Forestar Real Estate Group to Release Third Quarter 2008 Results on November 5, 2008

AUSTIN, Texas--(BUSINESS WIRE)--Forestar Real Estate Group Inc. (NYSE: FOR) will release its results for third quarter 2008 on November 5, before the market opens.

The company will host a conference call on November 5, 2008 at 10:00 a.m. ET to discuss results of third quarter 2008.

To access the conference call, listeners calling from North America should dial 1-866-510-0711 at least 15 minutes prior to the start of the call. Those wishing to access the call from outside North America should dial 1-617-597-5379. The passcode is Forestar. Replays of the call will be available for two weeks following the completion of the live call and can be accessed at 1-888-286-8010 in North America and at 1-617-801-6888 outside North America. The passcode for the replay is 27153325.

The conference call may also be accessed through Forestar Real Estate Group’s Internet site, www.forestargroup.com, by clicking on "Investor Relations – Investor Events."

About Forestar Real Estate Group

Forestar Real Estate Group Inc. operates in three business segments: real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures about 372,000 acres of real estate located in 10 states and 13 markets in the U.S. The real estate segment has 23 real estate projects representing over 31,000 acres currently in the entitlement process, and 75 entitled, developed and under development projects in eight states and twelve markets encompassing almost 17,000 acres, comprised of about 29,000 residential lots and approximately 2,000 commercial acres. The mineral resources segment manages about 622,000 net acres of oil and gas mineral interests. The fiber resources segment sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses. Forestar’s address on the World Wide Web is www.forestargroup.com.

Forward-looking Statements

This release contains “forward-looking statements” within the meaning of the federal securities laws. These statements reflect management’s current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.