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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY UPDATES NEW ZEALAND ACTIVITYHOUSTON, April 3, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that it plans to drill a delineation well at its Rimu discovery onshore the Taranaki Basin in New Zealand and has secured a drilling rig to begin drilling in July 2000. The Company previously reported the successful testing of the Rimu-A1 in December 1999 and currently estimates the total reserve potential for Rimu to be between 20 and 100 million barrels of oil equivalent. The Company also reported that it has ordered pipe for three wells and is preparing engineering studies for production facilities and is in discussions with potential purchasers of oil and gas production. Initial production from wells in this area is expected to begin in 2001. Swift also reported that it had begun shooting additional seismic data in New Zealand in and around the area of its recent Rimu-A1 discovery well. This seismic shoot will gather 132.5 kilometers (82.3 miles) of two dimensional (2D swath) seismic data both on and offshore, which is designed to fully identify the extent of yet another structure, identified by the Company as the Kauri Prospect, adjacent to the recent Rimu discovery well. The site for an exploratory test well on Kauri will be determined based upon the results of this new seismic data. Processing of the seismic data is expected to be completed by mid-year that will better identify the full scope of this additional structure. The Company currently estimates that the total reserve potential of the Kauri Prospect is between 200 and 500 million barrels of oil equivalent and could begin drilling a test well by late this year. The Company also noted that it has identified a third prospect on this permit area, the Tawa Prospect, with a total reserve potential of between 100 and 300 million barrels of oil equivalent. It is expected that an exploration well to test this prospect will be drilled in late 2001 or early 2002. Swift Energy New Zealand Ltd., as operator, completed the Rimu-A1 discovery well in October 1999. As previously reported December 1999, the well tested at rates up to 1,525 barrels of 44 degree API gravity crude oil and 4.8 million cubic feet of natural gas per day with no measurable water. In addition to this initial test, a subsequent pressure draw-down and build-up test was conducted over a 10-day period in December 1999. The 10-day testing in the Upper Tariki section of the well concluded the discovery well has been completed in an oil reservoir with an original reservoir pressure of 5223 psi while the bubble point was calculated to be 4665 psi. Swift Energy holds a 90% interest in the permit, which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. Antrim Oil & Gas, Ltd., a wholly owned subsidiary of Calgary-based Antrim Energy, Inc., and Marabella Enterprises Ltd., a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd., each hold a 5% interest. Terry Swift, President of Swift Energy Company, noted that, “The discovery at Rimu demonstrates that this area holds great potential for the Company. The Company’s original 2000 budget for New Zealand of $2.8 million will be increased to over $10 million for the year. We look forward to completing the acquisition and processing of this additional seismic data to confirm our belief that Kauri is a world class prospect that we could begin drilling by late this year.” 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 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 08:17:23 AM. Copyright © 1994-2008 by Swift Energy Company. |
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