Swift Energy Co. has sold its remaining 25% interest in the Burr Ferry and South Bearhead Creek Fields in central Louisiana for $8 million, and FuelFix.com reports the Houston-based firm will use the net proceeds to loosen up credit for its south Texas plants.
“These transactions to date have simplified our business model, as our cost structure is now more representative of our Eagle Ford development program,” Swift Energy interim CEO Bob Banks says in a statement. “This will allow us to realize greater efficiencies and scale within our operational footprint.”
The company acquired holdings in the Burr Ferry field, near Leesville, in 1998, and has held its South Bearhead Creek property, near DeRidder, since 2005.
The sale comes about one week after Swift sold its stake of Lake Washington, a field south of New Orleans, for $40 million.
