Swift Energy Acquires Additional Interests in South Bearhead Creek
Swift Energy reports that it has acquired additional interests in the South Bearhead Creek Field in Beauregard Parish, Louisiana, with an effective date of December 1, 2005. The purchase includes approximately 6.4 Billion cubic feet (Bcfe) equivalent of proved reserves, and the final purchase price of $5.75 million (subject to post-closing adjustments) was funded with cash on hand.
These newly acquired interests complement the other interests in
South Bearhead Creek Swift Energy purchased earlier in the fourth
quarter 2005 for a purchase price of $24.3 million, which included
approximately 21 Bcfe in reserves, as previously announced. South
Bearhead Creek Field consists of approximately 5,800 gross acres
located approximately 50 miles south of Swift Energy's Masters Creek
Field and 30 miles north of Lake Charles, Louisiana.