SW Energy announces increase in the co's 2008 planned capital investments program to approximately $1.7 bln

Co announces that its Board of Directors has approved an increase in the co's 2008 planned capital investments program to approximately $1.7 bln, up from its original plan of $1.46 bln. The co also reported the closing of its previously announced sale of properties in the Fayetteville Shale, with proceeds of approximately $518 mln which will be used to help fund the co's 2008 capital program. Southwestern revised its total oil and gas production guidance for 2008 to 168.0 to 172.0 Bcfe, an increase of approximately 50% over its 2007 oil and gas production. Assuming NYMEX commodity prices of $9.00 per Mcf of gas and $90.00 per barrel of oil for 2008, the co is targeting net income of $475 - $480 mln a