By the OGJ Online Staff
HOUSTON, Dec. 14 -- Bravo Natural Resources Co., Tulsa, has agreed to buy the Midcontinent assets of Swift Energy Co., Houston, and certain of its partnerships.
The acquisition is expected to close in December 2001. Price was not disclosed.
The purchase includes 20 billion cu ft equivalent of natural gas reserves, increasing Bravo's gas reserves by 30%. It includes interests in 40 operated and 88 other wells, mostly in Custer and Caddo counties of Oklahoma. The properties produce 4.4 MMcfd of gas and 100 b/d of oil net to Bravo.
Charles Stephenson, Bravo president and CEO, said, "This acquisition follows our company's strategic plan to acquire high-quality producing Midcontinent properties with both drilling and enhancement opportunities."
Included in the sale are three gas gathering pipelines and associated compression. Bravo has identified drilling, recompletion, and production enhancement projects associated with the properties.
In other news, Bravo said it recently completed its 29th Granite Wash producer in Hemphill County, Tex., where it owns a gathering system and associated compression.
Stephenson said Bravo has identified 31 Granite Wash locations on its 8,500 acre leasehold and will drill many of them next year.