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SWIFT ENERGY COMPANY NEWSSWIFT REPORTS TEXAS DEVELOPMENT PROGRAMS ABOVE EXPECTATIONSHOUSTON, October 31, 1995 - A. Earl Swift, President and Chairman, of Swift Energy Company (NYSE, PSE: SFY), while addressing a regular meeting of the Pacific Stock Exchange Club in Seattle, Washington, reported that the Company's accelerated development programs in McMullen and Fayette Counties, Texas, are on schedule and providing production results above the Company's expectations. Swift recently accelerated its drilling activity in two core areas, facilitated by a $49 million July equity offering. In the AWP Olmos Field in McMullen County, Texas, Swift has identified over 100 proved undeveloped locations adjacent to its current operations. Of these, 89 locations are in an 8830 acre lease called Two Rivers. Swift has a 100% working interest in this area. In the Two Rivers portion of the AWP field, three rigs are currently drilling wells. Since completion of the equity offering, 19 wells, 16 in Two Rivers, have been drilled which are either currently producing gas and condensate or are awaiting completion. Swift estimates that its net daily production from the AWP Field has already tripled from approximately 2.0 to 7.4 million cubic feet of gas per day as the result of the new wells drilled. Plans call for 12 more wells to be drilled in the field during the remainder of 1995 and 64 wells to be drilled in 1996. The Company is encouraged by the fact that recent well completions in this field are providing initial production rates up to 25% above projections. The production and completion techniques being used on these wells, which include large hydraulic fracture treating and utilization of coil tubing, are providing excellent results. In the Giddings Field located in Fayette County, Texas, the Company has another development program underway, also facilitated by the proceeds from the stock offering. In this field Swift recently accelerated its activity and now has under contract three rigs drilling horizontal wells. The first well completed in this field since the offering was reported on September 27, 1995, with an initial state potential test of 10.1 million cubic feet of natural gas and 450 barrels of condensate per day. In this well Swift's working interest was approximately 27.5%. Swift has plans to drill 25 gross (9.0 net) wells in this area through year-end 1996. 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 AWP Olmos Field and the Giddings Field are the Company's two primary areas scheduled for significant development drilling in 1995 and 1996. 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 the first three quarters of 1995, Swift has participated in drilling 6 exploratory and 39 development wells with 3 exploratory successes and 38 development successes. Swift's current plans are to drill a total of 15 exploratory and 64 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 11:04:53 AM. Copyright © 1994-2008 by Swift Energy Company. |
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