|
SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES SUCCESSFUL PRODUCTION TEST OF RIMU-B2 WELL IN NEW ZEALANDHOUSTON, December 5, 2000 - Swift Energy Company (NYSE, PCX: SFY) announced today that it has successfully tested the Rimu-B2 well, the third well drilled by the Company in the onshore Taranaki Basin in New Zealand. During a forty-nine hour test period, the well flowed at rates up to 1,384 barrels per day of 46-degree API gravity crude oil and 9.4 million cubic feet of natural gas per day with no measurable water. This rate was obtained on a 32/64-inch choke with flowing tubing pressure of 2,389 pounds per square inch (psia). The open hole test included sections of both the Upper Tariki sandstone and the Upper Rimu limestone from 11,221 feet (3,421 meters) to 11,647 feet (3,551 meters). As previously reported on November 20, while drilling this well a significant pressure increase was encountered with hydrocarbon flows, which required the Company to set intermediate production casing and test the well. An additional long-term production test will be performed in the future on this well as part of the final completion procedures. The decision has been made to move the rig and proceed with the drilling of the Rimu-A2 from the Rimu-A pad location. The Rimu-A2 well will be drilled directionally with an approximate bottom hole location 2,500 feet North/Northeast of the Rimu-A1 exploratory well, which tested at rates up to 1,525 barrels of oil per day and 4.8 million cubic feet of natural gas per day from the Upper Tariki sandstone. After the drilling of the Rimu-A2 well, it is anticipated that the initial exploratory test of the larger Kauri structure will immediately follow. 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 extremely pleased with the latest production test results from the Rimu-B2 well in New Zealand. It clearly confirms that the Rimu limestone intervals are productive where a natural fracture system is encountered. This is further evidence of our belief 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.” 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. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
|
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
This page was last updated on Monday, January 10, 2005, at 08:18:33 AM. Copyright © 1994-2008 by Swift Energy Company. |
||||||||||||||||||||||||||||
|
|
