|
SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS 1995 DRILLING RESULTS AND SUCCESSFUL HORIZONTAL WELL COMPLETIONHOUSTON, January 11, 1996 - A. Earl Swift, President and Chairman, of Swift Energy Company (NYSE, PSE: SFY), today announced the completion of the LCRA/COA No. 4-OL well in the Giddings Field, Fayette County, Texas. This well is part of the Company's accelerated development program which commenced in August of last year. The drilling program remains on schedule and has provided initial production results above the Company's original projections. The No. 4-OL well recorded an initial state potential test of 9.5 million cubic feet of natural gas and 672 barrels of condensate per day with a flowing tubing pressure of 4,415 psi on a 24/64" choke. Swift Energy Company owns a 42.5% working interest in the well, which includes both its direct participation and the interest it receives through its position as managing general partner in Swift Drilling Ventures 1995-1 and 1995-2 partnerships. These two Swift managed partnerships collectively own a 37.5% working interest. Swift's partner in this lease, Chesapeake Energy Corporation, also owns a 25% working interest in the well. Swift began the acceleration of its development drilling program following an equity offering completed in July of last year. The drilling focus is on two core areas located in Fayette and McMullen Counties, Texas. In the Giddings Field located in Fayette County, Texas, the Company has participated in a total of 22 successful horizontal well completions, including the LCRA/COA No. 4-OL well, and has plans to drill eight wells in the area during 1996. 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 the 8,800 acre Two Rivers lease. The Company has three rigs currently under contract drilling wells in the area. In the five months since completion of the equity offering, 29 wells, including 25 in Two Rivers, have been drilled and are either currently producing natural gas and condensate or are awaiting completion. The Company estimates that its net daily natural gas production from the AWP Olmos Field has already quadrupled from approximately 3.4 to 16 million cubic feet of gas per day as a result of these new wells. Plans call for 68 more wells to be drilled in the field during 1996. For the year 1995, Swift Energy participated in a total of eight exploratory wells, four of which were successfully completed as new field discoveries. Two of the exploratory wells were drilled in the Gulf Coast region of Texas, three in Arkansas, and three in Wyoming. Additionally during 1995, Swift participated in 67 development wells, 65 of which were successfully completed. This drilling is part of the Company's renewed exploration and development drilling program which was initiated in 1991 as an important part of the Company's long term strategic growth plan. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
|
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
This page was last updated on Monday, January 10, 2005, at 08:10:56 AM. Copyright © 1994-2008 by Swift Energy Company. |
||||||||||||||||||||||||||||
|
|
