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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPANY REPORTS WYOMING NEW FIELD DISCOVERY AND SIGNIFICANT HORIZONTAL WELL COMPLETION IN TEXASHOUSTON, February 3, 1995 - Swift Energy Company (NYSE, PSE: SFY) today announced the successful test of two significant wells as part of its expanded drilling activities. The Sinner Federal #24-15 located in Campbell County, Wyoming discovered a new field requiring the drilling of 3 to 5 additional wells to fully develop the field. Swift Energy drilled the well to a total depth of 8,101 feet into the Minnelusa formation. The well was recently tested at a rate of 415 barrels of oil per day. Swift Energy Company owns a 50 percent working interest in the well with other non-affiliated participants owning the remainder. Follow-up development wells will be drilled after further technical study and production tests. Also, today Swift Energy is reporting the completion and testing of the LCRA/COA #1-H well in the Giddings Field in Fayette County, Texas. This is the first of 12 dual-lateral horizontal wells the Company plans to drill on its new 9,200 acre lease in this area. Swift Energy recently tested the well at a daily rate of 18 million cubic feet of natural gas and 500 barrels of condensate, on a 30/64" choke with a flowing tubing pressure of 3850 psi. The Company owns directly a 22 percent working interest in the well, with Swift Energy Drilling Ventures 1994-1 owning 12.5 percent and other industry partners owning the remainder. Swift Energy has participated in a total of 12 successful horizontal well completions in the past eighteen months in Fayette County with plans to drill as many as 12 more wells during the next eighteen months in this area. The Company's working interest in the remaining wells to be drilled should increase to approximately 35 percent. Production from these wells has confirmed an expected production profile of accelerated decline in the initial two years with relatively minor production decline after that point. This type of well profile generates relatively quick payback of initial drilling costs. Swift began expansion of its exploration and development drilling effort in 1991 as an important part of the Company's long term strategic growth plan. This program was significantly increased during 1994, with the Company participating in a total of 44 wells with 32 successful completions. Fourteen of the 44 wells were classified as exploratory, with six discoveries. Based in Houston, Texas, Swift Energy Company is a 15 year old independent oil and gas company engaged primarily in the acquisition, exploration, development and operation of oil and gas properties, with an emphasis on domestic onshore operations. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Thursday, January 06, 2005, at 11:04:04 AM. Copyright © 1994-2008 by Swift Energy Company. |
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