Forest Oil Corporation : Forest Oil Appoints Patrick R. McDonald as Interim Chief Executive Officer
06/22/2012| 08:05am US/Eastern
Board Initiates Search for Permanent CEO
Forest Oil Corporation (NYSE:FST) (Forest or the Company) today
announced that the Company's Board of Directors has appointed Patrick R.
McDonald, an experienced industry leader and member of the Forest Board
of Directors, to serve as Interim Chief Executive Officer, effective
Mr. McDonald succeeds H. Craig Clark as Chief Executive Officer. Mr.
Clark was appointed as President and Chief Executive Officer and as a
director of Forest in July 2003.
James D. Lightner, Chairman of the Board of Directors, stated, "On
behalf of the Board and everyone at Forest, I thank Craig for his
dedication and professionalism during his ten years with the Company. We
wish him well in his future endeavors."
The Board has initiated a search process for a permanent Chief Executive
Officer, and has retained Spencer Stuart, a leading executive recruiting
firm, to assist in the process. In connection with Spencer Stuart's
review of candidates, Mr. McDonald has asked not to be considered for a
Mr. Lightner continued, "We are fortunate to have a proven leader of
Patrick McDonald's caliber to step into the role of Interim CEO. As a
member of the Forest Board of Directors since 2004, Pat has an intimate
knowledge of the Company's management team, strategy and assets.
Furthermore, Pat has more than 20 years of experience as a CEO in the
industry, which will be invaluable to Forest as we conduct our CEO
Mr. Lightner concluded, "Forest has valuable assets, hard-working and
talented employees, and tremendous potential, and the Board is confident
that the Company can significantly increase shareholder value. We will
remain focused on executing our strategic plan: driving strong cash flow
generation by growing Forest's oil and liquids production, while
maintaining our prudent approach to portfolio management and controlling
the bottom line. Among Pat's first priorities will be to personally
involve himself in Forest's Eagle Ford shale process and in concluding
other transactions in progress to reduce debt."
About Patrick R. McDonald
Patrick R. McDonald, age 55, has been a director since 2004. Mr.
McDonald has served as Chief Executive Officer, President and Director
of Carbon Natural Gas Company, an oil and gas exploration company, since
April 2003 and will continue to serve in those capacities. From 1998 to
2003, Mr. McDonald served as President, Chief Executive Officer, and
Director of Carbon Energy Corporation, an oil and gas exploration and
production company. From 1987 to 1997, Mr. McDonald served as Chief
Executive Officer, President and Director of Interenergy Corporation, a
natural gas gathering, processing, and marketing company. Prior to that
he worked as an exploration geologist with Texaco International
Exploration Company where he was responsible for oil and gas exploration
efforts in the Middle East and Far East. As a member of the Forest Board
of Directors, Mr. McDonald serves on the Audit Committee and as Chairman
of the Compensation Committee. He is also the Chairman of the Board of
Directors of Lone Pine Resources. He is a Certified Petroleum Geologist
and is a member of the American Association of Petroleum Geologists. Mr.
McDonald received a Bachelor's degree in geology and economics from Ohio
Wesleyan University and an MBA in finance from New York University.
This news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than statements
of historical facts, that address activities that Forest assumes, plans,
expects, believes, projects, estimates or anticipates (and other similar
expressions) will, should or may occur in the future are forward-looking
statements. The forward-looking statements provided in this press
release are based on management's current belief, based on currently
available information, as to the outcome and timing of future events.
Forest cautions that future natural gas and liquids production,
revenues, cash flows, liquidity, plans for future operations, expenses,
outlook for oil and natural gas prices, timing of capital expenditures,
and other forward-looking statements relating to Forest are subject to
all of the risks and uncertainties normally incident to their
exploration for and development and production and sale of oil and gas.
These risks relating to Forest include, but are not limited to, oil and
natural gas price volatility, its level of indebtedness, its ability to
replace production, its ability to compete with larger producers,
environmental risks, drilling and other operating risks, regulatory
changes, credit risk of financial counterparties, risks of using
third-party transportation and processing facilities and other risks as
described in reports that Forest files with the SEC, including its
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K. Any of these factors could cause Forest's actual
results and plans to differ materially from those in the forward-looking
Forest Oil Corporation is engaged in the acquisition, exploration,
development, and production of natural gas and liquids in the United
States and selected international locations. Forest's principal reserves
and producing properties are located in the United States in Arkansas,
Louisiana, Oklahoma, Texas, Utah, and Wyoming. Forest's common stock
trades on the New York Stock Exchange under the symbol FST. For more
information about Forest, please visit its website at www.forestoil.com.
Forest Oil Corporation
Larry C. Busnardo,
Director ? Investor Relations
Frank, Wilkinson Brimmer Katcher
Joele Frank / Andrew Siegel
© Business Wire 2012