Swift Energy Co., Houston, (NYSE: SFY) has closed the acquisition of interests in South Bearhead Creek Field in Beauregard Parish, La., for approximately $24.3 million. The purchase was funded with current cash flow. Swift Energy acquired a 100% working interest in the operated wells in the field and a 25% working interest in certain nonoperated wells. Swift estimates the acquisition includes total proved reserves of approximately 3.6 million barrels of oil equivalent, giving the properties an all-in acquisition cost of $2.19 per thousand cubic feet equivalent. Current production is less than 160 barrels of oil equivalent per day (90% oil) net to the purchased working interests. Terry Swift, Swift chief executive, says, "This acquisition of interests in South Bearhead Creek Field provides Swift Energy with additional opportunities where we can use our experience and capital to enhance value. Over the next 12-18 months, our technical teams will exploit and further quantify the hydrocarbon potential of this area. We will also continue to look at additional niche acquisition opportunities with a focus on the Gulf Coast region."
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