Swift to Withdraw Dual Listing from NYSE Arca
Swift Energy Company said Wednesday that it has submitted a request to voluntarily withdraw its secondary or dual listing of its common stock on NYSE Arca, Inc., also known as the Archipelago Exchange and formerly the Pacific Exchange. Swift Energy's common stock will continue to be listed and traded on the New York Stock Exchange, its primary exchange.
Swift Energy's decision to voluntarily withdraw its listing from NYSE Arca was made to reduce administrative requirements and due to the significant increase of listing fees as a result of the NYSE Group's recent merger with Archipelago Holdings, the parent company of NYSE Arca.
The Pacific/Archipelago Exchange trading volumes in the Company's common stock has never been significant.
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 onshore and inland waters oil and natural gas reserves in Louisiana, Texas and most recently Alaska, as well as oil and natural gas reserves in New Zealand. Over the Company's 27-year history, Swift Energy has shown long-term growth in its proved oil and gas reserves, production and cash flow through a disciplined program of acquisitions and drilling, while maintaining a strong financial position.