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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SIGNIFICANT HORIZONTAL WELL SUCCESSHOUSTON, October 10, 1996 - Swift Energy Company (NYSE, PSE: SFY) announced today the completion of the Fourticq No. 1-OL, a confirmation well drilled in an area under joint development with Union Pacific Resources (UPR) in the Giddings Field, Fayette County, Texas. The dual horizontal well produced at a rate of 13.8 million cubic feet of natural gas and 552 barrels of 57° API gravity condensate per day on a 20/64" choke from the Austin Chalk formation with a flowing tubing pressure of 6,300 psi. The calculated absolute open flow rate was in excess of 60 million cubic feet per day during the initial flow period. Swift Energy Company is operator of the well. Swift Energy Company owns a 33.2% working interest, Union Pacific Resources 50%, and the remainder is owned by Swift-managed entities and other parties. The Fourticq No. 1-OL is located in a production block with the Swift-operated Albers Unit No. 1-OL well whose completion was announced on May 3, 1996, and the Strange No. 1-OL announced on September 24, 1996. Both the Albers Unit No. 1-OL and the Strange No. 1-OL were placed on production at rates similar to the Fourticq No. 1-OL. Recently the Albers well produced at a daily rate of 11.4 million cubic feet of natural gas and 400 barrels of condensate with a flowing tubing pressure of 2,525 psi. The Strange well recently produced at a daily rate of 8.1 million cubic feet of natural gas and 725 barrels of condensate with a flowing tubing pressure of 3,690 psi. Additional drilling is planned under the joint development agreement with UPR covering approximately 10,000 acres in Fayette County. Swift has approximately 8,500 additional acres which is immediately south/southeast of the joint development acreage, on which the Company is drilling a test well, the Uhyrek No. 1-OL. Commenting on the test, A. Earl Swift, President and Chairman, said, "The record success achieved in this area strengthens the Company’s growth in reserves and production. The Company will continue to aggressively drill in this area based on the current success record. Through 1997, the Company plans to drill at least 13 additional wells in this area." Based in Houston, Swift Energy Company is an 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 reserve 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 08:11:56 AM. Copyright © 1994-2008 by Swift Energy Company. |
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