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.