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Swift Increases Eagle Ford Capital Spending; Talks JV
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Swift Energy Company has announced revised operating and financial guidance estimates for the 2014 calendar year in anticipation of the scheduled June 30, 2014 closing of a joint venture with Saka Energi Indonesia, covering the Company’s Fasken area in Webb County, Texas.
Swift Energy is expected to receive approximately $150 million in total cash consideration upon closing of this joint venture agreement, subject to actual production, pricing and capital expenditures between the effective date of January 1, 2014 and anticipated closing of June 30, 2014.
The funds received at closing will be used for general corporate purposes and to reduce the amount drawn on the Company’s bank credit facility of which the $450 million borrowing base will be reduced by a pre-determined amount of $34.2…
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