Swift Energy Co. said May 2 it changed its name to SilverBow Resources Inc. as part of a rebranding initiative that follows the Houston company's strategic shift to a pure-play Eagle Ford operator.
Additionally, SilverBow nearly doubled its full-year capital budget to $190 million to $200 million from $85 million to $95 million. The company now intends to complete 26 wells in the Eagle Ford Shale this year, instead of the originally targeted 12 wells.
As a result, SilverBow's full-year 2017 average production guidance is 145 million to 155 million cubic feet of natural gas equivalent per day (MMCfe/d). For the second-quarter 2017, the company now expects average production to be 138 MMcfe/d to 144 MMcfe/d.
"Given our solid financial position as well as the strong returns generated from our assets at current prices, we have decided to keep our current contracted high-performance rig operating throughout the remainder of the year," CEO Sean Woolverton said in a statement. "This will set us up to deliver strong production growth of 20% to 25% through 2017 and position us well for future growth thereafter."
In addition, SilverBow said it will be transferring its stock exchange listing from the Over-The-Counter Market to the New York Stock Exchange (NYSE) where its common stock will trade under the new ticker symbol “SBOW”.
The name-change will take effect May, which is also when SilverBow's stock is set to begin trading on NYSE. The company will continue its full and complete transition to the name SilverBow Resources in the coming weeks, according to the company release.
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