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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY MORE THAN DOUBLES AUSTIN CHALK ACREAGEHOUSTON, July 9, 1996 - Swift Energy Company (NYSE: SFY) announced today that it has signed a joint venture agreement with Snyder Oil Corporation to develop more than 31,000 acres of oil and gas leases in the Austin Chalk Trend. Swift will be the operator of wells in the joint venture area, which is located in Walker County, east of Swift's Austin Chalk development program in Fayette County, Texas. Swift acquired a 56% working interest from Snyder which more than doubles Swift's holdings in the Austin Chalk Trend, to over 60,000 gross acres. Over the last four years, Swift has been very active in the Austin Chalk Trend, participating in 25 horizontal wells, all of which have been successfully completed. During the first half of 1996, the Company's net daily production in the trend averaged 8.7 million equivalent cubic feet of natural gas, representing 18% of the Company's total daily gas production during the period. A. Earl Swift, Swift's Chairman and President, stated, "The additional acreage further strengthens Swift's position as one of the most active drillers in the Austin Chalk Trend, which is a key focus of the Company. Swift's success in the trend reflects the Company's innovative use of seismic and horizontal drilling technology and substantial in-house operating expertise. The new acreage is on trend with recent successful industry well completions. We expect to encounter the Austin Chalk at a depth of 12,000-14,000 feet. The Company has identified 35 potential horizontal well locations in the area. These new opportunities, combined with our existing inventory of drilling locations, should ensure that the Austin Chalk Trend will continue to contribute to Swift's rapid growth in reserves, production and cash flow in the years ahead." 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 08:11:30 AM. Copyright © 1994-2008 by Swift Energy Company. |
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