July 13 - Oil and natural gas company Forest Oil Corp (FST.N) forecast sequentially lower net sales volume for its second quarter, citing reduced rig count.
The company said it expects average oil and gas net sales volume of 520 million cubic feet equivalent per day (mmcfe/d), 5 percent lower than the first quarter volume of 550 mmcfe/d.
Forest Oil added it operated only four rigs in the second quarter and will continue to defer significant investments until drilling and completion costs came down to support a larger drilling program at current gas prices.
The company, which holds about 11,050 net acres in Louisiana prospective for the Haynesville Shale, said it will maintain a one-rig drilling program in Red River Parish for the remainder of this year and an additional rig in other prospective areas in the play.
Shares of Forest Oil fell 3 percent at $12.20 Monday morning on the New York Stock Exchange.
The company said it expects average oil and gas net sales volume of 520 million cubic feet equivalent per day (mmcfe/d), 5 percent lower than the first quarter volume of 550 mmcfe/d.
Forest Oil added it operated only four rigs in the second quarter and will continue to defer significant investments until drilling and completion costs came down to support a larger drilling program at current gas prices.
The company, which holds about 11,050 net acres in Louisiana prospective for the Haynesville Shale, said it will maintain a one-rig drilling program in Red River Parish for the remainder of this year and an additional rig in other prospective areas in the play.
Shares of Forest Oil fell 3 percent at $12.20 Monday morning on the New York Stock Exchange.
