Introduction

We are an independent oil and gas exploration, development, and production company with operations in Canada.  Our reserves, producing properties and exploration prospects are located in the provinces of Alberta, British Columbia, and Quebec and the Northwest Territories. We were incorporated under the laws of the State of Delaware on September 30, 2010 and, until the completion of our initial public offering on June 1, 2011, we were a wholly owned subsidiary of Forest Oil Corporation. On September 30, 2011, Forest distributed to its stockholders all of the shares of common stock of Lone Pine it owned and, as a result, we became a stand-alone public company.  Our predecessor, Canadian Forest Oil Ltd., was acquired by Forest in 1996. As of December 31, 2011, we had approximately 401 Bcfe of estimated proved reserves, of which approximately 26% was oil and natural gas liquids and approximately 53% was classified as proved developed. As of December 31, 2011, we had approximately 1.1 million gross (.8 million net) acres of land (approximately 79% of which is undeveloped) and approximately 151 gross (125 net) proved undeveloped drilling locations.  Our common stock is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “LPR”.