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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SIGNIFICANT HORIZONTAL WELL SUCCESS ON EXTENSION TO AUSTIN CHALK PLAYHOUSTON, December 4, 1996 - Swift Energy Company (NYSE, PSE: SFY) announced today the completion of the Uhyrek No. 1-OL well drilled in a new area south and east of Swift's previous development areas in the Giddings Field, Fayette County, Texas. The dual horizontal well produced at a rate of 13.8 million cubic feet of natural gas per day from the Austin Chalk formation on a 20/64" choke with a flowing tubing pressure of 6,500 psi. Swift Energy Company is operator of the well and owns a 60% working interest. Belco Oil and Gas Corp. (BOG) own a 16.6% working interest and the remainder is owned by other private parties. The Uhyrek No. 1-OL is the first well to be drilled on a 7,000-acre block located immediately south/southeast of Swift's existing joint development acreage in the Giddings field. This well and a currently drilling offset well, extend the Company's successful horizontal well program in this section of the Austin Chalk trend where Swift and its partners have completed 29 wells in the past 3 1/2 years. In this, as well as the adjacent acreage blocks under development with other industry partners, the Company anticipates drilling 10-12 more horizontal wells in the next 18-20 months. Commenting on the well's production test, A. Earl Swift, President and Chairman, said, "This well and the undrilled acreage around it strengthens the Company's plans for growth in reserves and production. The Company will continue to aggressively drill in this area based on its success in the application of horizontal drilling and geophysical interpretation technologies. Based in Houston, Swift Energy Company is a 17-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's record growth in 1996 is founded on an ambitious development drilling program and disciplined exploration primarily in Texas, where the Company has more than doubled its undeveloped creage position this year. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:12:14 AM. Copyright © 1994-2008 by Swift Energy Company. |
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