Swift, PT Saka Close JV To Develop Eagle Ford Acreage

摘要

Swift Energy Co. (NYSE: SFY) closed its previously announced agreement with PT Saka Energi Indonesia to fully develop 8,300 acres of Fasken area Eagle Ford Shale properties owned by Swift Energy in Webb County, Texas, the company said July 16. Houston’s Swift sold a 36% full participating interest in its Fasken properties to Saka, based in Jakarta, Indonesia, for $175 million in total cash consideration, with $125 million (subject to adjustments for interim operations) to be paid at closing and $50 million in cash to be paid by Saka over time to carry a portion of Swift’s field development costs incurred after the Jan. 1, 2014 effective date.