Swift Energy Announces Successful Completion of Significant Confirmation Horizontal Well

HOUSTON, September 24, 1996 Swift Energy Company (NYSE, PSE: SFY) announced today the completion of the Strange No. 1-OL, a confirmation well drilled in an area under joint development agreements with Union Pacific Resources (UPR) and Chesapeake Energy Corporation (CHK) in the Giddings Field, Fayette County, Texas. The dual horizontal well produced at a rate of 9.8 million cubic feet of natural gas and 962 barrels of 56 API gravity condensate per day on a 22/64" choke from the Austin Chalk formation with a flowing tubing pressure of 4,950 psi. The well had tested at calculated flow rates in excess of 60 million cubic feet per day during the initial flow periods during well cleanup. Swift Energy is operator of the well and owns a 33.4% working interest, Chesapeake 36.3%, UPR 15.9%, Belco Oil and Gas Corporation (BOG) 3.2%, and the remainder is owned by other private parties.

The Strange No. 1-OL is located on a production block adjoining the Swift operated Albers Unit No. 1-OL well whose completion was announced on May 3, 1996. The Albers well was placed on production at a rate of approximately 12 million cubic feet of natural gas and more than 400 barrels of condensate per day. The Albers well produced on a recent test at 11.4 million cubic feet of natural gas and 410 barrels of condensate with a flowing tubing pressure of 2,525 psi. A third well, the Fourticq No. 1-OL has been drilled on another production block adjoining the Albers well and is currently awaiting pipeline hookup before production testing. The Fourticq well showed similar characteristics to the two completed wells during drilling. This well activity is being conducted under a joint development agreement with UPR covering approximately 10,000 acres in Fayette County. Swift has initiated drilling on another acreage block adjacent to the joint development acreage by moving the rig from the Strange well to a new location. This acreage block contains approximately 7,000 acres to the east of the UPR joint development area and is owned 100% by Swift Energy.

Commenting on the test, A. Earl Swift, President and Chairman, said, "The success seen with the confirmation test of the Strange No. 1-OL well and the positive drilling indication from the Fourticq No. 1-OL well continues to add to our confidence in this significant area. During 1996 Swift will drill a total of eight (8) wells in this field with plans to drill 8 to 10 wells in 1997."

Based in Houston, Swift Energy Company is an independent oil and gas company engaged primarily in the exploration, development, acquisition and operation of oil and gas properties, with an emphasis on domestic natural gas. Swift has a record of growth that is founded on an ambitious program of disciplined exploration and reserve development, conservative financing and innovative management.


 


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