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Forest Oil says lenders reaffirm borrowing base

Forest Oil says lenders reaffirm borrowing base

Write: Klemens [2011-05-20]
Sept 12 - Independent oil and natural gas company Forest Oil Corp (FST.N) said lenders reaffirmed the $1.62 billion borrowing base related to credit facilities maturing in June 2012.

The Denver, Colorado-based company said its bank group still had $1.8 billion of commitments, adding there were no changes to terms or conditions of the credit facilities.

Forest Oil said it had about $1.2 billion available to be drawn as of Sept. 30, excluding repayments of about $232 million.

Shares of the company closed up 6 percent higher at $21.90 Monday on the New York Stock Exchange.