Swift Energy said it has struck a purchase and sale agreement to sell its Lake Washington field in South East Louisiana.
The firm said the divestment is a “significant step” in achieving its goal of becoming a more focused Eagle Ford player.
The deal is worth $4million upon closing at the end of next month.
Interim chief executive Bob Banks, said:”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.’
“The net proceeds from this transaction, which will go toward paying down the revolver, will improve our liquidity profile, strengthen our balance sheet, and provide the financial flexibility we need to execute on our 2017 development plans. Additionally, we have identified other smaller monetization opportunities within the portfolio which we will continue to actively pursue.”
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