In the midst of a chapter 11 bankruptcy reorganization, Houston-based Swift Energy Company is selling 75 percent of its holdings in two oil and gas fields in central Louisiana to Texegy LLC.
Closing is expected to happen on or before March 15, 2016, subject to the approval of the bankruptcy court. The two firms plan to enter into a joint development agreement and a joint operating agreement to continue operation and development of the properties. The joint agreement will also result in SV Energy Company, LLC, an affiliate of Texegy serving as the operator of Swift Energy’s holdings in the South Bearhead Creek Field and the Burr Ferry Field.
Texegy LLC was formed in the fall of 2014 to acquire, operate and develop producing conventional oil and gas properties in Texas and Louisiana.