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Forest Oil Announces Reaffirmation of $1.8 Billion Borrowing Base and Commitment Amount; Third Quarter 2008 Earnings Release Date and Teleconference

Posted on: Monday, 20 October 2008, 18:00 CDT

Forest Oil Corporation (NYSE:FST) (Forest or the Company) announced today that its bank group reaffirmed the Company's $1.8 billion borrowing base and commitment amount related to its credit facility maturing in June, 2012 on October 17, 2008, the regularly scheduled measurement date. Forest's bank group is comprised entirely of commercial banks and are Forest's primary derivative counterparties. As of September 30, 2008, including the draw-down of the cash payment required to close the previously announced asset purchase from Cordillera Texas, L.P., Forest had borrowed $1.224 billion on the credit facility and had $576 million of liquidity available to be drawn.

The Company also announced it has scheduled its third quarter 2008 earnings release to be issued after the close of trading on the New York Stock Exchange on Monday, November 3, 2008.

A conference call is scheduled for Tuesday, November 4, 2008, at 12:00 PM MT to discuss the release. You may access the call by dialing toll free 800.399.6298 (for U.S./Canada) and 706.634.0924 (for International) and request the Forest Oil teleconference (ID # 70171358). A Q&A period will follow.

A replay will be available from Tuesday, November 4 through November 11, 2008. You may access the replay by dialing toll free 800.642.1687 (for U.S./Canada) and 706.645.9291 (for International), conference ID # 70171358. FORWARD-LOOKING STATEMENTS

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 its future natural gas and liquids production, revenues and expenses and other forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development and production and sale of oil and gas.

These risks include, but are not limited to, price volatility, inflation or lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, the uncertainty in executing our pending divestiture program and other risks as described in reports that Forest files with the Securities and Exchange Commission (SEC), including its 2007 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Also, the financial results of Forest's foreign operations are subject to currency exchange rate risks. Any of these factors could cause Forest's actual results and plans to differ materially from those in the forward-looking statements.

Forest Oil Corporation is engaged in the acquisition, exploration, development, and production of natural gas and liquids in North America and selected international locations. Forest's principal reserves and producing properties are located in the United States in Arkansas, Colorado, Louisiana, New Mexico, Oklahoma, Texas, Utah, and Wyoming, and in Canada. 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.

October 20, 2008

Source: Business Wire

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