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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS SUCCESSFUL HORIZONTAL WELL COMPLETION AND OUTLINES INCREASED 1997 WELLS TO BE DRILLEDHOUSTON, July 24, 1997 - Swift Energy Company (NYSE, PCX: SFY) today announced production test results for the Canik No. 1 OL well located in Fayette County, Texas, which tested at a rate of 10.5 million cubic feet of natural gas and 72 barrels of oil per day. The dual lateral horizontal well drilled in the Austin Chalk formation had 6,100 psi flowing tubing pressure on a 18/64" choke. The Swift-operated Canik No. 1 OL is the eighth horizontal well drilled in a 10,000-acre joint venture area with Union Pacific Resources Group, Inc. (UPR) in the central-Texas portion of the Austin Chalk trend. Swift Energy owns a 34.5% working interest in the well, UPR a 50% interest, and private investors own the remainder. A. Earl Swift, Chairman and President of Swift Energy Company, explained, "Recent success in our leasing and drilling activities have resulted in the Company doubling its rate of drilling in the central-Texas Austin Chalk trend. We will increase the number of Swift-operated rigs from two to four within a month’s time and are participating in two outside operated wells in the same area. Swift’s horizontal drilling has been concentrated for the past three years in Fayette County, Texas, (approximately 100 miles west northwest of Houston), with expansion into Washington, Walker and Trinity counties in 1997. Following an exploratory success reported during the first quarter of 1997, UPR has started the first development well on an 8,000-acre joint venture in Washington County, where Swift owns a 25% working interest. In Walker County, Swift has drilled the first of four planned exploratory wells and is currently producing the well on pump to analyze reservoir quality of the well. Swift owns a 68% working interest in 52,000 acres in this play and has scheduled a second exploratory well on the acreage for the fourth quarter of this year. In adjacent Trinity County, Swift has started the drilling of an exploratory well on an 8,000-acre block where Swift’s working interest ranges from 27.5% to 100%. This exploratory horizontal well should be completed around the end of August. "Mr. Swift added, "The Company has now increased the total number of wells it plans to drill in 1997 from 178 to 186 wells. Development wells will increase from 158 to 164, with 150 of these wells being drilled in the Company’s most significant property, the AWP Olmos field in South Texas." 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 08:13:00 AM. Copyright © 1994-2008 by Swift Energy Company. |
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