Jeffrey Altman’s Owl Creek Asset Management revealed a 5.81% passive stake with 4.94 million shares in Lone Pine Resources Inc. (LPR) on October 24th. Lone Pine Resources became a stand-alone public company after Forest Oil Corporation (FST) completed a 70 million LPR shares distribution on September 30th. It is quite possible that Jeffrey Altman made most of the purchase at less than $6 after the distribution. Owl Creek Asset Management did not have any share in LPR before, but the firm reported 5.04% stake in FST on September 6th. Now LPR is trading at $7.30.
Owl Creek Asset Management, L.P. invests in the public equity and fixed income markets, including Healthcare, Financial, Technology, and other sectors. The firm implements a distressed equity strategy along with a capital-structure arbitrage strategy as hedging techniques. The firm had a 13F portfolio of more than $6 billion at the end of Q2.
Lone Pine Resources Inc. is in oil & gas sub-industry. The company engages in the exploration, development, and production of oil and gas properties. The company focuses on the Western Canadian Sedimentary Basin, which includes its Narraway/Ojay and Wild River fields in the Deep Basin and its Evi field in the Peace River Arch. Lone Pine was incorporated in 2010 and is based in Calgary, Canada. It is a wholly owned subsidiary of Forest Oil Corporation before September 30th, 2011.