Swift Energy to pay down revolver with $40 million asset sale proceeds

By Angela McDaniels

Tacoma, Wash., Nov. 21 – Swift Energy Co. will use $40 million of proceeds from an asset sale to pay down its revolving credit facility, according to a company news release.

The company agreed to sell its Lake Washington field in southeast Louisiana for $40 million of cash at closing, which is expected to occur in early December.

“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,” interim chief executive officer Bob Banks said in the news release.

“Additionally, we have identified other smaller monetization opportunities within the portfolio which we will continue to actively pursue.”

Swift Energy is an oil and gas company based in Houston. It emerged from Chapter 11 bankruptcy in April 2016.

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