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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES NEW FIELD DISCOVERY IN TRINITY COUNTY, TXHOUSTON, September 16, 1997 - Swift Energy Company (NYSE, PCX: SFY) announced today the completion and testing of the first successful horizontal Austin Chalk well to be drilled in Trinity County, Texas, located approximately 100 miles north of Houston. This new field discovery was drilled vertically to 9,800 feet then approximately 4,000 feet horizontally in the Austin Chalk formation. The subject well, Great Western CMT #1-H, tested at rates up to 3.6 million cubic feet of natural gas with 486 barrels of 53 API gravity condensate per day on a 30/64" choke at a flowing tubing pressure of 1,300 psig. Swift Energy owns a 27.5% working interest in the well and has accumulated approximately 3,000 gross (1,700 net) acres in the area, including two immediate offset drilling units. The Company’s working interest in the surrounding acreage varies from 50-100%. First production from the well is expected on or about October 1, 1997. Terry E. Swift, Executive Vice President and COO, said "This new Trinity County, Texas field discovery establishes production in the Austin Chalk formation approximately 45 miles from existing production to the west in Grimes County. In addition to the acreage available to Swift in the immediate field area, Swift has extensive acreage holdings in the area between this well and the previously existing production." 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. This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, prepared by the Company and security analysts. The opinions, forecasts, projections or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:13:14 AM. Copyright © 1994-2008 by Swift Energy Company. |
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