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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS CONTINUED WELL SUCCESS IN EXPANDED HORIZONTAL DRILLING PROGRAMHOUSTON, September 27, 1995 - Swift Energy Company (NYSE, PSE: SFY) today announced that it has completed and placed on production the LCRA/COA No. 7-OL well in the Giddings Field in Fayette County, Texas, recording an initial state potential test of 10.1 million cubic feet of natural gas and 450 barrels of condensate per day with a flowing tubing pressure of 3750 psi on a 24/64" choke. Swift Energy owns a 22.5% direct working interest in the LCRA/COA No. 7-OL well and another 5% interest as general partner of the Swift Energy Drilling Ventures 1995-1 partnership, which separately owns a 25% percent working interest. This completion represents the fifth well drilled and operated by the Company on its 8,800 acre Lower Colorado River Authority lease. Over the past 33 months, Swift has participated in drilling a total of 20 gross (3.33 net) horizontal wells in Fayette County, all of which were successfully completed, and plans to drill 25 gross (9.0 net) more wells in this area over the next two years. Swift recently accelerated its activity in this area and, within the next two weeks, will have under contract three rigs drilling horizontal wells in Fayette County. This accelerated drilling was facilitated by the Company's recent $49 million equity offering, which closed in July. Swift began expanding its exploration and development drilling effort in 1991 and significantly increased its activities in 1994, with the drilling of 44 wells. The Giddings Field is one of the Company's two primary areas and is scheduled for significant development drilling in 1995 and 1996. When combined with its other key property, the AWP Olmos Field in McMullen County, Texas, Swift has identified over 100 proved undeveloped locations that will be drilled in these two fields alone. Based in Houston, Swift Energy Company is a 15-year old independent oil and gas company engaged primarily in the exploration, development, acquisition and operation of oil and gas properties, with an emphasis on domestic natural gas. During 1995, Swift has participated in drilling 5 exploratory and 38 development wells with 2 exploratory successes and 37 development successes. Swift plans to drill a total of 16 exploratory and 69 development wells for all of 1995, with 7 wells currently drilling. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Thursday, January 06, 2005, at 11:04:49 AM. Copyright © 1994-2008 by Swift Energy Company. |
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