HOUSTON--(BUSINESS WIRE)-- Swift Energy Company (OTCQX: SWTF) (“the Company”) announced today it has entered into an agreement to sell approximately 1.4 million shares of its Common Stock in a private placement at a price of $28.50 per share, which is expected to result in $40.0 million of gross proceeds.
The shares were sold to select institutional accredited investors. The Company expects to use the net proceeds of approximately $39.0 million from the offering to repay credit facility borrowings and for general corporate purposes.
J.P. Morgan Securities LLC served as sole placement agent to the Company in connection with the offering.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein.
About Swift Energy Company
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties in the Eagle Ford trend of South Texas.
This release 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, no assurances can be given 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 Swift Energy Company with the Securities and Exchange Commission.
Swift Energy Company
Doug Atkinson, 281-874-2700, 800-777-2412
Senior Manager – Finance & Investor Relations
Source: Swift Energy Company