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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES STOCK REPURCHASE PROGRAM BASED ON CONTINUED SUCCESS OF DRILLING ACTIVITYHOUSTON, March 3, 1997 - Swift Energy Company (NYSE, PSE: SFY) announced today that its Board of Directors has approved the repurchase of up to $20,000,000 of the Company’s common stock in open market transactions throughout 1997. The repurchase of the full amount would represent approximately 6% of the Company’s outstanding shares at the Friday, February 28, 1997, closing price of $21.50 per share. Purchases may be made at times and prices deemed appropriate by the Company considering its stock price, the price of oil and gas as a commodity, and other factors. A. Earl Swift, Chairman and President of Swift Energy Company, stated, "The anticipated increase in 1997 revenues resulting from forecasted strong production growth from the Company’s development drilling program and the significant reduction in the stock price in what is viewed as an overreaction to non-Company specific events affords the Company the opportunity to make an attractive investment, while maintaining its planned capital expenditures." "The Company’s 1997 development drilling plans in the AWP Olmos Field and the Austin Chalk trend continue to expand because of successful well additions and new acreage acquisitions. Since the beginning of the year, the Company has completed the drilling of 25 successful wells which add significant gas and oil production, while at the same time expanding the Company’s acreage position in both areas." "We are off to a good start for 1997. Swift’s drilling program is proceeding as scheduled, and while the price of oil and gas has softened with the decline in natural gas demand spurred by the approach of Spring, nothing has happened that is unusual or unexpected. We expect average 1997 natural gas prices to be at or above those projected in conjunction with our budget forecast prepared in the Fall of 1996. Our capital expenditure activity is proceeding as planned." Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves. Founded in 1979 with headquarters in Houston, Texas, the Company has achieved an average compounded growth rate in proved oil and gas reserves of approximately 40% per year during the last five years, with reserves growth of 47% 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 08:12:36 AM. Copyright © 1994-2008 by Swift Energy Company. |
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