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SWIFT ENERGY COMPANY NEWSSWIFT'S RECENT DRILLING SUCCESS BOOSTS PRODUCTION 15%HOUSTON, December 17, 1997 - Swift Energy Company (NYSE, PCX: SFY) reported today results of recent success in the drilling of three horizontal wells in the Texas portion of the Austin Chalk formation in Fayette County. Production from the three wells, initiated during December 1997, collectively should increase the daily net production of the Company by about 15 percent. Swift drilled the Shula No. 1-OL as a dual lateral horizontal well to a vertical depth of 13,500 feet, then horizontally 9,044 feet collectively, and has placed the well on production flowing at a rate of 10,800,000 cubic feet of natural gas with 65 barrels of condensate per day on an 18/64" choke at a flowing tubing pressure of 6,500 psig. Swift Energy owns a 74% working interest in the well with the remainder owned by private parties. The Dopslauf No. 1-OL, also operated by Swift was drilled to a vertical depth of 12,000 feet, then horizontally 8,274 feet collectively, as a dual lateral well. Owned 53% by Swift, the well is producing at a rate of 517 barrels of condensate and 1,900,000 cubic feet of natural gas per day on a 14/64" choke with 4,700 psig flowing tubing pressure. Also drilled by Swift is the Supak No. 1-OL dual lateral horizontal well. Producing at 3,100,000 cubic feet of natural gas with 86 barrels of condensate per day on an 18/64" choke with 2,000 psig flowing tubing pressure, this well was drilled to a vertical depth of 13,670 feet before drilling horizontally approximately 7,617 feet in two opposing directions. Swift as operator has a 65% working interest in the well. Historically, the Company has concentrated its horizontal drilling efforts in central Texas primarily in Fayette and Washington counties, located approximately 100 miles NNW of Houston. The Company has participated in the drilling of 52 horizontal wells in the Austin Chalk Trend during the past five years, with a drilling success rate in excess of 90%. During 1997 Swift and its partners have drilled 20 wells in the Texas Chalk, doubling the Company’s current net production from this area to approximately 24 million cubic feet of natural gas equivalent per day, representing approximately 30% of the Company’s total production. Current plans are to drill approximately 27 wells in this trend during 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 08:14:25 AM. Copyright © 1994-2008 by Swift Energy Company. |
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