Swift Energy Announces Test Results of Piakau Discovery Well in New Zealand

HOUSTON, September 6, 2005 – Swift Energy Company (NYSE: SFY) announced today that the Piakau North A-1 well is undergoing a long term production test in New Zealand. The Piakau North A-1 well (100% working interest) tested at rates up to 7 million cubic feet per day with 400 barrels of condensate per day on a 28/64-inch choke and flowing tubing pressure of 1,420 psi and contained approximately 13% carbon dioxide (CO2). The well is currently producing at this rate and is being blended with other natural gas production from the TAWN area to provide pipeline specification quality natural gas to the purchaser. Test rates of this well were limited to these volumes to meet the pipeline specification requirements for natural gas.

Plans are underway to determine the modifications necessary at the TAWN processing facilities to process greater amounts of this gas so that it can meet specifications of the natural gas pipelines in the Taranaki region. The first delineation well targeting the same Eocene aged sand, the Piakau North A-2 (100% working interest), is currently drilling and is expected to reach total depth during the third quarter 2005. Following the Piakau North A-2 well, the rig will then proceed to the Auhora South well (100% working interest) to further delineate the structure of this Eocene aged sand.

As reported previously, Swift Energy successfully drilled the Piakau North A-1 well in the TAWN area to a total vertical depth of 9,623 feet in the third quarter of 2005 and analysis indicates that 72 feet of net pay were encountered in an Eocene aged sand. The Piakau North A-1 well is an additional 2005 exploration well, which was moved forward into the 2005 drilling schedule due to increased capital availability in the Swift Energy New Zealand budget.

Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on onshore and inland waters oil and natural gas reserves in Louisiana and Texas and oil and natural gas reserves in New Zealand. Over the Company’s 25-year history, Swift Energy has consistently shown long-term growth in its proved oil and gas reserves, production and cash flow through a disciplined program of acquisitions and drilling, while maintaining a strong financial position.

This material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission.

 


 


Company Contact:   
Paul Vincent, Director   
Finance & Investor Relations   
(281) 874-2700   
(800) 777-2412   

 

| Site Map | Terms of Use | Contact Swift | Home |
Last modified: Monday, February 20, 2012 1:47 PM