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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY'S BANK SYNDICATE COMPLETES REVIEW OF COMPANY'S CREDIT FACILITYHOUSTON, May 27, 1999 - Swift Energy Company (NYSE, PCX: SFY) announced today that its ten-member bank syndicate completed its semi-annual review of the Company’s borrowing base established under its Revolving Credit Facility. The four-year unsecured credit facility, which was put in place last August is designed to make available the capital needed to fund the Company’s ongoing plans for growth in gas and oil reserves. As a result of this review, the borrowing base has been re-determined at $164 million. At May 26, 1999, the balance borrowed under the line was $144 million. The credit facility is managed by Banc One Capital Markets, Inc., and is syndicated to a group of banks led by Bank One, Bank of Montreal and Bank of America. The bank group also includes ABN-AMRO, CIBC, 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 affirmed by this review is a demonstration of the confidence in our Company and its strategic plans by a group of the world’s top energy banks. 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. Due to the volatility in crude and natural gas prices, the banks were forced to use much lower pricing projections in this re-determination versus last August. However, increases in the quantity of our gas and oil reserves almost fully offset the effects of these price declines in the evaluation. We feel this credit facility continues to give us the needed financial flexibility to take advantage of industry opportunities and continue an 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 37% per year during the last five years, with reserves additions in 1998 replacing the Company’s production by 296%. 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 08:16:31 AM. Copyright © 1994-2008 by Swift Energy Company. |
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