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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS 47% INCREASE IN PROVED RESERVES AND 74% INCREASE IN PRODUCTION FOR 1996HOUSTON, February 5, 1997 - Swift Energy Company (NYSE, PSE: SFY) announced today that its year-end 1996 proved reserves of natural gas, crude oil, condensate and natural gas liquids rose 47% to a record 259 billion cubic feet of natural gas equivalent (BCFE). Proved reserves additions during the year totaled approximately 120 BCFE, giving Swift a production replacement ratio of 618% based on 1996 production. Production of 19 BCFE for 1996 rose 74% over 1995’s production on an equivalent basis. Essentially all of the 120 BCFE added in 1996 resulted from the impact of Swift’s successful drilling program in the AWP Olmos Field and Austin Chalk trend in South Texas. During the year, Swift drilled 153 wells, double the number of wells drilled in 1995, spending $72 million on exploration and development and achieving a finding and development cost from drilling of approximately $.70 per MCFE. A. Earl Swift, Chairman and President of Swift Energy Company, stated, "Swift’s performance in 1996 is a continuation of the growth strategy first implemented in 1988. Over the last five years, the Company has registered a compound annual growth rate in proved reserves of 40%. Although it is now a larger company, Swift expects to maintain a comparative growth rate during 1997 and for several years thereafter." Swift also announced that its newly approved 1997 capital expenditures budget is $113 million, a 26% increase over actual 1996 expenditures. Approximately $85 million of the 1997 budget is allocated to exploration and development drilling, with approximately 83% to be spent in the Company’s two primary development areas in Texas, focused on natural gas production. The Company’s plan anticipates drilling 158 development and 20 exploratory wells in 1997 versus comparable 1996 totals of 142 and 11, respectively. The Company expects to report fourth quarter and full year 1996 financial results next week. 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 more than doubled its undeveloped acreage position in 1996. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:12:29 AM. Copyright © 1994-2008 by Swift Energy Company. |
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