T. Boone Pickens Sends Rigs to the Haynesville Shale

WSJ Article

Forest Oil Corp. (FST) said it plans to increase its drilling activity this year after increasing liquidity with the sale of noncore assets in 2009.

Shares were down 2.9% at $24.47 in recent trading amid profit-taking in commodity futures. The stock is up nearly 10% this month.

The natural-gas company plans to expand its drilling rig fleet to 20 by the end of the first quarter from 12 at the start of the year amid plans to boost 2010 capital spending by 18% to $600 million to $700 million.

Forest Oil expects 2010 organic production to rise as much as 2%, with sequential growth beginning in the second quarter. The company predicted growth of 10% to 12% for this year's fourth quarter.

President and Chief Executive H. Craig Clark said last year's divestitures of assets in Texas's Permian Basin and of other noncore properties will allow Forest Oil to focus the majority of its capital spending on areas such as its unconventional shale and gas sands projects. They include the Haynesville shale play in Texas and Louisiana, the site of significant drilling growth the past several years.

See related article - T. Boone Pickens Buys Forest Oil

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Tags: Boone, Haynesville, Pickens, Rigs, Sends, Shale, T., the, to

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Comment by sesport on January 10, 2010 at 2:59pm
grumble, grumble, grumble

So, what DO you make of this link? 80)
Comment by sesport on January 10, 2010 at 2:37pm
Also interesting/curious ... what Pickens DIDN'T hold on to. hmmmmm????? 80)
Comment by Bobi Carr ("parker") on January 8, 2010 at 8:55pm
T. Boone is welcome to the party. I know he visited the HS, glad he's come to stay and visit for a while. He might want to invite some of his buddies, we wouldn't want anyone to miss out on all the fun.

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