UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (or Date of Earliest Event Reported): October 2, 2006
SWIFT ENERGY COMPANY
(Exact name of Registrant as specified in its charter)
TEXAS 1-8754 20-3940661
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
16825 Northchase Drive, Suite 400
Houston, Texas 77060
(Address of principal executive offices)
(281) 874-2700
(Registrant's telephone number)
Not Applicable
(Former Name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):
__ Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
__ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
__ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
__ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
------------------------------------------
On October 2, 2006, Swift Energy Company (the "Company") and its wholly owned
subsidiary, Swift Energy Operating, LLC ("Operating"), entered into the Third
Amendment to First Amended and Restated Credit Agreement (the "Credit
Agreement") with a syndicate of ten lenders to increase their unsecured
revolving credit facility from $400,000,000 to $500,000,000. The Credit
Agreement also increased the Company's and Operating's current commitment amount
to $250,000,000, which is the current borrowing base.
The facility was arranged by JP Morgan Securities, Inc. as Sole Lead Arranger
and Sole Book Runner. The syndicate of lenders includes Amegy Bank National
Association, Bank of Scotland, BNP Paribas, CALYON, Comerica Bank, Compass Bank,
JPMorgan Chase Bank, NA, Natexis Banques Populaires, Societe Generale and Wells
Fargo Bank, National Association.
The full text of the press release, dated October 4, 2006, announcing the
amendment of the Credit Agreement, is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated by reference herein.
Item 2.02. Results of Operations and Financial Condition
---------------------------------------------
On October 2, 2006, Swift Energy Operating, LLC, a Texas limited liability
company and wholly owned subsidiary of Swift Energy Company, closed under the
purchase and sale agreement with BP America Production Company ("BP") to
purchase a majority of BP's interests in five primarily onshore South Louisiana
properties including Bayou Sale, Horseshoe Bayou, and Jeanerette Fields all
located in St. Mary Parish, High Island Field in Cameron Parish and Bayou
Penchant Field in Terrebonne Parish.
The purchase price was approximately $157.3 million, subject to post-closing
adjustments. This acquisition was funded with approximately $49.3 million of
bank borrowings under the Company's and Operating's credit facility and the
balance with cash-on-hand.
The full text of the press release dated October 4, 2006, announcing the closing
on the majority of the BP property interests is attached as Exhibit 99.2 to this
Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
---------------------------------
(d) Exhibit. The following is furnished as an exhibit to this report:
Exhibit No. Exhibit Description
----------- -------------------
99.1 Swift Energy Company press release dated October 4, 2006,
announcing amendment of Credit Agreement.
99.2 Swift Energy Company press release dated October 4, 2006,
announcing closing on majority of property interests.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 6, 2006
Swift Energy Company
By:/s/ Bruce H. Vincent
------------------------------
Bruce H. Vincent
President
EXHIBIT INDEX
Exhibit No. Exhibit Description
----------- -------------------
99.1 Swift Energy Company press release dated October 4, 2006,
announcing amendment of Credit Agreement.
99.2 Swift Energy Company press release dated October 4, 2006,
announcing closing on majority of property interests.