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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMMENTS ON STOCK PRICE - SEES NO COMPANY SPECIFIC REASON FOR STOCK WEAKNESSHOUSTON, January 29, 1999 - Swift Energy Company (NYSE, PCX: SFY) Chairman and Chief Executive Officer, A. Earl Swift, today stated that the Company knows of no reason for the continued decline in the price of its common shares. "We continue to enjoy excellent operating results in all of our producing areas. We have just completed another excellent quarter operationally and financially. Production for the fourth quarter ended December 31, 1998 reached a record 12.4 billion cubic feet of natural gas equivalent, up more than 80% from the same period of 1997 and year-end oil and gas reserves are anticipated to be up approximately 20% over 1997’s year-end results. The Company will release fourth quarter results on February 11, 1999, in line with average analyst predictions. There is no expectation of a further charge to the oil and gas property account in the fourth quarter resulting from the low oil and natural gas prices at year-end. We are continuing our drilling and development activities primarily focused on domestic natural gas production. The low oil and natural gas price environment has created new opportunities for the Company to develop and operate reserves at lower costs. We feel that our programs should provide sustained growth for the Company." 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 08:16:19 AM. Copyright © 1994-2008 by Swift Energy Company. |
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