New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 27, 2013
13:47 EDTSFYSwift Energy activates incdient response team
Swift Energy announced a well control incident in its Lake Washington field in Plaquemines Parish, Louisiana when a marine vessel collided with a Swift Energy operated shut-in well head in the shallow waters of the Lake Washington field. This collision damaged the integrity of the wellhead and resulted in an outflow of water, oil and natural gas. Swift Energy's Incident Command Team was activated and responded to the situation during the night. No injuries have been reported in connection with the incident. State, federal and local authorities have been notified and Swift Energy is working closely in coordination with these agencies in response to this incident. An aerial fly-over of the field was conducted this morning to determine the extent of the impact to the surrounding area. A definitive plan and timeline to bring this well under control is currently being developed.
News For SFY From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
November 20, 2015
06:01 EDTSFYSwift Energy adopts right plan to protect net operating loss carryforwards
Swift Energy announced that its board has adopted a net operating loss rights plan in an effort to prevent the imposition of significant limitations under Section 382 of the Internal Revenue Code on its ability to utilize its current NOLs to reduce its future tax liabilities. Swift Energy estimates that its NOLs for federal tax purposes totals approximately $718M as of September 30, 2015, which can be used in certain circumstances to offset future taxable income and reduce federal income taxes. Swift Energy's ability to use these tax assets could be substantially limited if the Company experiences an "ownership change". In general, an ownership change occurs if there is a cumulative change in a company's ownership by "5% percent shareholders" that increases by more than 50 percentage points over the lowest percentage owned by such shareholders at any time during the prior three years on a rolling basis.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use