Swift Energy, the Baker Bros. Advisors' activist target, has retained Lazard Freres & Co. LLC to advise the Company’s management and Board of Directors with respect to capital structure, financing alternatives and related strategic opportunities.
Terry Swift, CEO and Chairman of the Board, said, “We believe the underlying assets that Swift Energy has developed have meaningful value, much of which can be realized even in today’s challenging environment. Consequently, we have retained Lazard to explore alternatives with respect to realigning our balance sheet including our senior notes which trade at levels significantly below face value, addressing certain maturities, and enhancing our liquidity profile. We believe this will better position the Company to execute our forward drilling program which will benefit all constituencies.”
Swift Energy’s Board of Directors is in the process of evaluating this strategic and financial review and no assurance can be given as to its outcome or timing. The Company does not intend to make any further announcements concerning this process unless and until the Company otherwise determines that disclosures are necessary or appropriate.
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.