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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS OPERATIONAL UPDATEHOUSTON, December 13, 1999 - Swift Energy Company (NYSE, PCX: SFY) reported today the completion and production testing of a significant new development well in the Masters Creek Field in Rapides Parish, Louisiana. The Swenco 18 No. 1 well tested at a rate of 2,400 barrels of oil per day (Bopd) and 10.3 million cubic feet of natural gas per day (MMcfpd) on a 26/64-inch choke with 6,900 pounds of tubing pressure. Swift, as operator with an 80 percent working interest, drilled the well as a dual lateral horizontal well at a vertical depth of 14,700 feet, where it is producing from the Austin Chalk formation. Swift operates 11 other horizontal wells in the field. In June of this year, the Company drilled and placed on production the Swenco A-6 No. 1 well in the field at an initial production rate of 965 Bopd and 3.8 MMcfpd, which has subsequently increased to 1,180 Bopd and 5.9 MMcfpd. The Company is currently drilling the Swenco A-22 No. 1 well and plans to drill 8 additional wells in the field next year. In an associated transaction, Swift Energy is also reporting today that it has signed an agreement with Dominion Reserves, Inc., whereby Swift will purchase all of Dominion's oil and gas interests in the Masters Creek Field in Vernon and Rapides Parishes, Louisiana, for approximately $15 million. The purchase includes Dominion's working interests in 12 producing wells along with non-producing acreage in the field. Dominion's working interest averages 14.5 percent in the wells and acreage acquired, including a 15.9 percent interest in the Swenco 18 No. 1 mentioned above. The Company has estimated that the interests to be acquired have net proven reserves of 1.5 million barrels of oil and 6.2 billion cubic feet of natural gas. The transaction is expected to close before 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 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 08:17:01 AM. Copyright © 1994-2008 by Swift Energy Company. |
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