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Swift Energy Will Use Eagle Ford Deal To Pay Millions In Debt

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May 13, 2014

Swift Energy Co. (NYSE: SFY) plans to use about $150 million from a joint venture (JV) to pay down its revolving credit line, and is seeking to stem its negative free cash flow, president Bruce Vincent told Bloomberg.

The independent oil and natural gas company is selling a 36% stake to PT Saka Energi Indonesia, a unit of the government-controlled Perusahaan Gas Negara Persero Tbk, in its 8,300 acres of Fasken-area Eagle Ford Shale natural gas properties in Texas, according to a May 6 statement. Houston-based Swift will receive an ...

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