Swift Energy Will Fund Accelerated Eagle Ford Development With Louisiana Sale

Swift Energy Eagle Ford Production Chart

Swift Energy Eagle Ford Production Chart | Click to Enlarge

Swift Energy has abandoned plans to find a joint venture partner in the Eagle Ford in favor of selling assets in Central Louisiana. Executives note the lack of premium placed on their Eagle Ford assets in the market. They view the Eagle ford as the best assets in the company and prices simply aren’t what they were the past few years.

Instead, the company will sell assets in Louisiana. As a result, the capital budget in the Eagle Ford was increased by $50 million and Swift plans to maintain a two rig program through the rest of 2013.

Company-wide production was down slightly in the quarter and Eagle Ford production was down to flat. There were gas gathering constraints in Webb County during the quarter, but Eagle Ford production had rebounded to grow 10% in July. [Read more…]

GE – Howard Energy Deal Sets Up Acquisition of Meritage Midstream Services

GE Financial Services has acquired a 30.6% stake in South Texas midstream operator Howard Energy Partners. The amount paid was not disclosed, but we do know what the company is doing with the proceeds. Howard Energy will use the money to partially fund the acquisition of Meritage Midstream Services.  [Read more…]