Swift Energy has signed a purchase and sales agreement with a private oil and gas company to sell Swift Energy's interests in six fields in South Louisiana, two in Texas and one in Alabama for approximately $53.5 million. Swift Energy will use net proceeds from this transaction to fund a portion of its 2011 capital expenditures.
Production attributable to the fields being sold averaged 10.6 million cubic feet of gas equivalent per day during the first quarter of 2011 with aggregate proved reserves of 92.2 billion cubic feet equivalent (19% proved developed producing and 65% natural gas) at year-end 2010. This sale is expected to close within the next 60 days, with an effective date of August 1, 2011. The total acquisition sale price is subject to post-closing adjustments.
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