Petrohawk and Swift enter Eagle Ford Shale joint venture to develop the Eagle Ford in McMullen County, Texas. Petrohawk paid $26 million upfront and will carry costs of $13 million to fund development of the 26,000 acres. Petrohawk earns a 50% interest for $39 million ($3,000 per acre).
"Swift Energy Company (NYSE: SFY) (“Swift Energy”) and Petrohawk Energy Corporation (NYSE: HK) (“Petrohawk”) have executed a definitive agreement to jointly develop and operate an approximate 26,000 acre portion of Swift Energy’s Eagle Ford Shale acreage in McMullen County, Texas.
"Terry Swift, CEO of Swift Energy, remarked, 'We have found an excellent partner to jointly develop with us a portion of our highly prospective Eagle Ford shale acreage. Petrohawk is one of the leaders in developing natural gas from shale formations responsibly, efficiently and cost effectively. Their technical and commercial expertise has already produced strong operational results in the Eagle Ford Shale, making Petrohawk an excellent choice as a partner for this project.' "