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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS SUCCESSFUL LOUISIANA EXPLORATION WELLHOUSTON, June 8, 1998 - Swift Energy Company (NYSE, PCX: SFY) reports today the successful completion and testing of the PMMI No. 1 exploration well on its Sherburne prospect located in Pointe Coupee Parish, Louisiana. The well was tested at a flowing rate of 500 barrels of 43.7 gravity oil and 1.1 million cubic feet of natural gas per day on a 12/64" choke with a tubing pressure of 1,500 psi. Completed in the Sparta formation, the well is producing through perforations from 12,141 feet to 12,161 feet. Swift Energy is the operator and owns a 56.8 % working interest in the well. The Company currently controls approximately 9,300 acres in the prospect area and has plans to start an offset well by late summer. Swift is also reporting today the results of the Mechura No. 1-OL well in Fayette County, Texas. This well is a dual-horizontal completion in the Austin Chalk formation, which was drilled to a vertical depth of 12,000 feet, then laterally a total of 9,069 feet. The well tested at a rate of 1,165 barrels of oil and 1.8 million cubic feet of natural gas per day on a 16/64" choke with 2,900 psi. flowing tubing pressure. Swift is the operator and owns a 94.8 % working interest in the well. The Company is continuing its development plans in this area with over 120,000 net undeveloped acres in the trend. Terry E. Swift, President and Chief Operating Officer commented on the drilling results, "This exploration success in Louisiana is especially rewarding since this well is one of the first wells to be drilled under the Company’s expanded 1998 exploration program outside of Texas. We have been working for two years to develop new prospect areas and have developed an inventory of exploration prospects outside of the Company’s existing production base. The PMMI No. 1 well is an example of the fruits of this effort. We have a high-potential deeper prospect on this same lease block, which we are evaluating for possible drilling later this year. With the completion of PMMI and Mechura wells we have participated in the drilling of 41 wells during the last five months, 37 of which were operated by the Company. During this period, Swift drilled 32 development wells and 9 exploration wells with 29 successful development completions and 5 exploratory completions for a development success rate of 91% and exploration success rate of 56%. We feel that we continue to be above industry averages in this measure and strive to continue this success." 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 08:15:30 AM. Copyright © 1994-2008 by Swift Energy Company. |
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