By late morning, shares had climbed 14.4% to $12.52.
In a statement, the Houston-based business said it expects to receive around $150 million in total cash consideration in anticipation of its June 30 closing of a joint venture with Saka Energi Indonesia to develop its Fasken oilfield in Texas.
"Our recently announced strategic joint venture in our Fasken area improves our liquidity and allows us to continue our operational efficiency gains in South Texas. As a result, we are raising our capital expenditure levels to $350 -$400 million from previous levels of $300 - $350 million," said CEO Terry Swift.Swift Energy also revised its production estimates for the year to 11.5 to 11.8 million barrels of oil equivalent (boe) from 11.3 to 11.8 million boe. ---------------------- TheStreet Ratings team rates SWIFT ENERGY CO as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: "We rate SWIFT ENERGY CO (SFY) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself, deteriorating net income and feeble growth in its earnings per share."
- You can view the full analysis from the report here: SFY Ratings Report