Forest Oil, Schlumberger sign Texas shale deal

04/14/2013 | American City Business Journals

Forest Oil and Schlumberger have agreed to jointly develop the Eagle Ford Shale acreage in Texas. Under the terms, Schlumberger will get a 50% stake in Forest's assets in the play and pay $90 million for future drilling costs. "We believe that our Eagle Ford position is a valuable oil asset and being aligned and working together cooperatively with a strategic partner such as Schlumberger will greatly enhance the value of this important asset," said Patrick McDonald, president and CEO of Forest Oil.

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