Forest Oil takes loss as it preps for Sabine merger

Forest Oil, a company focused on Texas shale, reported a second quarter loss of $83 million, noting its merger with counterpart Sabine Oil & Gas was on pace.The company, based in Denver, spent $3 million on rig lease buyouts, counted $10 million in merger-related costs and write-downs of $77 million among the overall contributors to the nets loss for the three months ending June 30.President and Chief Operating Officer Patrick McDonald said in a statement his company’s planned merger with Sabine was on pace and was included as one of the bright spots during second quarter 2014.”Our proposed merger with Sabine continues to progress in a timely manner and we are working diligently to complete this transaction during the fourth quarter,” he said Monday.

via Forest Oil takes loss as it preps for Sabine merger – UPI.com.

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