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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS STOCK BUYBACK STATUSHOUSTON, April 14, 1997 - Swift Energy Company (NYSE, PSE: SFY) reported today that the Company has repurchased 291,200 shares of its common shares during the first six weeks of its announced $20 million stock repurchase program. The purchases to date were made at an average cost of $22.63 per share or a total cost of approximately $6.6 million, representing approximately 33% of the total authorized program. The Company plans to continue its purchases at times and prices deemed appropriate considering its stock price, oil and gas as a commodity, and other factors. A. Earl Swift, Swift’s Chairman and President, noted, "The Board of Directors believes that Swift’s common shares represent excellent value at current levels and, by repurchasing shares, the Company is further enhancing shareholder value. Swift is fortunate to be able to carry out this share repurchase program while aggressively investing for growth through an ambitious capital spending program." "The Company continues to achieve excellent results from its expanded drilling activity, particularly its two major development drilling programs in Texas, the AWP Olmos Field and the Austin Chalk Trend." "In the AWP Olmos Field, Swift drilled 50 wells during the first quarter of 1997. The Company currently has seven rigs under contract and plans to drill a total of 146 development wells in the field during the year." "In the Giddings Field, located in the Austin Chalk Trend, Swift is currently drilling one company-operated well and participating with joint partners in drilling two additional wells. In the Washington County portion of the Austin Chalk Trend, Swift’s partner recently reported the successful testing of the prolific Schwickert #1 well. A second well in that area is planned to begin drilling in June. Last week, on Swift’s 50,000 acre tract in Walker County, the Company began drilling the Gibbs #1 horizontal well. Swift has a 70% working interest in this well, which is scheduled for completion in early June. Discoveries on blocks adjacent to the Company’s Walker County acreage have been encouraging. In total, Swift plans to participate in drilling 14 wells in the Austin Chalk Trend during 1997." Mr. Swift continued, "The Company’s outlook has never looked better. Our core development areas, the AWP Olmos Field and Austin Chalk Trend, continue to meet expectations, leading to growth in oil and gas sales." 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 08:12:44 AM. Copyright © 1994-2008 by Swift Energy Company. |
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