Swift Energy Hires Advisor for Potential Sale of NZ Unit
Swift Energy Co. has retained Scotia Waterous (USA) Inc. as an advisor for the potential sale of some or all its New Zealand assets owned and operated by Swift Energy New Zealand, Ltd. ("SENZ"). Following the review of Swift Energy's alternatives, the course of action Swift Energy deems in the best interest of the Company and its stakeholders will be taken, including an outright sale or merger of some or all of the SENZ's properties and facilities, entry into joint ventures or the reshaping of long-term operational strategy in New Zealand.
SENZ consists primarily of two producing areas at Rimu/Kauri and TAWN, with both properties located onshore in the Taranaki basin on the north island of New Zealand. The audited proved reserves estimates at year end 2006 totaled 106 Billion cubic feet equivalent ("Bcfe") and 2006 production totaled 13.5 Bcfe. SENZ also maintains and operates two natural gas processing plants, an oil processing plant and oil and natural gas pipelines.
Swift Energy Co., 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 and Texas, 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.