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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES NEW DISCOVERY AND UPDATES DOMESTIC ACTIVITYHOUSTON, June 4, 2001 - Swift Energy Company (NYSE, PCX: SFY) reported today that the Vaughn #1 well (65% working interest), the exploration test of its Rome Prospect in Willacy County in South Texas, tested at an initial rate of 12.5 million cubic feet of gas per day (“MMcfpd”) and 160 barrels of condensate per day on a 17/64-inch choke with flowing tubing pressure of 8,900 pounds per square inch absolute (“psia”). The Vaughn #1 should begin production by the end of June following the construction of a gas gathering line. Additional Exploration Drilling Updating additional exploration activity, the Company reported that the Kinnally #1 well (25% working interest), in the Falcon Ridge Prospect in Zapata County, Texas, continues drilling at approximately 10,900 feet, targeting the Wilcox sands. On the Foster Minerals #1 well (49% working interest), in the Lion Prospect in San Jacinto County, Texas, Swift is setting a liner at approximately 15,800 feet with the intention of drilling another 300 to 500 feet before initiating additional testing operations. The Mallet #1 well (65% working interest), in the Sienna Prospect in Willacy County, Texas, was drilling ahead at approximately 12,600 feet targeting deeper Frio sands. The Post #1 well (76% working interest), in the Nita #1 Prospect in Goliad County, Texas, has been drilled to a total depth of 14,937 feet, production casing has been set, and Swift is waiting on tank battery construction to begin final completion operations in potential Wilcox sands. The non-operated Miami #1 well (15% working interest), in the Sweetlake Prospect in Cameron Parish, Louisiana, is drilling at approximately 10,000 feet and targeting Miocene sands at deeper intervals. Development Drilling As to development activity, the Company also reported that six operated wells and one non-operated well drilled in the first and second quarter have now been placed on production, as detailed below. The addition of these wells brings the Company’s domestic production up to an average daily rate of over 140 million cubic feet equivalent per day, which is in line with the Company’s second quarter guidance of 11.5 - 12.6 billion cubic feet equivalent. In the Masters Creek Field, in Rapides and Vernon Parish, Louisiana, the Swenco 32 #1 well (59% working interest) was completed in mid-April with an initial test rate of 1,689 barrels of oil per day (“Bopd”) and 6.5 MMcfpd on a 31/64-inch choke with flowing tubing pressure of 6,450 psia. Additionally, the Labokay 3 #1 well (100% working interest) began producing in mid-May with an initial test rate of 1,247 Bopd and 5.0 MMcfpd on a 22/64-inch choke with 6,600 psia of flowing tubing pressure. At the South Burr Ferry Field in Vernon Parish, Louisiana, the Swenco 31 #1 well (92.5% working interest) began production in May with an initial test rate of 1,050 Bopd and 2.8 MMcfpd on a 32/64-inch choke with flowing tubing pressure of 3,950 psia. In the Brookeland Field, in Newton and Jasper County, Texas, the Smith A-531 #1OL well (100% working interest) began production in April with an initial test rate of 785 Bopd and 5.1 MMcfpd on a 38/64-inch choke with flowing tubing pressure of 1,600 psia. The Townsend 170 #1 well (96.6% working interest) began production in late March and had an initial test rate of 225 Bopd and 3.8 MMcfpd on a 48/64-inch choke with 1,020 psia of flowing tubing pressure, and the Champion A-565 #1 well (96.4 working interest) began production in May and tested at rates of 1,261 Bopd and 6.5 MMcfpd on a 30/64-inch choke with 3,725 psia of flowing tubing pressure. Additionally, the non-operated Vastar Fee A-121 #1 well (10.35% working interest) began production in May at an initial rate of 467 Bopd and 6.1 MMcfpd on a 23/64-inch choke with flowing tubing pressure of 2,875 psia. As to ongoing development activity, the Company has two rigs currently drilling in the Masters Creek Field in Rapides Parish, Louisiana and two rigs drilling in the Brookeland Field in Newton County, Texas with an additional rig in the AWP Olmos field. The Company is currently expecting a rig for drilling in the Lake Washington area to be available later this month. Terry Swift, President of Swift Energy Company, noted that, “We believe that Swift has significant domestic exploration and development potential for 2001 and are glad to see results being delivered from our aggressive drilling program. Swift has the largest inventory of high impact wells in our history, and we are looking forward to the results this year from this effort.” 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 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 08:20:06 AM. Copyright © 1994-2008 by Swift Energy Company. |
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