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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES DEFERRAL OF PROPOSED PURCHASE OF PROPERTIES FROM LIMITED PARTNERSHIPSHOUSTON, October 14, 1998 - Swift Energy Company (NYSE, PCX: SFY) today announced that it is notifying investors in 63 Swift-managed production partnerships formed between 1986 and 1994 that it has delayed calling investor meetings to consider its proposed purchase of all of the oil and gas properties owned by these partnerships for an amount originally projected to be in the range of $70 million. According to A. Earl Swift, Swift’s Chairman and Chief Executive Officer, "This decision principally reflects significant market changes which have occurred during the long period necessary for regulatory review. Three third party appraisals of the fair market value of the partnerships’ properties are now over nine months old, and there have been significant changes in the oil and gas markets since that time, along with the much publicized weakness in both the equity and debt markets for energy companies. Additionally, by the time any transaction could have taken place, a whole year of 1998 production would have been sold for field prices lower than those forecast in the January 1, 1998 appraisals. During the last several months, the volatility of the oil and gas markets has increased markedly, creating further concern over the appropriateness of using these particular appraisals as an assessment of current market conditions. The Company will re-evaluate this decision early next year to determine when it will proceed with the purchase." 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 08:15:57 AM. Copyright © 1994-2008 by Swift Energy Company. |
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