HOUSTON–(BUSINESS WIRE)–Swift Energy Company (OTCQX: SWTF) (“the Company”) announced today it has entered into an agreement to sell approximately 1.4 million shares of its Common Stock in a private placement at a price of $28.50 per share, which is expected to result in $40.0 million of gross proceeds.
The shares were sold to select institutional accredited investors. The Company expects to use the net proceeds of approximately $39.0 million from the offering to repay credit facility borrowings and for general corporate purposes.
J.P. Morgan Securities LLC served as sole placement agent to the Company in connection with the offering.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein.
About Swift Energy Company
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties in the Eagle Ford trend of South Texas.