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