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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY DRILLS SIGNIFICANT HORIZONTAL GAS WELLHOUSTON, May 5, 1997 - Swift Energy Company (NYSE: SFY) announced today that it has drilled and placed on production its largest gas well to date in the Austin Chalk Trend. The Orsak #1-OL, a dual horizontal well, flowed at a rate of 35 million cubic feet of natural gas per day from the Austin Chalk formation on a 7/16 inch choke with a flowing tubing pressure of 7,200 psi. Swift Energy is operator of the well and owns a 34.5% working interest. Its joint venture partner in this area, Union Pacific Resources Group, Inc. (NYSE: UPR), owns a 50% interest working with the remainder owned by other private parties. The Orsak #1-OL is the latest well to be completed by Swift and UPR on their joint development acreage in the Giddings Field in Fayette County, Texas. Collectively, six horizontal wells have been drilled in the venture area in the past 16 months, with both Swift and UPR currently drilling offset wells on the joint acreage. Swift Energy has accumulated over 90,000 acres in the Austin Chalk Trend with a number of future well locations, and is currently involved in drilling activities in Fayette, Washington and Walker Counties, Texas. Commenting on the well's production test, A. Earl Swift, Swift's President and Chairman, said, "This well in Fayette County, combined with our recent success in Washington County with the drilling of the Schwickert #1 well (reported March 19, 1997), has materially added to the Company's production forecast for the second quarter and remainder of the year. Production from these wells, and potential drilling locations on undrilled acreage around both of these locations, strengthen the Company's outlook for growth in reserves and production. On April 10, 1997, Swift also began drilling its first well on its 52,000 acre block in Walker County, Texas. Also targeted for the Austin Chalk Trend, this exploratory well should add a new development area to Swift's current operations. This well, the Gibbs #1-H, is anticipated to be completed in early June. Swift Energy continues to aggressively drill in this trend based on its success in the application of horizontal drilling and geophysical interpretation technologies." 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 08:12:48 AM. Copyright © 1994-2008 by Swift Energy Company. |
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