Swift Energy Company has closed the previously announced acquisition of property interests from Crimson Energy Partners, L.P., a privately held company with an effective date of May 1, 2008. The interests in Crimson’s Briscoe “A” lease and wells are located in Dimmit County, TX on 5,140 acres adjacent to existing Swift Energy production in its Cotulla area. Production is approximately 90% natural gas and natural gas liquids and averaged approximately 3.7 million cubic feet equivalent (“MMcfe”) per day net to the purchased working interests for the first seven months of 2008.
The final purchase price of the property interests closed was $46.4 million, including the initial deposit, and is subject to post-closing adjustments. This acquisition was funded with bank borrowings under the Company’s credit facility.
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