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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS INCREASED PRODUCTION FOR FIRST QUARTERHOUSTON, April 3, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that it met its first quarter oil and natural gas production goal of 10.5 billion cubic feet equivalent (Bcfe), up from 10.2 billion cubic feet equivalent during the fourth quarter of 1999. This first quarter production level is in line with the Company’s budgeted production goal for the quarter as well as the yearly production objective of 46 to 50 billion cubic feet equivalent. Recent successful drilling activity will assist the Company in meeting these objectives. The Company reported today the completion and production testing of two significant new development wells in the Masters Creek Field in Rapides Parish, Louisiana. The Swenco 3 #1 OL well (96 percent working interest) tested at a rate of 3,120 barrels of oil per day and 11 million cubic feet of natural gas per day (MMcfpd) on a 20/64-inch choke with 8,900 pounds of flowing tubing pressure. The Swenco A-22 #1 OL well (93 percent working interest) tested at 617 barrels of oil per day and 3.3 million cubic feet of natural gas per day on a 28/64-inch choke with 6,600 pounds of flowing tubing pressure. Swift, as operator, drilled the wells to a total vertical depth of 15,562 feet and 15,451 feet, respectively. The Company is currently drilling the Martin Lumber 18 #1 well and plans to drill four or five additional wells in the field this year. The Company also reported that it leased an additional 8,071 acres near the recently completed Swenco 3 #1 OL well. Additionally, the Company reported the completion and production testing of three new development wells in the Brookeland Field in Texas and the Sugartown Field in Louisiana. Operated by Swift in Newton County, Texas, the Donner Brown 567 #2 (70 percent working interest) tested at a rate of 780 barrels of oil per day and 5.6 million cubic feet of natural gas per day on a 22/64-inch choke with 2,300 pounds of flowing tubing pressure. Operated by Union Pacific Resources (NYSE: UPR), the Temple Inland Unit A-601 #1 (40 percent working interest) in Jasper County, Texas tested at 83 barrels of oil per day and 7.6 million cubic feet of natural gas per day on a 28/64-inch choke with 1,750 pounds of flowing tubing pressure, while the Crosby 4 #1 (12.5 percent working interest) in Vernon Parish, Louisiana tested at a rate of 928 barrels of oil per day and 3.3 million cubic feet of gas per day on a 24/64-inch choke with 6,150 pounds of flowing tubing pressure. All of the above wells are either on production or are expected to be on production by early April. During the quarter, the Company participated in a total of three exploratory wells with two successes and 13 development wells with 12 successes. This activity included seven development wells (100% percent working interest) in the Two Rivers Area of the AWP Olmos Field in McMullen County, Texas, with three of the wells having been put on production at a combined rate of 1.4 million cubic feet of gas per day. Three additional wells are being completed, while the seventh well is still drilling. An activity update of the Company’s New Zealand operations in and around the recent Rimu discovery has been released separately. Terry Swift, President of Swift Energy Company, noted that, “The results of this recent drilling activity demonstrate the significant growth opportunities in Swift’s core areas. We have a substantial inventory of identified, development projects that will enable the Company to meet its growth targets over the next few years. We are excited about the potential and look forward to the future.” 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 08:17:27 AM. Copyright © 1994-2008 by Swift Energy Company. |
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