Swift Energy Co. (NYSE: SFY) added 24,000 net acres in the Eagle Ford Shale while saying Feb. 26 it will keep its capex tamped down in 2015.

While the company has been effective at cutting costs, some analysts think the company needs to sell assets to avoid a deficit.

Swift acquired an additional 12,635 acres at Oro Grande in La Salle County, Texas, with a one-year option to lease an additional 11,850 in McMullen County, Texas. The seller and cost of the acreage was not disclosed.

“We believe the addition of the 24,000 acres at Oro Grande complements our existing portfolio of high-graded Eagle Ford opportunities extremely well,” said Terry Swift, chairman and CEO. “We look forward to transferring our enhanced drill and complete techniques to this area in the near future.”

Daniel Katzenberg, senior analyst, Baird Energy, was puzzled by the acquisition. While the company announced a production beat for the fourth quarter of 2014 and impressive expense management, “we are a bit confused on the urgency of this rightsizing,” he said.

Katzenberg said the company still appears headed toward a $68 million hole in its budget due to increase leverage.

Swift has stated that it is evaluating all asset monetization options including divestitures and joint ventures (JVs) or financial options that could pay down debt and enhance liquidity.

“At this point in the crude cycle, it is tough to say which assets are most likely to find a potential buyer but we are confident Swift is evaluating all potential options, including some more creative financing vehicles,” he said.

Swift said in a conference call Feb. 26 that the company plans to seek a JV partner for its newly acquired assets. Specifically, the company wants a strategic player akin to PT Saka Energi Indonesia, which it is working with to develop 8,000 Eagle Ford acres in Webb County, Texas. In July, Swift sold a 36% full participating interest in its Fasken properties in a $175 million deal.

“We are finding a lot of interest in Texas gas. It’s not road-blocked like we’ve seen in other areas,” Swift said.

Swift said the company is putting together development plans for at least 80 locations.

Swift Energy, Operations, Eagle Ford “To the extent we do something this year, it would be with a strategic gas partner not too different than Saka,” he said.

Swift reiterated spending in 2015 of $110-125 million. At the midpoint, capex would drop 73% compared to 2014.

It has also cut its workforce by 25% and is working to reduce well costs that will save 15-30%.

“Strategically, our focus in 2015 is to improve our balance sheet and liquidity, and we have already made significant strides in reducing our cost structure,” Swift said. “We are also in negotiations with all of our primary suppliers and service companies to reduce various capital and operating cost items and anticipate achieving between 15-30% of cost reductions in numerous areas.”

The company will concentrate on its dry gas Fasken area as well as in the AWP Field gas and condensate area, where results have continued to exceed expectations, said Patrick Rigamer, analyst, Global Hunter Securities.

Swift also recorded a noncash writedown of $445 million to its properties due to lower commodity prices.