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Swift Energy, Petrohawk in joint venture
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HOUSTON - Swift Energy Co. and Petrohawk Energy Corp. said on Monday they have agreed to jointly develop and operate a 26,000-acre portion of Swift's Eagle Ford Shale in McMullen County, Texas.
Swift said it got about $26 million in cash in the deal. Petrohawk will also pay for about $13 million in capital expenditures on Swift's behalf during the first year of the joint venture.
Swift said it is keeping a 50 percent interest in the joint venture.
Petrohawk will operate the drilling and completion phase of the development, with Swift operating the wells once they enter production.
Swift shares fell 29 cents, or 1.4 percent, to close Monday at $20.89. Petrohawk shares rose 10 cents to $23.62.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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