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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPLETES NEW $250,000,000 CREDIT FACILITYHOUSTON, August 24, 1998 - Swift Energy Company (NYSE, PCX: SFY) announced today that it has completed a $250,000,000 Revolving Credit Facility with a syndicate of ten of the world’s leading financial institutions. The new four-year unsecured credit facility, which replaced the Company’s previous $100,000,000 facility, will make available the capital needed to fund the Company’s ongoing plans for growth in gas and oil reserves. The credit facility was arranged by Banc One Capital Markets, Inc., and was syndicated to a group of banks led by Bank One, Bank of Montreal and NationsBank. The bank group also includes ABN Amro, CIBC Oppenheimer, Credit Lyonnais, First Union, Sanwa Bank, Societe Generale and Bank of Scotland. Commenting on the new facility, A. Earl Swift, Chairman and CEO of Swift Energy Company, said, "The borrowing capacity established by this arrangement is a significant demonstration and strong vote of confidence in our Company and its strategic plans by a group of the top energy banks in the world. We are proud that our Company has built a sizeable natural gas and crude oil reserve base that provides collateral to these banks in making their capital available to the Company. The banks have performed an independent analysis and are obviously satisfied with Company’s reserves. We feel this credit facility gives us the needed financial flexibility to take advantage of industry opportunities and continue our excellent record of growth." 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 44% per year during the last five years, with reserves growth of 40% in 1997. This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:15:49 AM. Copyright © 1994-2008 by Swift Energy Company. |
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