SAN DIEGO and DENVER, March 24, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating potential violations of federal securities laws on behalf of investors of Forest Oil Corporation (NYSE: FST). Forest Oil is an independent oil and gas company engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in North America.
Forest Oil Shares Fall Sharply on Disappointing Results and Lowered Guidance
Shares of Forest Oil fell nearly $1.22, or approximately 38%, to close at $2.01 on February 26, 2014, following the release of the company's fourth quarter and year-end 2013 financial statement showing unfavorable results compared to the previous year. On February 25, 2014, Forest Oil reported earnings substantially below analysts' expectations and announced a reduction in its year-end reserve estimate. Specifically, for the three months ended December 31, 2013, Forest Oil reported total revenues of $88.49 million compared to $154.9 million for the comparable quarter 2012. Analysts had anticipated revenue of $96.31 million. Further, the company reported estimated proved reserves of 625 Bcfe compared to 1,363 Bcfe at December 31, 2012.
In addition, on February 26, 2014, the Forest Oil warned investors that of the threat that the company could fail to comply with the requirements of a borrowing agreement, causing an $800 million debt to come due immediately.
Forest Oil Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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