Swift Energy Company filed a motion in the US Bankruptcy Court seeking approval for the sale of its certain assets on January 11, 2016. As per the motion, debtor seeks to sell certain of its Louisiana oil and gas assets, in particular, the South Bearhead Creek and Burr Ferry Fields and associated mineral rights to Texegy LLC. As per the agreement dated December 31, 2015, debtor seeks to sell a 75% working interest in the assets to the buyer for the purchase price of $48.75 million, subject to certain closing adjustments.

The buyer has submitted a good-faith deposit of $2.44 million upon the execution of the agreement and will pay further $2.44 million upon entry of sale order. Sale hearing is scheduled for February 1, 2016.