Swift Energy Co., Houston, (NYSE: SFY) plans to acquire interests in Dimmit County in South Texas from privately held, Fort Worth-based Crimson Energy Partners LP for $47 million.

The assets include 100% working interest in 5,140 acres on the Briscoe “A” lease adjacent to existing Swift production in its Cotulla area with 34 producing wells with an additional 23 locations identified. Production is from the Olmos and San Miguel formations at depths of 4,500 to 5,000 feet. Swift will be operator.

Swift estimates 13 billion cubic feet equivalent of proved reserves (70% proved developed) and 3 billion equivalent probable. Future development costs of both the proved undeveloped and probable reserves are estimated to be approximately $12.5 million for an all-in acquisition cost of $3.72 per thousand cubic feet equivalent of proved and probable reserves. Production averaged approximately 3.7 million cubic feet equivalent per day net for the first seven months of 2008 (90% gas and gas liquids).

Swift will fund the deal with debt using its credit facility.

Swift chairman and chief executive Terry Swift says, “The main productive interval of this property is from the Olmos formation, similar to our AWP Olmos area and other properties in the Cotulla area. Swift Energy has considerable expertise in exploiting this type of tight gas sand reservoir.”

He says the company plans to continue the current development drilling program of the acquired property in the third and fourth quarters of 2008. Swift’s holdings in the Cotulla area now cover 89,000 gross acres.

The acquisition is expected to close by the end of September. The effective date is May 1.

Swift focuses on onshore and inland waters reserves in Louisiana and Texas. Crimson holds assets in South and East Texas and is backed by private-equity firm EnCap Investments LP.