|
SWIFT ENERGY COMPANY NEWSSUCCESSFUL WELL COMPLETION IN SOUTH BURR FERRY REPORTED BY SWIFT ENERGY COMPANYHOUSTON, December 18, 2000 - Swift Energy Company (NYSE, PCX: SFY) announced today that it had successfully completed and tested its initial well in the South Burr Ferry Field, Vernon Parish, LA. The Swenco 25 #1 (92.5% working interest, 91.4% net revenue interest) tested at rates of 338 barrels of oil per day and 6.2 million cubic feet of gas per day on a 24/64-inch choke with 4,925 pounds of flowing tubing pressure. This well has been placed on production and during its initial 24 hours produced 980 barrels of oil and 3.7 million cubic feet of gas on a 30/64-inch choke with 4,200 pounds of flowing tubing pressure. This is the first well drilled by the Company to test the potential of the South Burr Ferry Field, which is located 40 miles west of the prolific Masters Creek Field in Rapides Parish, LA and 21 miles southeast of the Brookeland Field in Newton County, TX. There are four producing wells drilled by others in this field, but there has been no new activity in over three years. The Company has interests in approximately 43,000 gross acres (38,000 net acres) in this area. This field will initially be developed using 1,440-acre spacing units. Additionally, the Company also owns the mineral or royalty interests in 31,700 acres or approximately three-fourths of this area. This well encountered the Austin Chalk formation at an approximate depth of 14,200 feet and was drilled with a single horizontal lateral a total distance of 5,600 feet. Wells drilled in this area are expected to cost approximately $4.0 - $4.5 million. Terry Swift, President of Swift Energy Company, stated, “We have identified the South Burr Ferry area as having the potential for significant development in the Austin Chalk formation similar to that found in the Masters Creek Field and the Brookeland Field. The results of this initial well confirm our original expectations, and indicate that we may have found another very productive section in the Austin Chalk. With our substantial acreage position, we believe that this area promises to contribute considerably to our future growth.” 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 as well as onshore oil and natural gas reserves in New Zealand. 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 contained herein 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 Company’s filings 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 Wednesday, January 19, 2005, at 03:13:30 PM. Copyright © 1994-2008 by Swift Energy Company. |
||||||||||||||||||||||||||||
|
|
