Houston-based Swift Energy Co. has sold its interests in a southeast Louisiana production area to intensify its focus on south Texas, FuelFix.com reports.
The exploration company announced Monday that it has divested its Lake Washington Field holdings. The field comprises about 14,000 acres and 23 active wells in Plaquemines Parish, which straddles the Mississippi River where it enters the Gulf of Mexico.
The field produced about 1,160 barrels per day of oil equivalent at the end of the company’s third quarter. The company anticipates receiving $40 million upon closing, which could happen in early December.
The move gives Swift more financial flexibility for 2017 development plans, company officials say.
“We’ve had a tremendous amount of success with the development of our assets in South Texas, and this transaction allows us to focus exclusively on our very best rate of return projects,” says Swift Energy CEO Bob Banks in a statement.
