2009-08-17-2008-02-01-2008-07-01

Acquired 2 producing areas in onshore Taranaki Basin on North Island, including Tariki, Ahuroa, Waihapa, Ngaere (TAWN), Rimu, Kauri, Manutahi fields.

New Zealand electricity provider Contact Energy Ltd., a subsidiary of Origin Energy Ltd., has closed its acquisition of New Zealand assets from Swift Energy Co., Houston, (NYSE: SFY) for approximately US$82.7 million. The sale represents the major portion of Swift's assets in New Zealand. The assets include two producing areas in the onshore Taranaki Basin on the North Island, and additional permits and inventory. Fields include Tariki, Ahuroa, Waihapa and Ngaere (TAWN), and Rimu, Kauri and Manutahi. The effective date is Dec. 1, 2007. Swift will use proceeds to pay debt. Swift is selling the remainder of its New Zealand assets to an undisclosed buyer for $15 million. The closing is expected in the third quarter. During 2006, the New Zealand assets contributed 19.2% of the company's total production and 13% of total reserves. Swift chairman and chief executive Terry Swift says, "After a thorough review of the opportunities open to Swift Energy in its domestic and foreign core operating areas, (we) have decided to exit our New Zealand operations. We believe this decision, which will result in a noncash book loss, is in the best interest of our shareholders moving forward, allowing Swift Energy to concentrate…domestically where we have developed significant opportunities in Louisiana and Texas."