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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS EXPLORATION WELL SUCCESSHOUSTON, January 16, 1995 - Swift Energy Company (NYSE, PSE: SFY) announced today that the Thomas No. 1 exploratory well discovered natural gas in the West Fouke Field, in Miller County, Arkansas. Swift drilled the well to a total depth of 9,800 feet. The well was tested at a rate of 3.5 million cubic feet of gas and 100 barrels of oil per day with a flowing tubing pressure of 1550 psig on an 18/64 inch choke through perforations from 9,527 to 9,545 feet. Swift has three other Smackover exploratory prospects in the immediate vicinity and currently plans to drill five exploratory prospects in the Ark-La-Tex region in 1995. Swift Energy owns directly a 61 percent working interest in the well with Swift Energy Drilling Ventures 1994-1 owning 15 percent, and other private industry partners owning the remaining 24 percent working interest in the well. In 1994, Swift Energy participated in a record 14 exploratory wells, six of which (43%) were successfully completed. Nine of the exploratory wells were drilled in the Gulf Coast region of Texas, three in Arkansas and one each in Wyoming and West Texas. On a net well basis, Swift achieved a 52% exploratory success, completing 4.6 of the 8.9 net wells drilled during the year. Swift Energy Company is an independent oil and gas company engaged primarily in the acquisition, exploration, development and operation of oil and gas properties, with an emphasis on natural gas. Swift has a record of growth that is founded on an ambitious program of reserves acquisition and enhancement, disciplined exploration, conservative financing and innovative management. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Thursday, January 06, 2005, at 11:03:52 AM. Copyright © 1994-2008 by Swift Energy Company. |
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