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Bloomberg reports Forest Oil Corp. (NYSE:FST) announces a stock dividend to the shareholders of 70 million shares of Lone Pine Resources Inc.
Bloomberg reports Forest Oil Corp. (NYSE:FST) announces a stock dividend to the shareholders of 70 million shares of Lone Pine Resources Inc.
The market news is quoted as saying:
Lone Pine was spun off from Forest Oil in June when the company completed 17.7 percent of the initial public stock offering of Lone Pine, which raised net proceeds of $183 million. Forest said it expected to distribute its remaining 82.3 percent ownership to its shareholders by Sept. 30 in the form of a special dividend.