Filed by Mariner Energy, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Forest Oil Corporation
Commission File Number: 1-13515
This material is not a substitute for the registration statement filed with the Securities and Exchange Commission in connection with the transaction, or the proxy statement/prospectus-information statement to be mailed to stockholders. Investors are urged to read the preliminary proxy statement/prospectus-information statement, which is available now, and the definitive proxy statement/prospectus-information statement, when it becomes available, because it contains and will contain important information, including detailed risk factors. The proxy statement/prospectus-information statement and other documents filed by Forest Oil Corporation (“Forest”) and Mariner Energy, Inc. (“Mariner”) with the Securities and Exchange Commission are and will be available free of charge at the SEC’s website, www.sec.gov, or by directing a request to Forest Oil Corporation, 707 17th Street, Suite 3600, Denver, CO 80202, Attention: Investor Relations; or by directing a request to Mariner Energy, Inc., 2101 CityWest Blvd., Bldg. 4, Ste. 900, Houston, TX 77042-2831, Attention: Investor Relations.
Mariner, Forest and their respective directors, and executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the participants in the solicitation will be set forth in the proxy statement/prospectus-information statement when it becomes available.


Mariner's Odyssey Through Capital Markets & Strategic Transactions January 19, 2006 January 19, 2006 January 19, 2006 January 19, 2006 January 19, 2006 January 19, 2006 January 19, 2006


Mariner Overview Proved Reserves (Bcfe) as of 7/1/05: 271 Proved reserves 64% gas and 49% developed; 66% operated by Mariner Reserve to production ratio of > 8 3-year F&D: $1.77 (for FYE04); 3-year reserve replacement: 173% (for FYE04) 83,000 net developed acres; 217,000 net undeveloped acres 40+ prospects in inventory 5,000+ blocks of 3-D seismic data in house


Corporate History Trafalgar House - 1983 Hardy Oil & Gas - 1989 Mariner 1.0: Enron/JEDI - 1996 Mariner 1.5: Enron Bankruptcy - 2001 Mariner 2.0: Riverstone/ACON - 2004 Mariner 3.0: Private Placement (144A) - 2005 Mariner 4.0: Proposed Forest GOM Merger - 1Q06


Mariner Gulf of Mexico Asset Base


Mariner Gulf of Mexico Asset Base


Daniel Boone • Discovered in 2003 • Operator: W&T Offshore King Kong/Yosemite • Discovered in 2000 • 1st Production: 1Q02 • 2 Exploration Offsets • Operator: Mariner/ENI Bass Lite • Discovered in 2001 • POD Signed • Operator: Mariner Rigel • Discovered in 2003 • 1st Production: Est. 2Q06 • Operator: Dominion LaSalle/Nansen • Discovered in 2001 • SSTB to Nansen • Operator: Kerr-McGee Pluto • Redrilled in 1Q05 • SSTB to SP89 • 1st Production: Est. 2Q06 • Operator: Mariner Mariner Gulf of Mexico Asset Base - Impact Projects


Exploration Track Record Significant Discoveries....over 80% Internally Generated


Deepwater Operations Expertise


Swordfish Project Development Swordfish Project Development


Reverse Morris Trust Post-Merger Forest GOM Transaction Structure Overview Mariner (Publicly Traded) Forest (Publicly Traded) Mariner Assets SpinCo Forest Shareholders Mariner Shareholders Forest Remaining Assets


Mariner - SpinCo GOM Asset Combination • Shelf and Deepwater (470,000+ net undeveloped acres) • Creates a leading Gulf of Mexico focused independent • Extensive prospects in inventory • Balances deepwater exploration with low risk shelf production • Synergies achieved through property • Adds high impact deep shelf and ultra-deep shelf opportunities overlap and operating efficiencies


GOM Lease Expirations 2006-07 Expirations: 2,411 2008-09 Expirations: 1,473


Mariner West Texas Asset Base • 62,000 Gross Acres • 33,000 Net Acres • Primarily Development Drilling


Disclaimer This presentation has been prepared by Mariner and includes information from other sources believed by Mariner to be reliable. This presentation speaks only as of the date hereof, and Mariner disclaims any obligation to update the information provided herein. No representation or warranty, express or implied, is made to the accuracy or completeness of the information set forth herein. This presentation contains statements, estimates and projections that may reflect various assumptions made by Mariner which may or may not prove to be correct. Statements that address performance, developments or events that are expected to occur in the future (including statements related to earnings, capital expenditures and operating results) are forward-looking statements. Actual results could differ materially from those reflected in the forward-looking statements as a result of a variety of factors, many of which are beyond Mariner's control.