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FST > SEC Filings for FST > Form 8-K/A on 4-Feb-2014All Recent SEC Filings

Show all filings for FOREST OIL CORP



Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities

On January 30, 2014, Forest Oil Corporation commenced the initial steps in winding up its vertically integrated drilling operations, transitioning to the exclusive use of third-party drilling rigs. Forest expects to complete this process on or before August 31, 2014. This course of action involves a workforce reduction, among other things, and Forest estimates that it will incur costs ranging from approximately $6,500,000 to approximately $7,500,000, including the costs stated below:
An estimated $5,500,000 to $6,500,000 related to the termination of drilling rig operating leases;

Approximately $760,000 in severance payments for certain terminated employees; and

Approximately $210,000 in costs related to the acceleration of equity awards for certain terminated employees.

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