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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPANY REPORTS 40% INCREASE IN 1997 YEAR-END RESERVES, REPLACING OVER 500% OF ITS 1997 PRODUCTIONHOUSTON, January 30, 1998 - Swift Energy Company (NYSE, PCX: SFY) today reported that as of year-end 1997 it had replaced over 500% of its 1997 production resulting in a 40% increase in the Company's proved oil and gas reserves to 360.9 billion cubic feet equivalent (BCFE) as of December 31, 1997. Total production for 1997 increased by approximately 31% to a record 25.4 BCFE. Terry E. Swift, Swift's President and COO, stated, "1997 represented Swift's 13th consecutive year of reserves growth, which has averaged approximately 40% per year for the last six years. Based on our attractive development and exploratory drilling inventory, we are forecasting that we can continue this growth rate in 1998." Swift Energy also announced a record 1998 capital spending budget of $155 million, a 20% increase over estimated 1997 capital spending of $128 million. This increase is principally due to elevated levels of developmental and exploratory drilling activity two-thirds of which is expected to be development drilling, with emphasis primarily in Swift's two focus areas-the AWP Olmos Field and the Austin Chalk area in Texas. Exploratory drilling outlays are expected to more than double and will account for 14% of total outlays. 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 08:14:40 AM. Copyright © 1994-2008 by Swift Energy Company. |
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