in the Texas Panhandle area. Such closing
could occur as early as November 25, 2013. Forest also expects to make payment
for all accepted Notes on the same business day that such closing occurs or on
the next business day, depending upon the time of day the sale closes.

The withdrawal period for tenders of Notes has expired, and Notes tendered in
the Offer may no longer be withdrawn, except in limited circumstances
described in the Offer to Purchase.

The Offer is scheduled to expire at 11:59 p.m., New York City time, on
December 6, 2013. Considering that Notes tendered before the Early Tender Date
exceed the Aggregate Maximum Tender Amount, Forest has opted, as the Offer
permits, not to accept any Notes tendered after the Early Tender Date. All
Notes tendered in the Offer and not accepted for payment will be returned to
the holders as provided in the Offer to Purchase.

The following table sets forth some of the terms of the Offer:

                    Aggregate       Dollars per $1,000                      
         CUSIP        Principal        Principal Amount of Notes                 Acceptance
Title    Number       Amount           Tender Offer    Early     Total           Priority
of                    Outstanding      Consideration  Tender   Consideration   Level
Notes                                                  Premium
7.50%    346091BF7,
Senior   346091BG5
Notes    and          $500,000,000     $    985.00     $ 30.00   $   1,015.00    1
due      U3455PAF2
2020
                                                                                 
7.25%
Senior
Notes    346091AZ4    $1,000,000,000   $    997.67     $ 30.00   $   1,027.67    2
due
2019
                                                                                 

Full details of the terms and conditions of the Offer are included in the
Offer to Purchase and the related letter of transmittal.

Wells Fargo Securities, LLC, BofA Merrill Lynch, and Citigroup Global Markets
Inc. are serving as the Dealer Managers for the Offer. Persons with questions
regarding the Offer should contact any of the following: Wells Fargo
Securities, LLC, toll-free at 866-309-6316 or collect at 704-410-4760; BofA
Merrill Lynch, toll-free at 888-292-0070 or collect at 980-387-3907; or
Citigroup Global Markets Inc., toll-free at 800-558-3745 or collect at
212-723-6106. Requests for documents may be directed to Georgeson Inc., the
Information Agent, toll-free at 888-624-7035.

This press release is neither an offer to purchase nor a solicitation of an
offer to sell the Notes or any other security. The Offer is made only by the
Offer to Purchase dated November 7, 2013 and the related letter of
transmittal. The Offer is not being made to Noteholders in any jurisdiction in
which the making or acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. In any jurisdiction
in which the Offer is required to be made by a licensed broker or dealer, it
shall be deemed to be made on behalf of the Company by the Dealer Managers or
one or more registered brokers or dealers licensed in such jurisdiction.

                          FORWARD-LOOKING STATEMENTS

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. All statements, other than statements of historical
facts, that address activities that Forest assumes, plans, expects, believes,
projects, estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking statements. The
forward-looking statements provided in this press release are based on
management's current belief, based on currently available information, as to
the outcome and timing of future events. Forest cautions that future natural
gas and liquids production, revenues, cash flows, liquidity, plans for future
operations, expenses, outlook for oil and natural gas prices, timing of
capital expenditures, and other forward-looking statements relating to Forest
are subject to all of the risks and uncertainties normally incident to their
exploration for and development and production and sale of liquids and natural
gas.

These risks relating to Forest include, but are not limited to, oil and
natural gas price volatility, its level of indebtedness, its ability to
replace production, its ability to compete with larger producers,
environmental risks, drilling and other operating risks, regulatory changes,
credit risk of financial counterparties, risks of using third-party
transportation and processing facilities and other risks as described in
reports that Forest files with the SEC, including its Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Any of
these factors could cause Forest's actual results and plans to differ
materially from those in the forward-looking statements.

Forest Oil Corporation is engaged in the acquisition, exploration,
development, and production of natural gas and liquids in the United States
and selected international locations. Forest's estimated proved reserves and
producing properties are located in the United States in Arkansas, Louisiana,
Oklahoma, Texas, Utah, and Wyoming. Forest's common stock trades on the New
York Stock Exchange under the symbol FST. For more information about Forest,
please visit its website at www.forestoil.com.

November 22, 2013

Contact:

Forest Oil Corporation
Larry C. Busnardo, 303-812-1441
VP – Investor Relations
 
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