Swift Energy Sells Remaining Louisiana Assets

Baker Hughes

Swift Energy Company in December 2016 said it has sold its remaining 25% interest in the Burr Ferry and South Bearhead Creek Fields in central Louisiana.

The company said that net proceeds of about $8 million from the sale will be used to reduce the amount of borrowings under the company’s credit facility, which was approximately $212 million prior to receipt of these funds.

“We set out this year to redefine the company and reposition our portfolio through a series of non-core divestitures,” Interim CEO Bob Banks said in a statement. “We achieved our objective, as this transaction effectively concludes our Louisiana divestiture process. These transactions to date have simplified our business model, as our cost structure is now more representative of our Eagle Ford development program. This will allow us to realize greater efficiencies and scale within our operational footprint.”

The company also said it has increased its gas hedge position for 2017 and initiated a hedging program for 2018. Specifically for 2018, Swift completed approximately 4.4 Bcf of natural gas swaps at an average price of $3.47 for 1Q18.

CCUS
ADIPEC


Oil Recession Wipes Out Billions in Wages


Panhandle Oil and Gas Sees 4Q16 Uptick After ‘Difficult Year’


Safety Programs vs. Training Programs


Oil and Gas Acquisition Market 2017 Outlook


Foothills Exploration, Magna Team Up on Labokay Prospect


Four Louisiana-Based Oil and Gas Startups Supported by The Idea Village


ExxonMobil Reexamines Value of its Oil Reserves


FMC Technologies and Technip Shareholders to Vote On Merger in December


US Geological Survey Discovers Largest US Continuous Oil and Gas Deposit in Texas


Louisiana Oil and Gas Companies Optimistic about Trump Policies


Letter from the Publisher (January-February 2017)


Trump Selects Exxon CEO for Secretary of State


Innovative Wastewater Management Processes Gain Traction


O&G Training and Education


Natural Gas Production, Storage, Exports On Record Pace


Oilman is Partnering with the Following Events


Swift Energy Sells Remaining Louisiana Assets


Wildcatters and Dreams of Being a Texas Oilman, 1928


Texas Railroad Commissioner Sitton Joins Research Consortium on Seismicity


America Needs: Energy Education!


Oklahoma Oil and Gas Industry Sees ‘Slow but Steady Improvement’


Energy Scene with Jason Spiess


Oklahoma AG Nominated as Director of EPA


Gulf Tech Receives Full Certification as a SEMS Audit Service Provider


Wildcatters and Dreams of Being a Texas Oilman, 1928


Gulf Coast States May Receive Extra Offshore Oil and Gas Royalties


OPEC Agrees to First Oil Production Cut in Eight Years


Oilman Cartoon – January/February 2017


Oklahoma Ranks Top Among Regions for Oil and Gas Investment


GE-Baker Hughes Merger to Create Second Largest Oilfield Services Provider

E-Fuels
ADIPEC