Swift Energy Co., Houston, will change its name to SilverBow Resources Inc., effective May 5, and double its capital budget for 2017 as it expands drilling in the Eagle Ford shale of South Texas.
The rebranding initiative follows the firm’s recent strategic shift to becoming a pure-play Eagle Ford focused operator.
Swift Energy will continue its complete transition to SilverBow Resources in the coming weeks.
The firm announced a revised full-year capital budget of $190-200 million, up from the original budget of $85-95 million. The budget accounts for the completion of 26 wells, up from 12 in the previous budget.
Based on this level of activity, the firm is providing full-year 2017 average production guidance of 145–155 MMcfd of natural gas equivalent. For the second quarter, SilverBow expects average production to be 138-144 MMcfed.
“Given our solid financial position as well as the strong returns generated from our assets at current prices, we have decided to keep our current contracted high-performance rig operating throughout the remainder of the year,” said Sean Woolverton, Swift Energy chief executive officer. “This will set us up to deliver strong production growth of 20 to 25% through 2017 and position us well for future growth thereafter.”
Swift Energy emerged from bankruptcy a year ago and has divested all of its Louisiana assets (OGJ Online, Apr. 26, 2016).
