Intelligent but not wise in hindsight with regard to this investment.
Here's some rough numbers I quickly gathered.
Revenue: "Forest expects 2013 net sales volumes to average 220 to 230 MMcfe/d, excluding average net sales volumes associated with the South Texas property divestiture that closed on February 15, 2013, and is estimated to be comprised of approximately 60% natural gas and 40% liquids (20% oil and 20% natural gas liquids)" Translation to dollars?
Total Capital Budget of $355 Million to $375 Million
Estimated proven reserves as of Dec 12: 1,363 Bcfe
Net debt: $1,863,956,000
Bottom line: Perceived positive earnings with increasing weighting towards liquids. Very high debt levels but perceived solid access to capital markets.
Honestly, I'm not keen on a negative book value (seemed to appear after latest quarter reports).