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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY DECLARES 10% STOCK DIVIDEND, CONT'D RESERVE GROWTH EXPECTEDHOUSTON, October 1, 1997 - Swift Energy Company (NYSE, PCX: SFY) announces its Board of Directors has declared a 10% common stock dividend, payable on its shares of outstanding common stock. The dividend is payable on October 23, 1997, to shareholders of record on October 13, 1997. A. Earl Swift, Chairman and President of Swift Energy Company, stated, "The Board’s decision to declare this stock dividend reflects the substantial success Swift has achieved in recent years. The Company’s strategic plan has always been to achieve growth in the volume and net present value of its proved gas and oil reserves. This plan is premised on the concept that reserves growth leads to increases in oil and gas production and sales, which in turn lead to higher cash flow and earnings and ultimately to increases in shareholder’s value. Swift’s recent success in exceeding its reserve growth targets has enabled it to achieve five-year compound annual growth rates (1991-1996) of 45% in oil and gas sales, 44% in cash flows, and 50% in net income. This performance is the direct result of the Company’s outstanding technical and operating capability." "Swift’s expanded drilling activities in 1997, primarily in Texas, have continued this reserve growth, and our sizeable undeveloped acreage inventory positions the Company for continued growth for the next several years," Mr. Swift added. 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. 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 08:13:18 AM. Copyright © 1994-2008 by Swift Energy Company. |
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