Swift Energy Co. has increased the size of its recent public offering of shares of its common stock from 5,000,000 shares to 5,400,000 shares. The company has priced the offering at $18.50 per share and granted the underwriters a 30-day option to purchase up to 810,000 additional shares of common stock to cover any over-allotments.

Closing of the offering is expected to occur on or about August 10, 2009. Net proceeds will be used to pay down borrowings under the company’s revolving credit facility and to use the funds then made available under that credit facility for general corporate purposes.

Standard & Poor's Ratings Services said its ratings on the oil and gas exploration and production company (B+/Negative?--) would not be affected by the company's $107 million common stock offering. The offering is positive for credit quality, as pro forma liquidity will increase to roughly $165 million.

However, given the company's minimal hedging program and low commodity prices, especially for natural gas, S&P is concerned the $300 million borrowing base could be cut at the next redetermination, in November 2009.