Lone Pine Resources (LPR) shares fall in NYSE debut

Lone Pine Resources is an independent oil and gas exploration, development, and production company with operations in Canada within the provinces of Alberta, British Columbia, and Quebec and the Northwest Territories.

It was 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, was a wholly owned subsidiary of Forest Oil Corporation.

• Shares close at $12.54 vs $13 IPO price
• 15 mln shares sold in IPO, priced below $18-$20 range
• Trading on NYSE under the symbol LPR
• JPMorgan, Credit Suisse, TD Securities led underwriters 

NEW YORK, May 26 (Reuters) - The shares of oil and natural gas company Lone Pine Resources Inc (LPR.N) fell in their stock market debut on Thursday after the IPO priced below the expected range.

The shares closed at $12.54 on the New York Stock Exchange, 3.5 percent below their $13 IPO price.

The company, owned by Forest Oil Corp (FST.N) and with operations in Canada, sold 15 million shares at $13 each in the IPO, well below the expected price range of $18 to $20.

After the IPO, Forest Oil owned 82.3 percent of Lone Pine's common stock, which it intends to distribute to its shareholders within about four months.

Lone Pine will use the IPO proceeds, along with borrowings under its credit facility, to repay debt owed to Forest Oil.

Lone Pine had 376 billion cubic feet equivalent of estimated proved reserves as of Dec. 31, 2010. About 71 percent of that was natural gas.

Lone Pine trades under the symbol "LPR" on the New York Stock Exchange.

JPMorgan, Credit Suisse and TD Securities led the underwriters for the IPO.