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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES HOLDERS' CONVERSION OF $28.75 MILLION OF SUBORDINATED DEBENTURESHOUSTON, August 8, 1996 - Swift Energy Company (NYSE, PSE: SFY) today announced that all of the holders of its $28.75 million 6½% Convertible Subordinated Debentures due 2003 converted the Debentures into Swift Energy Common Stock as of August 5, 1996. The conversion resulted from the Company's July 1, 1996 notification to debenture holders that it would redeem the debentures, in accordance with provisions of the Indenture, on August 5, 1996. As a result of this transaction, Swift is issuing approximately 2.34 million new common shares, increasing the total number of outstanding Swift common shares to approximately 14.9 million. A. Earl Swift, Swift Energy's President and Chairman, stated, "With the conversion of the debentures, Swift now has no conventional long-term debt on its balance sheet and is in the strongest position in its 16-year history. With this solid financial base, Swift is continuing to aggressively drill its large inventory of development drilling locations in the AWP Olmos and Giddings fields in Texas and pursue its expanding exploration program. Swift is now well positioned to capitalize on new opportunities that will provide rapid growth in the future for our stockholders." Based in Houston, Swift Energy Company is an 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 reserve development, conservative financing and innovative management. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:11:47 AM. Copyright © 1994-2008 by Swift Energy Company. |
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