Lone Pine Resources, a Canadian subsidiary of Forest Oil Corporation, announced terms for its IPO on Wednesday. The Alberta, Canada-based company plans to raise $285 million by offering 15 million shares at a price range of $18 to $20. At the mid-point of the proposed range, Lone Pine Resources will command a market value of $1.6 billion. Lone Pine Resources, which was founded in 1916 and booked $145 million in sales for the 12 months ended March 31, 2011, plans to list on the NYSE under the symbol LPR. J.P. Morgan, Credit Suisse, and TD Securities are the lead underwriters on the deal, which is expected to price during the week of May 23.
