Swift Energy Co. has completed financial restructuring and emerged from voluntary bankruptcy after completing the sale of 75% of its interests in South Bearhead Creek and Burr Ferry oil fields in central Louisiana (OGJ Online, Jan. 4, 2016).
The buyer of the Louisiana interests is Texegy LLC, formed in 2014 to acquire, operate, and develop producing, conventional oil and gas properties in Texas and Louisiana.
Swift’s core assets are in the Eagle Ford shale play of Texas.
Swift and Texegy will form a joint venture, SV Energy Co. LLC, an affiliate of Texegy, to operate the Louisiana properties covered by the transaction.
Swift also closed a new $320-million senior secured credit facility.