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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: CpsOmis who wrote (52666)	10/8/1999 1:02:00 PM
From: Gameboy	Read Replies (1) \| Respond to of 95453

Forest Oil Corporation Reports Solid Improvement in Earnings for the Second Quarter of 1999 biz.yahoo.com Friday July 30, 3:02 am Eastern Time Company Press Release DENVER--(BUSINESS WIRE)--July 30, 1999--Forest Oil Corporation reported today that increased production and higher prices doubled the Company's earnings from operations to $9.8 million in the second quarter of 1999 compared to $4.9 million in the second quarter of 1998. Production rose 10% in 1999 versus 1998 and realized prices for liquids and natural gas increased by 9% and 2%, respectively. This improvement was achieved despite a significant reduction in net capital spending in 1999 as a result of Forest's decision to limit capital spending to internally generated funds. For the first six months of 1999, despite lower commodity prices, Forest generated a 67% increase in earnings from operations to $18.0 million from $10.8 million in the comparable 1998 period. The increase is due to a 15% increase in production and higher marketing and processing income associated with the sale of processing facilities in the first quarter of 1999. Net earnings for the second quarter of 1999 were $4.0 million or $.09 per share compared to net earnings of $1.8 million or $.05 per share in the corresponding period of 1998. The 1999 period included a gain on foreign currency translation of $4.3 million related to subordinated debt issued by Forest's Canadian subsidiary. The 1998 period included a $4.2 million foreign currency translation loss, $6.6 million of income related to settlement of a Canadian gas contract and a $6.2 million extraordinary gain on the extinguishment of debt. For the first six months of 1999, Forest reported net earnings of $4.5 million or $.10 per share compared to net earnings of $.8 million or $.02 per share in the corresponding period of 1998. The 1999 period included a $6.5 million gain on foreign currency translation. The 1998 period included a $3.2 million loss on currency translation, $6.6 million of income related to settlement of a Canadian gas contract and a $6.2 million extraordinary gain on extinguishment of debt.