Swift Eyes Alternatives for NZ Unit
Swift Energy Co. plans to begin a review of strategic alternatives for its New Zealand operating unit, Swift Energy New Zealand, Ltd. ("SENZ").
Such alternatives include an outright sale or merger of some or all of the properties and facilities, entry into joint ventures or reshaping of long-term operational strategy there. Swift Energy is currently in discussions with several advisory firms to assist the Company in this process.
Terry Swift, Chairman and CEO, commented, "The Board of Directors and Swift Energy's management have decided after a regular review of its core operating areas to explore strategic alternatives for our New Zealand operations. We see value in these assets that is not being realized in our current stock valuation. We have built a strong organization in New Zealand and are committed to our employees there as well as to maximizing the value of the assets and interests of all of our stakeholders."
SENZ consists 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, Texas, as well as oil and natural gas reserves in New Zealand.