Forest Oil Corp. (FST) reported signing a definitive deal with Schlumberger (SLB), an oilfield services company supplying technology, information solutions and integrated project management to the oil and gas industry, for the future development of Forest's Eagle Ford Shale acreage in Gonzales County, Texas.
As part of the agreement, Schlumberger would pay a $90 million drilling carry in the form of future drilling and completion services and related development capital in order to earn a 50% working interest in Forest's Eagle Ford Shale acreage position. Following the completion of the phased contribution of the drilling carry, Forest and Schlumberger would participate in future drilling on a 50/50 basis.
The deal applies to wells spud on or subsequent to November 28, 2012, none of which had been placed on production prior to April 1, 2013, and Forest would retain all of its interests in wells and production that have been spud prior to November 28, 2012. Forest would be the operator of the drilling program and currently anticipates that the drilling carry would be fully realized by the end of 2014.
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