Swift Energy Says Works Towards Goal Of Enhancing Value For All Shareholders

(RTTNews) - Swift Energy Co. (SFY) confirmed receipt of a letter to its Board of Directors from Baker Street Capital, LLC. The company welcomed the perspectives of its shareholders and has a longstanding policy of open communications with all of its investors, including Baker Street Capital, LLC.

The Swift Energy stated that its board and management team regularly evaluate the Company's strategic priorities, capital structure and allocation of capital expenditures. The Company works towards the goal of enhancing value for all shareholders by taking the right steps to manage the business while focusing on strategic initiatives to position Swift for long-term success.

On Thursday, Baker Street Capital Management insisted in a letter that Swift Energy should undergo a drastic change in strategic direction and called on the Board to immediately add shareholder representation on the Board, focus on shareholder value above other considerations by ceasing all acreage acquisitions and evaluating low risk strategies and thoughtfully evaluate all available strategic alternatives, including a potential sale of the entire Company.

Baker Street Capital Management, LLC , one of the largest shareholders Swift Energy Company, owns approximately 9.99% of the Company's outstanding common shares.

Baker Street had explained its belief that the Company suffers from a material valuation discount largely due to the market's loss of confidence in the Company's current leadership. Under Swift's current leadership, shareholder value continues to be destroyed through poor capital allocation policies, repeated operational failures and poor corporate governance practices.