We're off 11% today to 10.91. This is a decent buy here with some caveats. Reserves and NPV valuations are off the charts compared to other same sized competitors. They have 191million boes of reserves. Production is ~32Kboepd. Cashflow is around 1.60+/qtr.
The numbers say VERY undervalued.
The market says we don't care. No production growth, promising Eagle Ford shale field isn't producing much liquids and company has a lot of debt. Market is worried they won't sell Central Louisiana and have to curtail drill program and lose production.
Swift is attempting to sell Central Louisiana acreage for $300-400million to fund 2014 drill programs. Appear to be having trouble because they said sale would likely be completed by end of 2013, then end of Q1, now end of Q2. They are currently using line of credit and cashflow to fund drilling.
IF they sell C. Louisiana for decent bucks and IF they JV Fasken acreage, they should do well in share price because the fundamentals are solid. They are reducing cost of drilling the EFS wells and improving results.
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