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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY AWARDED PETROLEUM MINING PERMIT FOR DEVELOPMENT OF RIMU DISCOVERY IN NEW ZEALANDHOUSTON, February 4, 2002 - Swift Energy Company (NYSE, PCX: SFY) announced today that Swift Energy New Zealand Limited (“SENZ”), a wholly owned subsidiary, has been awarded Petroleum Mining Permit (“PMP”) 38151 by Crown Minerals, the New Zealand Ministry for Economic Development, for the development of the Rimu discovery within Petroleum Exploration Permit 38719 in the Taranaki Basin of New Zealand. The 5,524-acre permit allows SENZ to fully develop its Rimu discovery for a primary term of 30 years. The Company plans to place up to three additional drilling pads on the permit for full development, in addition to the two existing pads. Each pad will be able to handle multiple wells drilled from each pad, minimizing the amount of land needed for development of this area. Current plans call for a total of nine additional wells to be drilled within the mining permit, including one injector gas well. Initial development will target the Upper Tariki sandstone, the Lower Tariki sandstone and the Upper Rimu limestone. Capital expenditure requirements for the additional development are expected to be approximately US $80 million over the course of the project. Terry Swift, President and CEO, commented that, “Swift Energy is extremely pleased to see that our Rimu discovery has been awarded a Petroleum Mining Permit, which will allow us to begin the development phase of this meaningful, long-term project. Production will begin from this area with the start up of the Rimu Production Station later this quarter. This signifies another significant step for our Company as we continue to develop our permits in New Zealand. As we move forward with the continued delineation of the Rimu/Kauri area, we hope to be able to expand the area covered by this mining permit, and in particular, to eventually include the Kauri area immediately to the south.” New Zealand’s Ministry of Economic Development’s Clyde Bennett, Business Manager Petroleum, said that, “Swift’s rapid progression from being a new entrant in New Zealand to a company with significant producing assets is a great example of the prospectivity and business opportunities available in New Zealand. We look forward to a long relationship with the Company as it develops the Rimu discovery and continues to play a significant role in New Zealand’s petroleum industry.” Including the recently announced acquisition of the TAWN petroleum mining licenses from Shell New Zealand, SENZ now holds interests in nine permits in New Zealand consisting of four exploration permits and five mining licenses or permits. These include the Company’s interest in the Rimu and Kauri discoveries and the 96.76% interest in the TAWN assets, which are located in the Taranaki Basin on the Western coast of the northern island of New Zealand. Swift Energy Company engages in developing, exploring, acquiring, and operating oil and gas properties, with a focus on onshore oil and natural gas reserves in Texas and Louisiana and onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has grown its 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 08:21:44 AM. Copyright © 1994-2008 by Swift Energy Company. |
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