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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS CONTINUED SUCCESS IN 1995 DRILLING PROGRAM WITH SIGNIFICANT WELL COMPLETIONHOUSTON, May 1, 1995 - Swift Energy Company (NYSE, PSE: SFY) today announced that it has completed and placed on production the LCRA/COA #2-H well in the Giddings Field in Fayette County, Texas, recording an initial state potential test of 12.7 million cubic feet of natural gas and 544 barrels of condensate per day with a flowing tubing pressure of 5,230 psi on a 24/64" choke. This well is the second prolific well drilled by the Company on its 8,800 acre lease in this area. Swift Energy collectively owns 22.8% working interest in the well through its direct participation in the well, and as a result of its general partner share in the Swift Drilling Ventures 1994-1 partnership which separately owns a 12.5 percent working interest. Swift has participated in a total of 15 successful horizontal well completions in the past 2 1/2 years in Fayette County and has plans to drill as many as seven wells both this year and next year in the area. Fayette County is one of four primary exploration and development areas scheduled for drilling activity by the Company in 1995. Swift has previously reported successful wells in Arkansas, Oklahoma, Wyoming as well as other parts of onshore Texas during the first four months of the year. Swift began expansion of its exploration and development drilling effort in 1991 and significantly increased its activities in 1994, with the drilling of 44 wells, six of which were exploratory discoveries. During the first four months of 1995, Swift has participated in drilling two exploratory and nine development wells with one exploratory success and nine development successes. For the full year 1995 the Company plans to drill a record 24 exploratory and 42 development wells in its focused areas, more than a 50% increase in drilling activity over 1994. 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 11:04:24 AM. Copyright © 1994-2008 by Swift Energy Company. |
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