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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY TO PRODUCTION TEST NEW ZEALAND WILDCAT WELLHOUSTON, October 4, 1999 - Swift Energy Company (NYSE, PCX: SFY) reported today that its New Zealand subsidiary, Swift Energy New Zealand Ltd., has completed the drilling phase of the Rimu-A1 well in the onshore Taranaki Basin in New Zealand, of which it is operator. The Rimu-A1 well, a rank wildcat exploration well, reached a planned total depth of 5027 meters (16,493 feet) where preparations are underway to set production casing and begin further testing. While drilling, hydrocarbon shows were encountered in the sandstones of the Tariki section at approximately 3596 meters and 4111 meters and in the Rimu Limestone at approximately 4210 meters. Based on the petrophysical evaluation of the well bore, which included an extensive set of open hole logs and sidewall core data, Swift Energy and its partners have decided to further evaluate the well through production tests. Swift anticipates testing to be completed during the fourth quarter of 1999, which will enable the owners to appraise future exploration and development activity in the permit area. Swift Energy New Zealand Ltd. holds a 90% interest in Petroleum Exploration Permit 38719, while Calgary-based Antrim Oil and Gas Ltd., a wholly owned subsidiary of Antrim Energy, Inc., and Marabella Enterprises Ltd., a wholly owned subsidiary of Brisbane-based Bligh Oil and Minerals Ltd., each hold a 5% interest. The drilling of the Rimu-A1 well is in accordance with the conditions set forth by the New Zealand Government under PEP 38719 awarded to Swift in August 1996. 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 08:16:53 AM. Copyright © 1994-2008 by Swift Energy Company. |
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