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SWIFT ENERGY COMPANY NEWSSWIFT'S TEXAS AUSTIN CHALK DRILLING SUCCESS CONTINUESHOUSTON, March 25, 1998 - Swift Energy Company (NYSE, PCX: SFY) today announced the successful completion of two new wells in the Giddings Field of the Austin Chalk trend in south Texas. The R. V. Smith Estate #1-H well in Fayette County, Texas was drilled vertically to 12,500 feet, then horizontally, in a single lateral, for 5,000 feet. The well has been placed on production at a rate of 896 barrels of oil and 1.1 million cubic feet of natural gas per day on a 16/64" choke with 2,500 psi flowing tubing pressure. Swift owns a 78% working interest in the well. In Washington County, the Cobb #1-OL well, a joint venture with Union Pacific Resources (NYSE: UPR) was drilled as a dual lateral completion vertically to 14,700 feet and then horizontally for 4,570 feet. Current production from the well is approximately 58 million cubic feet of natural gas per day. At this rate this major completion is the most prolific working interest well drilled in Swift’s history. Swift owns a 7.4% working interest in the well with UPR and a private investor owning the remainder. Two additional Swift/UPR joint venture wells are currently drilling in close proximity to the Cobb #1-OL well: the Corn #1-OL (25% Swift working interest) and the Thornhill #1-OL (50% Swift working interest). Both wells, which are operated by UPR, should be completed in April. With the completion of the R. V. Smith and Cobb #1 wells, Swift has now participated in 55 wells in the Texas Austin Chalk trend, 51 of which have been successfully completed for over a 90% success rate. The Company has six wells currently drilling or testing. Directly and through joint ventures with other oil and gas companies, Swift has interests in 161,000 gross undeveloped acres in the trend and a current inventory of more than 100 well locations. "Our Austin Chalk drilling program has been highly successful and is an integral part of our balanced corporate growth strategy," Terry E. Swift, President of Swift Energy, stated. We have three drilling rigs currently under contract and plan to drill or participate in a total of 33 wells in the trend this year. Typical wells in the trend yield excellent financial results, producing substantial first year volumes of natural gas which generally payback the well cost in less than one year. We expect to maintain an active drilling program for the foreseeable future and continue to aggressively add new acreage and use joint ventures to increase our leasehold position in the trend." 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 08:15:12 AM. Copyright © 1994-2008 by Swift Energy Company. |
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