Swift Energy to draw on existing facility for purchase of South Texas properties

By Sara Rosenberg

New York, Sept. 5 - Swift Energy Co. plans to use borrowings under its existing credit facility to fund the acquisition of interests in three South Texas properties in the Maverick Basin, according to a news release.

The company is buying the assets from Escondido Resources LP for $245 million.

The acquisition is expected to close within 75 days, with an effective date of July 1.

Swift Energy is a Houston-based developer, explorer, acquirer and operator of oil and gas properties.

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