|
SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SUBSTANTIAL INCREASE IN BANK CREDIT LINEHOUSTON, June 10, 1996 - Swift Energy Company (NYSE: SFY) today announced that it has closed an agreement with its major lending banks, Bank One, Texas, N.A. and Bank of Montreal, that provides Swift with a $100 million unsecured revolving credit facility. John Alden, Swift's Chief Financial Officer, stated, "We are pleased with the support demonstrated by Bank One and Bank of Montreal in the expansion and renewal of our credit facility reflecting their confidence in Swift's track record, rapidly growing asset base, and long term strategic plans. This new credit facility provides additional flexibility to Swift's already strong financial position and will support the Company's aggressive exploration and development drilling program that has been underway for several years. Over the last ten months, this program has accelerated with a dramatic increase in Swift's inventory of development well locations in its two most important projects, the AWP Olmos field and Austin Chalk trend, both of which are located in south Texas." "Swift's 1996 capital program calls for expenditures of approximately $62 million, a 60% increase over 1995's capital program. The increase is almost entirely due to the two development projects in south Texas. Outside of the new revolving credit facility, the Company's only long term debt consists of a $29 million convertible subordinated bond. Under certain conditions, these debentures are redeemable after June 30, 1996. The Company currently anticipates a similar level of capital expenditures for 1997." Based in Houston, Swift Energy Company is a 16-year old independent oil and gas company engaged primarily in the exploration, development, acquisition and operation of oil and gas properties, with an emphasis on domestic natural gas. Swift has a record of growth that is founded on an ambitious program of disciplined exploration and reserves development, conservative financing, and innovative management. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
|
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
This page was last updated on Monday, January 10, 2005, at 08:11:21 AM. Copyright © 1994-2008 by Swift Energy Company. |
||||||||||||||||||||||||||||
|
|
