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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Articles from Swift
Swift Selling in Louisiana to Focus on Eagle Ford
Swift Energy Co. is selling its Lake Washington field in southeast Louisiana in order to focus on the Eagle Ford Shale, where it has identified more than 400 drilling locations.
Swift Exits Chapter 11, Closes Deal With Texegy For Oil Assets in Louisiana
Less than four months after voluntarily filing for bankruptcy protection, Swift Energy Co. emerged from Chapter 11 on Monday and closed on a new $320 million senior secured credit facility, while also forming a joint venture (JV) and closing on the sale of some conventional oil assets in central Louisiana.
Swift Exits Chapter 11, Closes Deal With Texegy For Oil Assets in Louisiana
Less than four months after voluntarily filing for bankruptcy protection, Swift Energy Co. emerged from Chapter 11 on Monday and closed on a new $320 million senior secured credit facility, while also forming a joint venture (JV) and closing on the sale of some conventional oil assets in central Louisiana.
Chapter 11 Revolving Door: Goodrich Going In, Swift Coming Out
Goodrich Petroleum Corp. and Swift Energy Co. have reached separate agreements with their respective creditors on reorganization, with the former planning to enter Chapter 11 bankruptcy on April 15 and the latter planning to emerge from it on the same day.
Swift Energy Files for Bankruptcy Protection; Terry Swift Stepping Down as Chairman
Houston-based Swift Energy Co., whose primary operations are in the Eagle Ford Shale and Louisiana, filed for voluntary bankruptcy protection in the waning hours of 2015, and has begun a restructuring process that includes turning over control of the company and selling assets.
Global Oil, Gas Industry Job Losses Top 233,000 and Climbing, Says Energy Recruiting Firm
Oil and gas industry losses worldwide now exceed 233,000 and are expected to continue into 2016, according to energy sector job recruiter Swift Worldwide Resources.
Swift Considering Finance Alternatives
Houston’s Swift Energy Co. said Tuesday it has retained Lazard Freres & Co. LLC to advise management and the board of directors regarding “capital structure, financing alternatives and related strategic opportunities.”
Industry Briefs
The Environmental Defense Fund (EDF) wants to hire a “state regulatory and legislative affairs manager” based in Washington, DC, who would to focus on natural gas. The manager would ” assist in organizing and managing efforts to enact a comprehensive set of regulations and reforms in key natural gas producing states,” with emphasis on the…
IHS Analysis: Eagle Ford Is a Bakken Beater
Typical well performance as well as peak-month production of the Eagle Ford Shale’s best wells exceeds those for wells drilled in the Bakken Shale, which is often considered the tight oil standard, according to the “IHS Herold Eagle Ford Regional Play Assessment.”
