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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY BORROWING BASE REAFFIRMEDHOUSTON, November 5, 2002 - Swift Energy Company (NYSE, PCX: SFY) announced today that the Company’s Borrowing Base under its Revolving Credit Facility was reaffirmed at $195,000,000 by its nine-member bank group during the regularly scheduled borrowing base re-determination. As of October 31, the Company had nothing drawn against this facility, which expires in October 2005. The Credit Facility was arranged by Banc One Capital Markets, Inc., and was syndicated to a group of banks that includes Bank One, Bank of Scotland, BNP Paribas, CIBC Oppenheimer, Credit Lyonnais, Natexis Banques Populaires, Societe Generale, UFJ Bank Ltd., and Wells Fargo. Commenting on the agreement, Terry E. Swift, President and CEO of Swift Energy Company, said, “This reaffirmation of our borrowing base provides a vote of confidence in the Company from our bank group. This facility will continue to provide us with the financial liquidity and flexibility to execute our strategy as we move forward with our business plan.” Swift Energy Company engages in developing, exploring, acquiring, and operating oil and gas properties, with a focus on onshore oil and natural gas reserves in Texas and Louisiana and onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has consistently grown its proved oil and gas reserves, production, and cash flow through a disciplined program of acquisitions and drilling, while maintaining a strong financial position. 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 08:24:08 AM. Copyright © 1994-2008 by Swift Energy Company. |
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