Swift Energy Announces Sale of Remaining 25% Interest in Central Louisiana
Dec 08, 2016
OTC Disclosure News Service
Swift Energy Company (OTCQX: SWTF) (the “Company”) announced today that
it has sold its remaining 25% interest in the Burr Ferry and South
Bearhead Creek Fields in Central Louisiana.
The net proceeds received by Swift Energy ($8.0 million, less customary
closing adjustments) will be used to reduce the amount of borrowings
under the Company’s credit facility which was approximately $212 million
prior to receipt of these funds.
Interim Chief Executive Officer Bob Banks commented, “We set out this
year to redefine the Company and reposition our portfolio through a
series of non-core divestitures. We achieved our objective as this
transaction effectively concludes our Louisiana divestiture process.
These transactions to date have simplified our business model, as our
cost structure is now more representative of our Eagle Ford development
program. This will allow us to realize greater efficiencies and scale
within our operational footprint.”
The Company also announced it has recently increased its gas hedge
position for 2017 and initiated a hedging program for 2018. Specifically
for 2018, the Company completed approximately 4.4 Bcf of natural gas
swaps at an average price of $3.47 for the first quarter of 2018.
For more information regarding the Company’s current complete oil and
gas hedge position, please see the Hedges section within the Investor
Relations page on the Company’s website at www.swiftenergy.com.
About Swift Energy Company
Swift Energy Company, founded in 1979 and headquartered in Houston,
engages in developing, exploring, acquiring and operating oil and gas
properties, with a focus on the Eagle Ford trend of South Texas.
This release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. The opinions,
forecasts, projections, or other statements other than statements of
historical fact, are forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurances can be given that such
expectations will prove to have been correct. Certain risks and
uncertainties inherent in the company’s business are set forth in the
filings of Swift Energy Company with the Securities and Exchange
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