HOUSTON (AP) — Swift Energy Co. and Petrohawk Energy Corp. said on Monday they have agreed to jointly develop and operate a 26,000-acre portion of Swift's Eagle Ford Shale in McMullen County, Texas.
Swift said it got about $26 million in cash in the deal. Petrohawk will also pay for about $13 million in capital expenditures on Swift's behalf during the first year of the joint venture.
Swift said it is keeping a 50 percent interest in the joint venture.
Petrohawk will operate the drilling and completion phase of the development, with Swift operating the wells once they enter production.
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Swift shares fell 29 cents, or 1.4 percent, to close Monday at $20.89. Petrohawk shares rose 10 cents to $23.62.