UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G/A
                    Under the Securities Exchange Act of 1934
				(Amendment No. 1)

	      	 INFORMATION TO BE INCLUDED IN STATEMENTS FILED
	     PURSUANT TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS
 		       THERETO FILED PURSUANT TO 13d-2(b)

                             FOREST OIL CORPORATION
                                (Name of Issuer)

                          Common Stock, $.10 par value
                         (Title of Class of Securities)

                                   346091705
 				 (CUSIP Number)

                                December 31, 2011
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ] Rule 13d-1(b)

[X] Rule 13d-1(c)

[ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                               CUSIP No. 346091705


       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Owl Creek I, L.P.

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             Delaware, United States

       		 5.  Sole Voting Power: 0
Number of
Shares           6.  Shared Voting Power:  176,581
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  176,581

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             176,581

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     0.15%

       12.   Type of Reporting Person

	     PN



                               CUSIP No. 346091705

       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Owl Creek II, L.P.

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             Delaware, United States

       		 5.  Sole Voting Power:  0
Number of
Shares           6.  Shared Voting Power:  2,716,656
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  2,716,656

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             2,716,656

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     2.38%

       12.   Type of Reporting Person

	     PN




                               CUSIP No. 346091705

       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Owl Creek Overseas Master Fund, Ltd.

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             Cayman Islands

       		 5.  Sole Voting Power:  0
Number of
Shares           6.  Shared Voting Power:  8,169,400
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  8,169,400

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             8,169,400

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     7.14%

       12.   Type of Reporting Person

	     FI




                               CUSIP No. 346091705

       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Owl Creek SRI Master Fund, Ltd.

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             Cayman Islands

       		 5.  Sole Voting Power:  0
Number of
Shares           6.  Shared Voting Power:  259,894
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  259,894

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             259,894

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     0.23%

       12.   Type of Reporting Person

	     FI




     				CUSIP No. 346091705

       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Owl Creek Advisors, LLC

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             Delaware, United States

       		 5.  Sole Voting Power:  0
Number of
Shares           6.  Shared Voting Power:  11,322,531
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  11,322,531

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             11,322,531

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     9.90%

       12.   Type of Reporting Person

	     CO



                               CUSIP No. 346091705


       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Owl Creek Asset Management, L.P.

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             Delaware, United States

       		 5.  Sole Voting Power:  0
Number of
Shares           6.  Shared Voting Power:  11,322,531
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  11,322,531

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             11,322,531

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     9.90%

       12.   Type of Reporting Person

	     PN




                               CUSIP No. 346091705

       1.    Names of Reporting Person
             I.R.S. Identification Nos. of above person (entities only)

             Jeffrey A. Altman

       2.    Check the Appropriate Box if a Member Of a Group

             [ ] (a)
             [x] (b)

       3.    SEC Use Only

       4.    Citizenship or Place of Organization

             United States

       		 5.  Sole Voting Power:  0
Number of
Shares           6.  Shared Voting Power:  11,322,531
Beneficially
Owned by         7.  Sole Dispositive Power:  0
Each Reporting
Person With      8.  Shared Dispositive Power:  11,322,531

       9.    Aggregate Amount Beneficially Owned by Each Reporting Person

             11,322,531

       10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

       11.   Percent of Class Represented by Amount in Row (9)

	     9.90%

       12.   Type of Reporting Person

	     IN



Item 1. (a)  Name of Issuer:

	     FOREST OIL CORPORATION  (the "Issuer")

        (b)  Address of Issuer's Principal Executive Offices:

	     707 17th Street, Suite 3600
             Denver, CO 80202

Item 2. (a)  Name of Person Filing:

	     This statement is filed by:

	     (i) Owl Creek I, L.P., a Delaware limited partnership ("Owl Creek
	     I"), with respect to the shares of Common Stock directly owned by it;

	     (ii) Owl Creek II, L.P., a Delaware limited partnership ("Owl Creek
	     II"), with respect to the shares of Common Stock directly owned by it;

	     (iii) Owl Creek Overseas Master Fund, Ltd., an exempted company
	     organized under the laws of the Cayman Islands ("Owl Creek Overseas"),
	     with respect to the shares of Common Stock directly owned by it;

   	     (iv) Owl Creek SRI Master Fund, Ltd., an exempted company
	     organized under the laws of the Cayman Islands ("Owl Creek SRI"),
	     with respect to the shares of Common Stock directly owned by it;

 	     (v) Owl Creek Advisors, LLC, a Delaware limited liability company,
	     the general partner with respect to the shares of Common Stock
	     directly owned by Owl Creek I and Owl Creek II and the manager with
	     respect to the shares of Common Stock directly owned by Owl Creek
	     Overseas and Owl Creek SRI;

	     (vi) Owl Creek Asset Management, L.P., a Delaware limited partnership,
	     the investment manager with respect to the shares of Common Stock
	     directly owned by Owl Creek I, Owl Creek II, Owl Creek Overseas, and
	     Owl Creek SRI; and

	     (vii) Jeffrey A. Altman, with respect to shares of Common Stock owned
	     by Owl Creek I, Owl Creek II, Owl Creek Overseas and Owl Creek SRI.

	     The foregoing persons are hereinafter sometimes collectively referred
	     to as the "Reporting Persons." Any disclosures herein with respect to
	     persons other than the Reporting Persons are made on information and
	     belief after making inquiry to the appropriate party.

        (b)  Address of Principal Business Office or, if None, Residence:

             The address of the principal business office of each of the
	     Reporting Persons is 640 Fifth Avenue, 20th Floor, New York,NY
             10019.

        (c)  Citizenship:

             Each of Owl Creek I, Owl Creek II, and Owl Creek Asset Management,
	     L.P. is a limited partnership organized under the laws of the State of
	     Delaware. Each of Owl Creek Overseas and Owl Creek SRI is an exempted
 	     company organized under the laws of the Cayman Islands. Owl Creek
	     Advisors, LLC is a limited liability company organized under the laws
	     of the State of Delaware. Mr. Altman is a United States citizen.

        (d)  Title of Class of Securities

             Common Stock, $.10 par value (the "Common Stock")

        (e)  CUSIP Number: 346091705

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or
        (c), Check Whether the Person Filing is a:

        (a) |_| Broker or dealer registered under section 15 of the Act;

        (b) |_| Bank as defined in section 3(a)(6) of the Act;

        (c) |_| Insurance company as defined in section 3(a)(19) of the Act;

        (d) |_| Investment company registered under section 8 of the
	        Investment Company Act of 1940;

        (e) |_| An investment adviser in accordance with Rule 13d-1
		(b) (1) (ii) (E);

        (f) |_| An employee benefit plan or endowment fund in accordance
		with Rule 13d-1 (b) (1) (ii) (F);

        (g) |_| A parent holding company or control person in accordance
		with Rule 13d- 1 (b) (1) (ii) (G);

        (h) |_| A savings associations as defined in Section 3(b) of the
                Federal Deposit Insurance Act (12 U.S.C. 1813);

        (i) |_| A church plan that is excluded from the definition of an
                investment company under section 3(c)(14) of the Investment
                Company Act of 1940;

        (j) |_| Group, in accordance with Rule 13d-1 (b) (1) (ii) (J).

	Not Applicable

Item 4. Ownership

	The percentages used herein and in the rest of Item 4 are calculated
	based upon the 114,354,204 shares Common Stock that are outstanding
	as of November 2, 2011 as reported by the Issuer in its Form 10-Q for
	the quarterly period ended September 30, 2011 filed on November 8, 2011.

         A. Owl Creek I, L.P.

		(a) Amount beneficially owned:  176,581
		(b) Percent of class:  0.15%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:  176,581
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		       176,581

	 B. Owl Creek II, L.P.

		(a) Amount beneficially owned:  2,716,656
		(b) Percent of class:  2.38%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:  2,716,656
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		       2,716,656

         C. Owl Creek Overseas Master Fund, Ltd.

		(a) Amount beneficially owned:  8,169,400
		(b) Percent of class: 7.14%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:  8,169,400
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		       8,169,400

	 D. Owl Creek SRI Master Fund, Ltd.

		(a) Amount beneficially owned:  259,894
		(b) Percent of class:  0.23%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:  259,894
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		       259,894

	 E. Owl Creek Advisors, LLC

		(a) Amount beneficially owned:   11,322,531
		(b) Percent of class:  9.90%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:   11,322,531
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		        11,322,531

	 F. Owl Creek Asset Management, L.P.

		(a) Amount beneficially owned:   11,322,531
		(b) Percent of class:  9.90%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:   11,322,531
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		       11,322,531

	 G. Jeffrey A. Altman

		(a) Amount beneficially owned:   11,322,531
		(b) Percent of class:  9.90%
		(c)(i) Sole power to vote or direct the vote: 0
		  (ii) Shared power to vote or direct the vote:   11,322,531
		 (iii) Sole power to dispose or direct the disposition: 0
		  (iv) Shared power to dispose or direct the disposition:
		       11,322,531




Item 5.  Ownership of Five Percent or Less of a Class

         Not Applicable

Item 6.  Ownership of More than Five Percent on Behalf of Another Person

	 Not Applicable

Item 7.  Identification and Classification of the Subsidiary Which Acquired the
         Security Being Reported on By the Parent Holding Company

         Not Applicable

Item 8.  Identification and Classification of Members of the Group

         Not Applicable

Item 9.  Notice of Dissolution of Group

         Not Applicable

Item 10. Certification

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and held in the ordinary
course of business and were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.





                                    SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

Date:  January 23, 2012
                                      /s/ Jeffrey A. Altman

                                      --------------------------
                                      Jeffrey A. Altman, individually, and as
				      managing member of Owl Creek Advisors, LLC,
				      for itself and as general partner of Owl
	  			      Creek I, L.P. and Owl Creek II L.P., and
				      as managing member of the general partner
				      of OWl Creek Asset Management, L.P., for
		   		      itself and as investment manager to Owl
				      Creek Overseas Master Fund, Ltd. and Owl
				      Creek SRI Master Fund, Ltd.