Swift Shifts Assets to be Bigger Eagle Ford Player

Swift Energy Focuses on Eagle Ford

Swift Energy Focuses on Eagle Ford

Swift Energy Company plans to sell key operations to focus on the Eagle Ford.

Related: Swift Energy Files Chapter 11

Swift Energy has announced it has entered into an agreement to sell its Lake Washington field in South East Louisiana. The company wants to become a more focused Eagle Ford player and has identified over 400 high-quality drilling locations in the region.

Sale details include:

  • Closing expected in early December 2016
  • Cash consideration of $40.0 million upon closing
  • Approximately 14,000 net acres in Plaquemines Parish, includes 23 producing wells
  • Net sales of approximately 1,160 barrels of oil equivalent per day (97% oil)
Swift has made several strategic moves this year to actively manage our portfolio and transform the company into a premier Eagle Ford producer, and today’s announcement is consistent with that strategy. We’ve had a tremendous amount of success with the development of our assets in South Texas, and this transaction allows us to focus exclusively on our very best rate of return projects.
— Interim Chief Executive Officer Bob Banks

In Apirl, Swift emerged from bankruptcy and then announced the retirement of the company’s CEO and CFO in September.

Read more at swiftenergy.com