Swift Energy Co. (SFY) retained Lazard Freres & Co. LLC to advise management and the board of directors on capital structure, financing alternatives and related strategic opportunities, the company said July 28.

The board is evaluating this strategic and financial review and no assurance can be given as to its outcome or timing, the company said.

“We believe the underlying assets that Swift Energy has developed have meaningful value, much of which can be realized even in today’s challenging environment,” said Terry Swift, CEO and chairman of the board.

He added that the balance sheet, including senior notes, will be realigned. The notes trade below face value, he said.

Swift Energy Co. is based in Houston.