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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES PRELIMINARY RESULTS ON AUSTIN CHALK EXPLORATORY WELL IN WALKER COUNTY, TEXASHOUSTON, June 9, 1997 - Swift Energy Company (NYSE, PCX: SFY) today announced a drilling status update on its Gibbs #1 exploratory well which reached its objective on a 52,000 acre block in Walker County, Texas. The well was drilled to a vertical depth of 11,230 feet with a single lateral drilled horizontally 6,370 feet. Significant fracturing with strong indications of oil and natural gas were encountered at several points along the entire horizontal leg in the Austin Chalk formation. Swift's working interest in the well and acreage block is 68 percent with the remainder owned by private parties. As planned, the rig used to drill this well is being moved to another Swift exploratory well in Texas. Terry E. Swift, Executive Vice President and COO, said, "Swift will proceed with testing to evaluate the positive indications of oil and natural gas in the Austin Chalk formation encountered while drilling the horizontal section of the well. We are cautiously optimistic on the outcome of this well. Since this is a new area to be developed using horizontal drilling, we plan to conduct extensive testing for evaluation of the formation and to gain sufficient data to properly design a production facility and guide further development plans. We will make another announcement after our tests are complete. The preliminary information available so far, indicates that there are excellent prospects for this 52,000 acre block." 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 08:12:56 AM. Copyright © 1994-2008 by Swift Energy Company. |
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