Swift Energy Acquires Property Interests From Crimson Energy
Swift Energy, a US-based company engaged in developing, exploring, acquiring, and operating oil and natural gas properties, has closed the previously announced acquisition of property interests from Crimson Energy Partners.
The interests in Crimson’s Briscoe A lease and wells are located in Dimmit County, Texas, on 5,140 acres adjacent to existing Swift Energy production in its Cotulla area.
The production volume is approximately 90% natural gas and natural gas liquids, and averaged approximately 3.7 million cubic feet equivalent per day net to the purchased working interests for the first seven months of 2008.
The final purchase price of the property interests closed was $46.4 million, including the initial deposit, and is subject to post-closing adjustments.