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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY EXTENDS ITS ACREAGE POSITION AND DRILLING SUCCESS IN THE TEXAS AUSTIN CHALKHOUSTON, October 20, 1997 - Swift Energy Company (NYSE, PCX: SFY) announced today that it has significantly extended its acreage position in the Texas portion of the Austin Chalk trend and has recently completed a high liquid content natural gas well in the vicinity of the new leasehold acreage. Swift has acquired a 50% working interest in 20,000 net acres in Fayette and Colorado counties from Belco Oil and Gas Corp. (NYSE: BOG), increasing its leasehold position in the Texas Austin Chalk to 135,000 gross acres (85,000 net acres). The new leasehold is located in close proximity to a major portion of Swift’s existing production in the Giddings Field in Fayette County and is also near a new 8,000-acre block Swift is currently developing in the area. Under the agreement with Belco, Swift will operate all of the wells drilled on the acreage, with plans to begin drilling the first joint well in November 1997. The recently completed well – the Tannenberger #1 OL in Fayette County – is the 29th successful Austin Chalk well in which Swift has participated since the beginning of 1995. A dual-lateral horizontal well, the Tannenberger tested at a rate of 1,152 barrels of oil per day and 4.5 million cubic feet of natural gas per day on an 18/64" choke with a flowing tubing pressure of 4,200 pounds psig. Swift has a 36.2% working interest in the well, which commenced sales on October 2, 1997. A. Earl Swift, President and Chief Executive Officer, noted, "The Tannenberger well is particularly significant to Swift because of its location. The well was drilled just west of the Company’s existing production, just east of the 8,000 gross acres now under development in Fayette County, and just north of the new acreage acquired from Belco. We believe that the success of this well creates a substantial number of new drilling opportunities and increases our inventory of high-potential, low-risk drilling locations." Mr. Swift added, "Swift has become one of the most technically proficient operators in the area, and we expect the Austin Chalk to continue to play an important role in our growth for the foreseeable future. We currently have five rigs drilling in the Chalk, along with three rigs in our AWP Olmos area in South Texas. During the first nine months of 1997, Swift has drilled 11 successful wells in the Austin Chalk and 117 successful wells in the AWP Olmos Field. Our plans for the fourth quarter of 1997 and throughout 1998 include extensive drilling activity in both the Fayette area of the Austin Chalk and in the AWP Olmos area on acreage currently held by the Company." 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 08:13:23 AM. Copyright © 1994-2008 by Swift Energy Company. |
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