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Acquisitions and Dispositions
12 Months Ended
Dec. 31, 2011
Acquisitions and Dispositions [Abstract]  
Acquisitions and Dispositions

9. Acquisitions and Dispositions

In October 2011, we closed the sale of certain properties located in Louisiana, Texas and Alabama. The fields in Louisiana include Horseshoe Bayou/Bayou Sale, High Island, Bayou Penchant, Jeanerette and Cote Blanche Island. The Texas fields include Bego South and Briscoe Ranch. The Alabama field is Chunchula. As a result, the Company received sale proceeds of $48.8 million, net of $4.7 million in purchase price adjustments related to these properties. This sale also included the buyer’s assumption of $27.7 million for asset retirement obligations on these properties.

In November 2009, within our South Texas core area, we entered into a joint venture agreement with a large independent oil and gas producer active in the area for development and exploitation in and around the Eagle Ford Shale in McMullen County, Texas. The Company leased a 50% working interest in approximately 26,000 gross acres to the joint venture partner. Swift Energy retains a 50% working interest in the joint venture acreage and received approximately $26 million in cash consideration as well as consideration for approximately $13 million to fund future capital expenditures in the joint venture agreement. This consideration was applied to 2010 activity.