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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY SETS INTERMEDIATE PRODUCTION CASING IN RIMU-B2 WELL IN NEW ZEALANDHOUSTON, November 20, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that the Rimu-B2 well encountered a significant pressure increase with hydrocarbon flows, which required the Company to set intermediate production casing at a depth of 11,221 feet (3,421 meters). While drilling into the Upper Rimu limestone, at 11,615 feet (3,541 meters), the well flowed oil and gas to the surface and pressure control measures were implemented. The well also encountered hydrocarbon shows in the Upper Tariki at 11,428 feet (3,484 meters). The decision was made to set intermediate production casing and perform an open-hole test, before drilling ahead to the Lower Tariki. The commercial importance of this particular well cannot be determined at this early stage of the drilling and evaluation process. The Rimu-B2 is the second delineation well drilled in this area and was targeted to evaluate the Upper and Lower Tariki sandstones and Rimu limestone intervals. The drilling assembly was equipped with a device to “log while drilling”, which provided gamma ray and resistivity measurements. The Rimu-B2 well encountered 33 feet (10 meters) of the Upper Tariki sandstone at 11,428 feet (3,484 meters). Prior to reaching the current total depth of 11,617 feet (3,542 meters), the well encountered a significant kick or pressure increase. Oil and gas was flared at the surface while pressure control procedures were implemented. Prior to stabilizing the well, drilling fluids flowed into the Rimu limestone formation, indicating the presence of natural fractures. The Waihapa field, approximately 19 miles (30 kilometers) north of the Rimu-B2 well, has produced significant quantities of oil and gas from similar fractured limestone. The testing of the open-hole section is expected to take 3 to 5 days. Subsequent to the open-hole test of the Upper Tariki sand and Rimu limestone, the Company anticipates drilling deeper to the Lower Tariki sandstone, with an estimated top of 13,448 feet (4,100 meters). The Rimu-B2 is the third well to be drilled by the Company in the Rimu area. The Company announced results for its Rimu-A1 exploratory well in December 1999 and the Rimu-B1 delineation well in October of this year. Current development plans call for the drilling of the Rimu-A2 followed by the initial exploration test of the larger Kauri structure. Swift Energy New Zealand Ltd. holds a 90% interest in this permit (PEP 38719), which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. Terry Swift, President of Swift Energy Company, noted that, “We are pleased with this latest development in the Rimu area in New Zealand. We have always anticipated that the limestone intervals could be productive if a natural fracture system was encountered, and this well appears to be fractured in the Rimu limestone. We believe that the Rimu and Kauri structures contain multiple sections of reservoir quality sandstone and fractured limestone that lie over a significant area of hydrocarbon sourcing. We will continue to delineate this area to determine the full extent of the potential development.” 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 acquisitions 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 08:18:29 AM. Copyright © 1994-2008 by Swift Energy Company. |
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