SWIFT ENERGY COMPANY 2001 ANNUAL REPORT |
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9. Subsequent Events TAWN Acquisition. Through our subsidiary, Swift Energy New Zealand Limited, we acquired Southern Petroleum Exploration Limited ("Southern NZ") in January 2002 for approximately $54.4 million in cash. Southern NZ was an affiliate of Shell New Zealand and owns interests in four onshore producing oil and gas fields, hydrocarbon-processing facilities, and pipelines connecting the fields and facilities to export terminals and markets. These properties are collectively called "TAWN," an acronym for the four fields that comprise the property: Tariki, Ahuroa, Waihapa and Ngaere. This acquisition was accounted for by the purchase method of accounting. Upon the closing of the New Zealand acquisition, our credit facility was increased to $300.0 million and the borrowing base became $275.0 million.In conjunction with the TAWN acquisition, we granted Shell New Zealand a short-term option to acquire an undivided 25% interest in our permit 38719, which includes our Rimu and Kauri areas, as well as a 25% interest in our Rimu Production Station. We do not know if Shell New Zealand will exercise this option. The option would be subject to numerous notifications, governmental approvals and consents if exercised. If the option is exercised, our credit facility would be reduced to $275.0 million and our borrowing base would be $250.0 million. Antrim Acquisition. We purchased through our subsidiary, Swift Energy New Zealand Limited, all of the New Zealand assets owned by Antrim Oil and Gas Limited for 220,000 shares of Swift Energy Company common stock. Antrim owned a 5% interest in permit 38719 and a 7.5% interest in permit 38716. This transaction closed in March 2002 (unaudited).
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This page was last updated on Saturday, February 08, 2003, at 07:29:01 PM. Copyright © 1994-2008 by Swift Energy Company. |
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