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Forestar Real Estate Group Announces Venture with Jones Company
Austin, Texas, USA, 03 January 2008 -- (BUSINESS WIRE) -- Forestar Real Estate Group Inc. (NYSE:FOR) today announced it has entered into a joint venture with The Jones Company, Ltd. of Dallas, Georgia.

The venture includes approximately 17,000 acres of land in Georgia owned by The Jones Company. This land is located principally in Paulding, Polk, and Haralson counties, and is subject to a long-term timber lease with Forestar Real Estate Group. Forestar is the venture's managing member with 58% ownership and Atlanta-based Bullock-Mannelly Partners will serve as the local operating manager.

In announcing the venture, Tom Etheredge, executive vice president of Forestar Real Estate Group, said, "This venture further improves our company's strategic land positions in Georgia and creates additional value for our shareholders."

In connection with the venture, Forestar Real Estate Group and The Jones Company worked together with the State of Georgia and Paulding County in the establishment of a Wildlife Management Area (WMA) along the Silver Comet Trail. The timber in the new WMA was formerly owned by Forestar Real Estate Group.

About Forestar Real Estate Group

Forestar Real Estate Group Inc. operates in two business segments: real estate and natural resources. The real estate segment owns directly or through ventures about 374,000 acres of real estate in nine states and 12 markets in the United States. The real estate segment has 24 real estate projects representing about 27,000 acres currently in the entitlement process and 75 active development projects in seven states and 11 markets encompassing approximately 17,000 acres, comprised of about 30,000 residential lots and 1900 commercial acres. The natural resources segment manages about 622,000 net acres of oil and gas mineral interests, sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses.

Forestar's Web address is www.forestargroup.com.

Source: Forestar Real Estate Group Inc.

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