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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY FILES PROXY STATEMENTS TO PURCHASE OIL AND GAS PROPERTIES FROM LIMITED PARTNERSHIPSHOUSTON, April 21, 1998 - Swift Energy Company (NYSE, PCX: SFY) announced today that it is filing with the Securities and Exchange Commission a registration statement which includes proxy statements for certain partnerships, by which Swift’s offer will be submitted to investors for the purchase of all the oil and gas properties from 63 Swift-managed production partnerships formed between 1986 and 1994. Swift previously announced, in early April, that the transaction would be in the range of $70 million to $75 million. The registration statement also relates to the offering of 2,500,000 shares of its common stock. Subject to certain restrictions, investors which approve the proposals may elect to purchase shares of Swift’s common stock with their respective cash distribution from the sale of the properties to Swift. The common stock will be priced at an average closing price calculated during a time frame in close association with the closing of the transaction. Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves. Founded in 1979 with headquarters in Houston, Texas, the Company has achieved an average compounded growth rate in proved oil and gas reserves of approximately 40% per year during the last five years, with reserves additions in 1997 replacing the Company’s production by more than 500%. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:15:21 AM. Copyright © 1994-2008 by Swift Energy Company. |
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