Swift Energy Company 1996 Annual Report: Growth Through Technology and Teamwork

International Initiatives

During 1996, Swift Energy Company’s wholly owned subsidiary, Swift Energy International, Inc., focused on oil and natural gas projects in New Zealand, Russia, and Venezuela. These international activities are part of Swift’s risk-management strategy in which a limited portion of the Company’s investment capital is used to pursue opportunities outside the United States.

  Swift currently is pursuing long-term international initiatives in New Zealand, Russia, and Venezuela.

New Zealand. In August 1996, the New Zealand Minister of Energy awarded a second Petroleum Exploration Permit to Swift, allowing the Company to explore for natural gas and oil reserves on approximately 69,300 acres in the Onshore Taranaki Basin on New Zealand’s North Island. This area is adjacent to the approximately 65,000 acres covered by the first permit issued in October 1995. As part of the terms of the two permits, Swift’s New Zealand team analyzed approximately 700 kilometers of existing two-dimensional seismic data and two sets of three-dimensional data during 1996. It also began planning its own seismic survey of both permit areas, which will be conducted in 1997. Depending on the results of its seismic analysis, the Company expects to drill its first well in the area in 1998.

Russia. Since 1993, the Company has been pursuing development of the Samburg Field in western Siberia in conjunction with Senega, a Russian joint stock company. Through a series of agreements, the Company has made certain investments in return for a net profits agreement and other contractual rights. During 1996, the Company focused upon the ultimate development of the field, as well as partnering the project’s financing, revenue sharing, and management.

Venezuela. During 1996, Swift’s Venezuela team evaluated oil and natural gas investment opportunities in Venezuela. In 1997, the Company anticipates bidding on exploration, development, and/or production projects in the Third Operating Agreement Round of the Venezuelan Marginal Oil Field Reactivation Program.

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