UPDATE 1-Swift Energy, Petrohawk in JV for Texas oil shales
* Joint venture to cover 26,000 acre portion of acreage
* To jointly develop and operate Eagle Ford Shale
* Say Swift got about $26 mln in cash
Nov 2 (Reuters) - Oil and gas explorers Swift Energy Co (SFY.N) and Petrohawk Energy Corp (HK.N) said they have agreed to jointly develop and operate a 26,000-acre portion of Swift's Eagle Ford Shale assets in Texas.
Under the terms of the deal, Petrohawk has paid about $26 million in cash to Swift and will fund about $13 million of capital expenditures on its behalf within the first 12 months of the joint venture, the companies said in a statement.
Houston-based Swift will retain a 50 percent interest in the joint venture, whose drilling program will begin before the end of 2009.
In September, Petrohawk had said it would sell its Permian basin properties for $376 million, and use the proceeds to increase focus on its shale assets, particularly high-return, high-margin development in the Haynesville and Eagle Ford shales.
Shares of Swift Energy were down 1 percent at $20.91 in late afternoon trade Monday on the New York Stock Exchange. Petrohawk shares were flat at $23.62. (Reporting by Krishna N. Das in Bangalore; Editing by Unnikrishnan Nair)
