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Swift Energy Acquires Additional Interests in South Bearhead Creek

Posted on: Thursday, 22 December 2005, 12:00 CST

Swift Energy Company (NYSE:SFY) announced today that it has acquired additional interests in the South Bearhead Creek Field in Beauregard Parish, Louisiana, with an effective date of December 1, 2005. The purchase includes approximately 6.4 Billion cubic feet (Bcfe) equivalent of proved reserves, and the final purchase price of $5.75 million (subject to post-closing adjustments) was funded with cash on hand.

These newly acquired interests complement the other interests in South Bearhead Creek Swift Energy purchased earlier in the fourth quarter 2005 for a purchase price of $24.3 million, which included approximately 21 Bcfe in reserves, as previously announced. South Bearhead Creek Field consists of approximately 5,800 gross acres located approximately 50 miles south of Swift Energy's Masters Creek Field and 30 miles north of Lake Charles, Louisiana.

Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on onshore and inland waters oil and natural gas reserves in Louisiana and Texas and oil and natural gas reserves in New Zealand. Over the Company's 26-year history, Swift Energy has consistently shown long-term growth in its proved oil and gas reserves, production and cash flow through a disciplined program of acquisitions and drilling, while maintaining a strong financial position.

Source: Business Wire

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