Sabine Oil & Gas LLC Affirms that Committed Financing is Fully in Place for Transaction with Forest Oil Corporation

 Sabine Oil & Gas LLC Affirms that Committed Financing is Fully in Place for
                   Transaction with Forest Oil Corporation

PR Newswire

HOUSTON, June 17, 2014

HOUSTON, June 17, 2014 /PRNewswire/ --Sabine Oil & Gas LLC ("Sabine") today
provided an update on financing arrangements in relation to the proposed
business combination transaction with Forest Oil Corporation ("Forest")(NYSE:
FST) announced on May 6, 2014. David Sambrooks, Sabine's Chief Executive
Officer, stated, "There was a report yesterday that the $850 million bridge
financing facility was pulled - this is incorrect. The financing commitment
required to consummate the transaction with Forest is still in place and
unchanged as described in the Form S-4 filed by New Forest Oil Inc. and the
proposed combination of our companies is moving ahead. All parties remain
fully committed to this transaction and will continue to take the necessary
steps to ensure it is consummated to the benefit of all shareholders."

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Key Business Combination Updates:

  oThe Form S-4 for New Forest Oil Inc. was filed with the SEC on May 29,
    2014.
  oThe $1 billion commitment for the New Revolving Credit Facility is in
    place, unchanged, as described in the Form S-4. The facility was
    originally underwritten 50/50 by Wells Fargo Securities, LLC and
    affiliates and Barclays Bank PLC, with five other banks subsequently
    joining this facilityfor 10% each.
  oThe $850 million commitment for the bridge facility is in place,
    unchanged, as described in the Form S-4. This facility was originally
    underwritten 50/50 by Barclays Bank PLC and Wells Fargo Securities, LLC
    and affiliates, with five other banks subsequently joining this facility
    for 10% each. The process was initiated to further syndicate this facility
    with a meeting of potential participants occurring on June 11, 2014. This
    further syndication process is being deferred, but this deferment does not
    affect in any way the commitment of the current facility participants to
    this financing or the financing plans of the combined company.

For information regarding the previously announced combination of Sabine and
Forest, please refer to the joint press release issued by Sabine and Forest
dated May 6, 2014 and other documents filed with the SEC. Consummation of the
transaction remains subject to approval by the Forest shareholders, regulatory
approvals and other customary closing conditions. Subject to satisfaction of
these conditions, the parties continue to target the third or fourth quarter
of 2014 for closing.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC

In connection with the proposed transactions, on May29, 2014, New Forest Oil
Inc. (which will be renamed Sabine Oil& Gas Corporation as of the closing of
the proposed transaction) ("Holdco") filed with the SEC a registration
statement on Form S-4 that includes a preliminary proxy statement of Forest
Oil Corporation that also constitutes a preliminary prospectus of Holdco. Each
of Holdco and Forest Oil Corporation also plan to file other relevant
documents with the SEC regarding the proposed transactions. INVESTORS ARE
URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the
definitive joint proxy statement/prospectus (if and when it becomes available)
and other relevant documents filed by Holdco and Forest Oil Corporation with
the SEC at the SEC's website at www.sec.gov. You may also obtain these
documents by contacting Holdco or Forest Oil Corporation at Forest Oil
Corporation's Investor Relations department atwww.forestoil.comor by email
atIR@forestoil.com.

PARTICIPANTS IN THE SOLICITATION

Holdco, Forest Oil Corporation, Sabine Oil& Gas LLC and their respective
directors and executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies in respect of
the proposed transactions. Information about Forest Oil Corporation's
directors is available in Forest Oil Corporation's proxy statement filed with
the SEC on March26, 2014, for its 2014 annual meeting of shareholders, and
information about Forest Oil Corporation's executive officers is available in
Forest Oil Corporation's Annual Report to shareholders filed with the SEC on
February26, 2014. Information about Sabine Oil& Gas LLC's directors and
executive officers is available in the registration statement on Form S-4
filed by New Forest Oil Inc. on May29, 2014. Other information regarding the
participants in the proxy solicitations and a description of their direct and
indirect interests, by security holdings or otherwise, will be contained in
the definitive proxy statement/prospectus and other relevant materials to be
filed with the SEC regarding the proposed transactions when they become
available. Investors should read the definitive proxy statement/prospectus
carefully when it becomes available before making any voting or investment
decisions. You may obtain free copies of these documents from Holdco or Forest
Oil Corporation using the sources indicated above.

This document shall not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section10 of the U.S. Securities Act
of 1933, as amended.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements concerning the proposed
transactions, its financial and business impact, management's beliefs and
objectives with respect thereto, and management's current expectations for
future operating and financial performance, based on assumptions currently
believed to be valid. Forward-looking statements are all statements other than
statements of historical facts. The words "anticipates," "may," "can,"
"plans," "believes," "estimates," "expects," "projects," "intends," "likely,"
"will," "should," "to be," and any similar expressions or other words of
similar meaning are intended to identify those assertions as forward-looking
statements. It is uncertain whether the events anticipated will transpire, or
if they do occur what impact they will have on the results of operations and
financial condition of Holdco, Forest Oil Corporation or Sabine Oil& Gas LLC.
These forward-looking statements involve significant risks and uncertainties
that could cause actual results to differ materially from those anticipated,
including but not limited to the ability of the parties to satisfy the
conditions precedent and consummate the proposed transactions, the timing of
consummation of the proposed transactions, the ability of the parties to
secure regulatory approvals in a timely manner or on the terms desired or
anticipated, the ability of Holdco to integrate the acquired operations, the
ability to implement the anticipated business plans following closing and
achieve anticipated benefits and savings, and the ability to realize
opportunities for growth. Other important economic, political, regulatory,
legal, technological, competitive and other uncertainties are identified in
the documents filed with the SEC by Holdco or Forest Oil Corporation from time
to time, including Forest Oil Corporation's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. For
additional information on the risks and uncertainties that could impact Sabine
Oil& Gas LLC's business and operations, as well as risks related to the
transactions, please see the registration statement on Form S-4 filed by New
Forest Oil, Inc. on May29, 2014. The forward-looking statements included in
this document are made only as of the date hereof. None of Holdco, Forest Oil
Corporation nor Sabine Oil& Gas LLC undertakes any obligation to update the
forward-looking statements included in this document to reflect subsequent
events or circumstances.

Contact:
Shane M. Bayless
EVP and Chief Financial Officer
Sabine Oil & Gas LLC
832-242-9602
sbayless@sabineoil.com
Website: www.sabineoil.com

SOURCE Sabine Oil & Gas LLC

Website: http://www.sabineoil.com
 
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