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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS PRODUCTION INCREASES ON RECENT MAJOR ACQUISITIONHOUSTON, September 28, 1998 - Swift Energy Company (NYSE, PCX: SFY) today reported on recent operations on major producing properties recently purchased by from Sonat Exploration Company which was completed on August 26, 1998 at an adjusted purchase price of $80.5 million. Included in this purchase were working interests in 156 producing natural gas and oil wells, extensive production facilities, interests in two gas processing plants and undeveloped leasehold interests covering approximately 240,000 net acres in the immediate area. Additionally, at the effective date, 10 wells were drilled and awaiting completion and/or hookup and two wells, the Labokay No. 1-1 and the Crosby 2 No. 1, were drilling. On September 1, Swift Energy took over operations of 103 of the producing wells and now has completed the drilling of the Labokay well and placed on production five of the shut-in wells. Swift’s net daily production from the newly acquired properties has increased from 50 to approximately 70 million cubic feet equivalent of natural gas, as the result of these actions. The five wells (all located in the Masters Creek Field in northwestern Louisiana) were brought on stream with initial gross production averaging approximately 1400 barrels of oil and 3.6 million cubic feet of natural gas per day per well. One of these wells, the Temple A-27 No. 1, where Swift owns a 59% working interest, came on production at 2,198 barrels of oil and 6.7 million cubic feet of gas per day with a flowing tubing pressure of 9,900 psi on a 24/64" choke, representing one of the Company’s largest producers. Swift expects to bring the remaining shut-in wells onto production by the end of the year. The Company finished drilling the Labokay No. 1-1 on September 16 after drilling approximately 8,100 feet horizontally in two opposing laterals. Completion work has commenced on both the Swift-operated Labokay and the outside operated Crosby wells, which are anticipated to be on production by year-end. 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 44% per year during the last five years, with reserves growth of 40% in 1997. 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 08:15:53 AM. Copyright © 1994-2008 by Swift Energy Company. |
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