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Brief -- Swift Energy | BLM Auction

Swift Energy Co. has sold its remaining 25% interest in the Burr Ferry and South Bearhead Creek Fields in central Louisiana. The approximate $8 million in net proceeds will be used to reduce debt, the company said. "We set out this year to redefine the company and reposition our portfolio through a series of noncore divestitures. We achieved our objective as this transaction effectively concludes our Louisiana divestiture process," said interim CEO Bob Banks. "These transactions to date have simplified our business model as our cost structure is now more representative of our Eagle Ford development program." Swift also recently increased its gas hedge position for 2017 and initiated a hedging program for 2018. For 2018, the company completed 4.4 Bcf of natural gas swaps at an average price of $3.47 for the first quarter of 2018. Recently, Swift announced the sale of its Lake Washington field in southeast Louisiana.

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