Swift Closes Sale of South Louisiana Interests
Swift Energy Company has closed the previously announced disposition of its interests in six fields in South Louisiana, two in Texas and one in Alabama with EnergyQuest II, LLC effective August 1, 2011. The final sales price of the property interests, which were sold, was $53.5 million. As previously indicated, Swift Energy will use the net cash proceeds of approximately $48.8 million from this transaction (as adjusted for cash flows from effective date through today's closing date) to fund a portion of its 2011 capital expenditures. The acquisition sales price is subject to any customary post-closing adjustments, which are not expected to be material.
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 oil and natural gas reserves onshore in Louisiana and Texas and in the inland waters of Louisiana.