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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SUCCESSFUL TESTS OF JIM HOGG COUNTY CONFIRMATION WELL AND NEW AUSTIN CHALK COMPLETIONHOUSTON, March 5, 1998 - Swift Energy Company (NYSE, PCX: SFY) today announced the Lobo Solo #1 well in Jim Hogg County, Texas, was successfully tested and placed on production. The well is currently producing at a daily rate of 2.6 million cubic feet of natural gas and 66 barrels of condensate per day from the Middle and Lower Queen City sands. The Lobo Solo #1 well is a confirmation well drilled three miles southwest of the Chaparral #1 well, which is potentially a significant southerly extension of the Mestena Grande Field. Swift has a 66% working interest in the Lobo Solo #1 and a 78.5% working interest in the Chaparral #1 well. Terry E. Swift, President and Chief Operating Officer of Swift, stated, "Based on the two completed wells in the field, we believe that Swift has confirmed a potentially significant extension of the Mestena Grande Field. The Lobo Solo #1 well has excellent reservoir characteristics that were even better than the discovery well. The Company has identified at least 20 development locations based on 320-acre spacing and, given the characteristics of this tight formation, the number of locations could be substantially higher. We believe this field could add substantially to Swift’s reserves and production." Swift also reported the successful completion of the first well in its new joint venture drilling project with Belco Oil & Gas Corp. (NYSE: BOG) in the Austin Chalk. The Fehmer #1-OL well, located in Fayette County, Texas, was completed as a dual lateral horizontal well in the Austin Chalk formation at a vertical depth of 13,750 feet. The well flowed is producing a rate of 8.9 million cubic feet of natural gas and 183 barrels of condensate per day on an 18/64" choke, with flowing tubing pressure of 5,500 pounds per square inch. Swift has a 39.8% working interest, is operator, and Belco has a 50% working interest in the Fehmer #1 OL, which covers a total of approximately 24,000 acres. Mr. Swift stated, "The success of our first well in this joint venture with Belco confirms a sizable new development area for the Company and substantially increases our inventory of Austin Chalk drilling locations. We currently plan to drill eight wells on joint venture acreage during 1998, the second of which is currently drilling. These wells are part of an aggressive 30 well Texas Austin Chalk drilling program budgeted for 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 additions in 1997 replacing the Company’s 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 08:15:03 AM. Copyright © 1994-2008 by Swift Energy Company. |
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