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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY EXTENDS STOCK REPURCHASE PROGRAMHOUSTON, December 15, 1997 - Swift Energy Company (NYSE, PCX: SFY) reported today that its Board of Directors has extended until June 30, 1998 the open market repurchase of the Company’s common stock. Swift has purchased a total of 383,900 shares of its common stock since the initial approval on March 2, 1997. These shares were purchased for an average price of $21.94 per share, expending $8.4 million of the $20.0 million authorization. Further purchases may be made at times at prices deemed appropriate by the Company considering its stock price, the price of oil and gas as a commodity, and other factors. A. Earl Swift, Chairman and Chief Executive Officer of Swift Energy Company, stated, "The anticipated increase in revenues resulting from forecasted strong production growth from the Company’s development drilling program and the significant reduction in the stock price in what is viewed as an overreaction to non-company specific events affords the Company the opportunity to make an attractive investment, while maintaining its planned capital spending program. "Swift’s drilling program is proceeding as scheduled, and while the price of oil and gas has softened in recent weeks on the perception of a light winter demand for natural gas and heating oil, nothing has happened that is unusual or unexpected. The Company’s capital expenditure activity is proceeding as planned, with an increase in spending anticipated in 1998." 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 08:14:19 AM. Copyright © 1994-2008 by Swift Energy Company. |
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