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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPANY REPORTS SUCCESSFUL CONFIRMATION WELLHOUSTON, February 18, 1998 - Swift Energy Company (NYSE, PCX: SFY) announced today that it had completed the drilling and logging of the Lobo Solo #1, a confirmation well drilled three miles from the Chaparral #1, an exploratory new field discovery in Jim Hogg County, Texas. After fracture treatment in December 1997, the Chaparral #1 well tested at a rate of 101 barrels oil per day and 2.5 million cubic feet of natural gas per day. The Lobo Solo #1 well, just drilled, had an Middle Queen City sand section at 9,650 to 9,682 feet, comparable to the Chaparral #1. In addition to this expected sand, the well log exhibited a lower zone at 9,831 to 9,864, which also appears productive. Well completion operations will include perforation of the lower zone, fracture treatment of this zone, followed by perforation and fracture treatment of the upper zone. The two zones will be commingled for testing and production. This process will require approximately three weeks after which the well will be connected for production. Swift Energy owns 66% working interest in the Lobo Solo #1 well and has begun the drilling of the third well on this 12,000 gross acre block, under lease or option, where drilling is expected to continue for the next few years. 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 replacing the Company’s 1997 production by more than 500%. 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 08:14:59 AM. Copyright © 1994-2008 by Swift Energy Company. |
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