Forest Oil Announces Completion of Audit Procedures
Forest Oil Corporation (NYSE:FST) (“Forest”) announced today that management and the company’s independent auditor, Ernst & Young LLP (“EY”), have completed the incremental procedures that were previously disclosed on August 11, 2014. No restatements to the previously issued financial statements were identified. Forest filed an amended 2013 Annual Report on Form 10-K and amended Quarterly Reports on Form 10-Q for the first and second quarters of 2014 with the Securities and Exchange Commission on October 1, 2014. Although there were no changes to the financial statements for any period presented, these amendments reflect, among other items, revised opinions and disclosures on internal controls over financial reporting and a modified financial statement opinion from EY that now includes a “going concern” opinion due to the fact that, as previously disclosed, Forest has determined that by year-end 2014 the ratio of its total debt to EBITDA may exceed the maximum allowed under its bank credit facility. Please refer to the amended Annual Report on Form 10-K for a more complete discussion.
Forest Oil Corporation is engaged in the acquisition, production, exploration, and development of natural gas and liquids in the United States. Forest’s principal reserves and producing properties are located in East Texas, the Eagle Ford in South Texas, Arkansas, Louisiana, and Oklahoma. Forest’s common stock trades on the New York Stock Exchange under the symbol FST. For more information about Forest Oil, please visit its website at http://www.forestoil.com.
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