Swift Mulls Central Louisiana Land Sale; Retains Scotia Waterous
Houston-based Swift Energy Co., which concentrates on oil and natural gas reserves in the Texas and Louisiana Gulf Coast area, as well as inland waters in Louisiana, is preparing for a possible sale of its Central Louisiana assets, the company said in a statement this week. Swift has chosen Toronto-based Scotia Waterous (USA) Inc. as an advisor if the company proceeds with the sale.
The portions in Central Louisiana owned by Swift include about 86,000 mineral acres, as well as three oil and natural gas producing fields. The fields, totaling 20.4 million barrels of oil equivalent – sixty-five percent of which is classified as oil or natural gas liquids – are Burr Ferry, Masters Creek, and South Bearhead Creek. Swift estimated the potential of the three fields as approximately 180 million barrels of oil equivalent.
Swift earnings for the second quarter were $6.7 million, up 122 percent compared to 2Q 2012. The company committed to increased activity in South Texas in anticipation of predictable production growth in 2014.
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