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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ANNOUNCES NEW ZEALAND DRILLING RESULTSHOUSTON, October 9, 2002 - Swift Energy Company (NYSE, PCX: SFY) announced today the Kauri-A4 exploratory well has reached a total measured depth of 15,252 feet (true vertical depth of 13,277 feet) and intersected several of the primary targeted intervals including the Kauri sands, Lower Tariki sands and Cretaceous sands. Based on electric log analysis, the Lower Tariki and Cretaceous sands were deemed to be non-commercial in this well bore, and the decision was made to plug back and test the Kauri Sand in this well. Terry Swift, President and CEO of Swift Energy noted, “We have found a significant sand sequence identified on our seismic data as the Kauri anomaly. This section contains hydrocarbons, which warrant further evaluation, but it is important to point out that we need to conduct production tests before we can determine the commercial viability of this horizon. While disappointed that the Lower Tariki Sand was wet at this location, the quality of the sand in this well exceeds our expectations, and this information can help us identify the more prospective areas for the Tariki sands.” The overall Kauri Sand interval was found at a vertical depth of 7,879 feet with a gross thickness of 1,056 feet. Based on core samples, the porosities were found to be 15% to 22% with permeability of eight to 13 millidarcies. The well intersected the targeted seismic anomaly that had been identified just above the Kauri Sand that was intersected in the Kauri-A1 well. The most prospective section of 50 to 75 feet, which will be tested in the next several weeks, is near the top of this sand and appears likely to contain gas or gas condensate and is possibly fractured. The well also intersected the Lower Tariki Sand at a vertical depth of 12,605 feet. This section had approximately 213 feet of gross thickness with excellent sand quality comparable to the Tariki Field and Ahuroa Field, which are both productive from the Tariki Sand. There were minor hydrocarbon shows while drilling, however, and the sands were deemed non-commercial in this well. The Rimu Limestone and Cretaceous sands were also encountered below the Lower Tariki Sand, but they were also deemed non-commercial in this well. 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 consistently grown its proved oil and gas reserves, production, and cash flow 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 08:23:55 AM. Copyright © 1994-2008 by Swift Energy Company. |
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