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SWIFT ENERGY COMPANY NEWSSWIFT PROJECTS ACCELERATED RESERVE GROWTH IN 1995 AT NEW YORK ANALYSTS' MEETINGHOUSTON, February 22, 1995 - Swift Energy Company (NYSE, PSE: SFY) today projected that oil and gas reserves in 1995 would grow more rapidly than the 15% increase registered in 1994 and could exceed the previous five year compounded growth rate of 35% per year. At a presentation to the New York Society of Securities Analysts, Chairman and President, A. Earl Swift outlined the Company's ambitious plans for reserves growth over the next five years, which will be driven primarily by its expanded exploration and development drilling program. Swift's drilling program has grown rapidly in recent years, accounting for approximately 65% of its 1994 reserves additions, compared to 34% in 1993. The Company participated in 15 net wells in 1994 compared to just 9 net wells in 1993 and two net wells in 1991. In 1995, the Company expects to participate in approximately 40 net wells, including 28 net exploratory wells. By comparison, the Company drilled 9 net exploratory wells in 1994. The dramatic increase in drilling activity reflects Swift's long term strategic plan to shift from its previous acquisitions orientation toward what it anticipates will be a growing sellers' market for proved oil and gas reserves. Despite depressed natural gas prices, this trend continued to build momentum in 1994. Swift's shifting focus has been facilitated by its growing oil and gas production base, which accounted for 78% of 1994 revenues compared to just 36% in 1990. Mr. Swift also reviewed Swift's recent change in its accounting treatment for earned interests from limited partnerships and joint ventures, which resulted in a non-cash charge of $16.8 million after taxes in 1994. As a result of this change, non-cash earned interests will no longer be reported as revenues, correspondingly reducing the Company's reported investment in oil and gas property. The Company believes that the new accounting treatment better reflects the Company's primary oil and gas business and allows for better comparability with its peers. Swift remains active in raising capital for acquisitions and drilling through limited partnership programs and operates a profitable oil and gas property management business. In addition, the Company has begun a modest international exploitation program and is evaluating new opportunities to profitably apply its operating and technical skills. 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 domestic onshore operations. 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 11:04:19 AM. Copyright © 1994-2008 by Swift Energy Company. |
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