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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES FOUR RECENT EXPLORATORY SUCCESSESHOUSTON, March 19, 1997 - Swift Energy Company (NYSE, PSE: SFY) today announced that it has participated in the drilling of four successful exploratory wells completed as producers since the beginning of the year. All four wells will add to the Company’s growing production in the second quarter of the year. Washington County, TX Completed in March, the Schwickert #1 tested at a rate of 16 million cubic feet of natural gas per day from the Austin Chalk formation. The single lateral horizontal well, operated by Union Pacific Resources Group Inc. (NYSE: UPR) is owned 25% by Swift Energy Company. Swift and UPR own offset acreage in the immediate area and are scheduling additional drilling at this time. Campbell County, WY Completed in February, the Rule Federal #21-11, a new field discovery, produced at an average rate of 182 barrels of oil per day during its first month of production. The well was completed in the Minnelusa formation at a depth of 7,344 feet. Swift Energy is operator and owns a 60% working interest in the well and adjoining acreage, and is currently evaluating full field development. Claiborne Parish, LA Drilled to the Smackover formation, the Tanner #1 tested oil and gas from perforations at approximately 10,450 feet. The well will be hydraulically fractured this week. Swift is operator and owns a 39% working interest in the well and currently anticipates full field development from this discovery well. Jackson County, TX Completed in the Frio formation through perforations at 3,460 feet, the Siecko #1 tested 846 thousand cubic feet of natural gas per day on a 12/64" choke with 1320 psi flowing tubing pressure. Swift Energy is operator and owns a 36% working interest in the well and is currently waiting on a pipeline connection to place the well on production. Commenting on the drilling activity, A. Earl Swift, Swift’s Chairman and President, said, "Our exploratory success in all four of our primary target areas further demonstrates our ability to sustain our strong growth in reserves and production in the future from the drill bit. During 1996, Swift Energy drilled 153 wells. Our resulting success rates, 64% for exploratory wells and 94% for development wells, exceeded industry averages for the sixth year in a row. Our capital program for 1997 calls for us to drill 178 wells. It looks like we are off to another great start in 1997." 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 08:12:40 AM. Copyright © 1994-2008 by Swift Energy Company. |
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