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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS LOUISIANA EXPLORATION DISCOVERYHOUSTON, November 8, 1995 - Swift Energy Company (NYSE, PSE: SFY) announced today that the Christman No. 1 exploratory well discovered oil and natural gas in the Mount Olive Field, Union Parish, in Northern Louisiana. Swift drilled the well to a total depth of 11,500 feet. The well tested at a rate of 597 barrels of oil per day and 725 thousand cubic feet of gas with a flowing tubing pressure of 2,060 psi on a 12/64 inch choke through perforations from 10,464 to 10,528 feet. Swift has five other exploratory prospects in the immediate vicinity. The Company currently plans to drill at least two development wells as a result of this successful discovery. An additional six exploratory prospects will be drilled in the Ark-La-Tex region through 1996. Swift Energy owns directly a 25.0 percent working interest in the well, with Swift Energy Drilling Ventures 1995-1 owning 25.0 percent and other private industry partners owning the remaining 50.0 percent working interest in the well. During 1995, Swift Energy has participated in six exploratory wells, three of which (50%) were successfully completed. Two of the exploratory wells were drilled in the Gulf Coast region of Texas, two in Arkansas, and two in Wyoming. During the first three quarters of 1995, Swift has participated in 39 development wells, 38 of which (97%) were successfully completed. Swift's current plans are to drill a total of 15 exploratory and 64 development wells for all of 1995, with seven wells currently drilling. 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 natural gas. 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 11:05:01 AM. Copyright © 1994-2008 by Swift Energy Company. |
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