|
SWIFT ENERGY COMPANY NEWSSWIFT ENERGY UPDATES NEW ZEALAND ACTIVITYHOUSTON, June 12, 2001 - Swift Energy Company (NYSE, PCX: SFY) reported today that it has drilled the Kauri-A1 well to a current depth of 10,355 feet (3,157 meters) in a 12 1/4-inch hole. Beginning at a depth of approximately 9,479 feet (2,890 meters) and extending approximately 820 feet (250 meters) to a depth of 10,299 feet (3,140 meters), the well encountered several zones that have yielded hydrocarbon shows of varying quality. This interval has largely consisted of multiple sections of sandstones and claystones that have yielded good oil and gas shows associated with accelerated drilling rates and appears to be hydrocarbon bearing based on log analysis. However, washouts in the well bore have caused some deterioration in log quality and, while encouraging, the logs are not definitive. Further analysis and testing will be required in order to determine whether the sands are commercially productive. This exploratory well was initially logged to a depth of 10,037 feet (3,060 meters) before a decision was made to continue drilling deeper. The Company now plans to obtain further wireline log measurements to a total depth of 10,355 feet (3,157 meters). It is anticipated that 9 5/8-inch casing will be set at this depth with further evaluation of these zones to be considered based upon analysis of this additional information. The Company also reported that extended production testing has continued at the Rimu A pad. The Rimu-A1 well began production testing on May 31 and is currently producing at a rate of 1,005 barrels of oil per day and 3.4 million cubic feet of gas per day with no water on a 24/64-inch choke. Additional production testing will also be conducted on the A2 and A3 wells following the completion of laboratory analysis of core samples to determine the optimal stimulation treatment. Terry Swift, President of Swift Energy Company, noted that, “While we are encouraged by the results so far with the Kauri-A1 well, it is premature to draw any definitive conclusions about the commercial productivity of this interval. However, it does confirm that this area has multiple prospective horizons with significant hydrocarbon sourcing throughout the play. We continue to be excited about the potential of this area and look forward to continued developments in the Kauri-A1 well.” Swift Energy New Zealand Ltd., as operator, holds a 90% interest in the permit where the Rimu discovery is located, which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. Antrim Oil & Gas, Ltd., a wholly owned subsidiary of Calgary-based Antrim Energy Inc. (Toronto: AEN), and Marabella Enterprises Ltd., a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd. (Australia: BLO), each hold a 5% interest. 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
|
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
This page was last updated on Monday, January 10, 2005, at 08:20:21 AM. Copyright © 1994-2008 by Swift Energy Company. |
||||||||||||||||||||||||||||
|
|
