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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPLETES MAJOR EXPLORATIORY WELL WITH PARTNER CHEVRON - 1/26/99HOUSTON, January 26, 1999 - Swift Energy Company (NYSE, PCX: SFY) announced today that it has completed the drilling of a significant new field discovery on the 70,000 acres in central Texas that it is jointly developing with Chevron USA Production Company. The Swift-operated Rancho Cullen No. 1-H exploratory well, on a five-hour test, produced at rates in excess of 17.5 million cubic feet of natural gas per day on a 20/64" choke, at a tubing pressure of 8,175 psig. The test pressure drawdown during the testing was only 9.2 percent of the shut-in tubing pressure, which is an indication that the well may be capable of producing at rates analogous to other wells drilled in the prolific Brenham Dome area to the northeast. The better Brenham Dome wells have experienced initial producing rates from 40 to 100 million cubic feet of gas per day and have estimated reserves of approximately 25 billion cubic feet of natural gas equivalent per well. Production facilities and a connecting pipeline are being constructed capable of handling up to 80 million cubic feet of gas per day. This construction should be completed by mid-February. The well was drilled to a vertical depth of 14,450 feet with a single horizontal lateral measuring 4,086 feet. Swift Energy, the operator, has a 45.8 percent working interest and Chevron USA Production Company, a subsidiary of Chevron Corporation (NYSE: CHV) owns 50 percent. Swift and Chevron each maintain a 50 percent interest in the joint production area, where further drilling will take place in 1999. Terry E. Swift, President and Chief Operating Officer, remarked, "The collaborative effort of personnel from Chevron and Swift has been remarkable. Development drilling operations for the Rancho Cullen prospect, which consists of approximately 25,000 acres of the joint development area, will commence during the second quarter in the immediate area surrounding the Rancho Cullen No. 1-H well. We are extremely pleased with the exploratory test results and expect further success as we develop this large joint venture area with Chevron." 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 outstanding growth rates in proved oil and gas reserves, production, and cash flow over the last five years through a disciplined program of low to medium risk acquisition and drilling, while maintaining a strong financial position. 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 08:16:15 AM. Copyright © 1994-2008 by Swift Energy Company. |
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