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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SUCCESSFUL COMPLETION OF THE FIRST WELL ON LEASEHOLD BEING JOINTLY DEVELOPED BY SWIFT ENERGY AND UNION PACIFIC RESOURCES IN THE GIDDINGS FIELD, FAYETTE COUNTY, TEXASHOUSTON, May 3, 1996 - Swift Energy Company (NYSE: SFY) announced today the completion of the Albers Unit No. 1-OL dual horizontal well in the Giddings Field, Fayette County, Texas. The well tested at a rate of 12.1 million cubic feet of natural gas and 424 barrels of 59º API gravity condensate per day on a 20/64 choke with a flowing tubing pressure of 5,900 psi. Swift Energy owns an approximate 33% working interest and is operator of the well. Union Pacific Resources is a 50% working interest owner, and the remainder is owned by other parties. This is the first well to be drilled under the Company's new joint development agreement with Union Pacific Resources Company (NYSE: UPR) for developing a 19,500 acre area of mutual interest in Fayette County. A well currently being drilled by Swift, on an offset lease, will further test the new block with a horizontal lateral extending into the tract. Other proposed wells are being reviewed for approval. Swift Energy estimates that up to 25 total wells will be drilled on the block. Commenting on the test, A. Earl Swift, President and Chairman said, "The successful test of the Albers Unit well on this significant leasehold adds a new dimension to our ongoing development program. Success in this field adds to the asset growth being achieved in Swift's other major development, the AWP Olmos Field." Based in Houston, Swift Energy Company is a 16-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. Swift has a record of growth that is founded on an ambitious program of disciplined exploration and reserves development, conservative financing and innovative management. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:11:12 AM. Copyright © 1994-2008 by Swift Energy Company. |
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