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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY DOUBLES ACREAGE POSITION IN AWP OLMOS FIELDHOUSTON, April 17, 1996 - Swift Energy Company (NYSE, PSE: SFY) reported today that over the last six months, it has more than doubled its non-producing leasehold acreage in its major development program in McMullen County, Texas. The new leases acquired are adjacent to the Company's 100% owned 8,830-acre Two Rivers lease in the AWP Olmos Field, where Swift has successfully drilled and placed on production 41 natural gas wells since June 1995 and has more than 100 proved undeveloped well locations yet to drill. Mr. Terry E. Swift, Executive Vice President and Chief Operating Officer, reported this morning to the attendees at the Independent Petroleum Association of America 1996 Oil and Gas Investment Symposium that, during the past four months, Swift Energy has already drilled and placed on production 14 gas wells on a portion of the newly acquired acreage. Swift's experienced staff is in the process of analyzing the remaining acreage for full development potential, and is reviewing other prospective acreage for additional leasing. Swift Energy acquired its initial interests in the AWP Olmos Field in 1988 and is now the most active producer in the field, with four contract rigs currently drilling wells. The Company plans to drill approximately 80 wells during 1996 and maintain an active drilling program in this core area for a number of years in the future. 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. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:11:05 AM. Copyright © 1994-2008 by Swift Energy Company. |
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