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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SIGNIFICANT DRILLING VENTURE WITH UNION PACIFIC RESOURCESHOUSTON, November 30, 1995 - Swift Energy Company (NYSE: SFY) and Union Pacific Resources Company, (NYSE: UPR) announced today a joint development agreement for drilling a 19,500 acre area of mutual interest ("AMI") in Fayette County, Texas. The AMI (North Fayetteville Prospect) will consist of acreage contributed by both Swift and UPR and will be developed on a 50/50 basis, allowing for the most efficient development of the prospect. The development of the North Fayetteville Prospect will utilize UPR's significant technical experience and leadership in the drilling of over 1,100 horizontal Austin Chalk wells, along with the expertise of Swift which has built an outstanding record of operations in this section of Giddings Field. The North Fayetteville Prospect is an offset to the prolific Swift/LCRA acreage block operated by Swift, and the UPR highly successful Rocky Creek block. During the past three years, Swift has drilled 21 wells in this field realizing production rates above industry averages. Swift will operate the first well to be drilled on the prospect area adjoining its LCRA acreage. Current plans call for a 2D seismic swath to be shot and interpreted by Swift and 4 to 6 wells to be drilled in the prospect area during 1996, with estimates of between 20 and 25 total well locations to be drilled alternately by Swift and UPR over the next few years. Swift and UPR have previously participated in another successful well program in the Austin Chalk trend and continue to explore other joint development programs in this as well as other areas. Swift Energy also reported today that it has completed and placed on production the Swift-LCRA-COA No. 6-H well in the aforementioned Swift/LCRA acreage in Fayette County, Texas, recording an initial production rate of 11.4 million cubic feet of natural gas and 329 barrels of condensate per day with a flowing tubing pressure of 4700 psi on a 22/64" choke. Swift Energy owns a 21% direct working interest in the well and another 5% interest as general partner of the Swift Energy Drilling Ventures 1995-1 and 1995-2 partnerships, which each own a 12.5% working interest. Swift is currently drilling two horizontal wells on this acreage and has four additional wells planned. 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. UPR is one of the nation's leading independent exploration and production companies headquartered in Ft. Worth, Texas. UPR is majority owned by Union Pacific Corporation (NYSE: UPC) of Bethlehem, Pennsylvania. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Thursday, January 06, 2005, at 11:05:04 AM. Copyright © 1994-2008 by Swift Energy Company. |
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