New Zealand owned and operated Greymouth Petroleum confirmed an agreement with Swift Energy to acquire the remaining portion of Swift's New Zealand assets, including Swift's 80% working interest in the Kowhai gas condensate discovery, for an undisclosed sum.

Mark Dunphy, Greymouth CEO commented "The acquisition of the Swift interest in the Kowhai discovery is a valuable addition to Greymouth's gas and condensate properties in the North Taranaki." The Kowhai discovery is contained within PEP 38742, adjacent to Greymouth's Turangi Mining Permit, and is located close to a number of other Greymouth permits (see attached map). Today's Swift acquisition follows the Q4, 2007 purchase by Greymouth of Petrochem Limited, which holds the remaining 20% working interest in the Kowhai gas condensate discovery.

Greymouth expects Kowhai gas will be offered for sale as spot gas in the market established by Greymouth in 2006. The markets for spot, excess and shortfall gas have continued to grow and will develop further in 2008, as gas customers become aware of the flexibility, price and other advantages of this new gas market. The spot market has resulted in material cost savings for early spot market gas buyers. Greymouth expects these savings will continue to filter down to gas and electricity consumers through the balance of calendar 2008.

Tags: Greymouth Petroleum, Swift Energy