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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY SECURES ADDITIONAL DEVELOPMENT DRILLING LOCATIONS IN ITS CORE-AREA SOUTH TEXAS OPERATIONSHOUSTON, November 17, 1997 - Swift Energy Company (NYSE, PCX: SFY) reported today that it has purchased a lease consisting of approximately 2,800 gross acres located in South Texas in the heart of the AWP Olmos Field in McMullen County. This purchase of acreage in the central portion of one of the Company’s major core areas includes an estimated 35 new development drilling locations, 35 producing wells, and a related 20-mile pipeline. Estimated net interests in oil and gas reserves attributable to the purchase are approximately 22 billion cubic feet equivalent, with a current rate of production of approximately 2 million cubic feet equivalent of natural gas per day. In a related event that also expands the Company’s drilling opportunities in South Texas, Swift announced that it has successfully completed drilling the Chaparral #1 exploratory well as a new field discovery. The well is located on a lease block in Jim Hogg County, Texas, consisting of approximately 12,000 gross acres currently under option and was drilled to a total depth of 9,900 feet, where production of natural gas and liquids were discovered from the tight sands of the Queen City formation. Swift’s working interests in this acreage block are expected to vary between 65% and 85%. Flow tests performed during the first week of November ranged between 858 thousand and 3.4 million cubic feet of natural gas per day and 32 to 36 barrels of oil per day. The Company anticipates that the well will be fracture treated for increased production during the first week of December. Swift also plans to begin drilling a confirmation well on this acreage block in December. 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 08:14:16 AM. Copyright © 1994-2008 by Swift Energy Company. |
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