1984: An Emphasis on Producing Property Acquisitions Begins

Consistent with Swift Energy’s new direction, the Company’s drilling activities under its private limited partnerships and joint ventures declined during 1984 to a total of 39 wells: 27 in West Virginia and the remainder in Alabama, Kansas, Louisiana, and Wyoming. Of these, 30 wells were productive, including an exploratory well in Alabama and an exploratory well in Wyoming followed by a development well.

Swift’s reserves growth is accomplished through a mix of exploratory and development drilling and producing property acquisitions. The specific mix of drilling and acquisitions is continually adjusted in response to changing industry conditions.

The Wyoming wells were drilled on prospects generated by SWENCO-Western. As of the end of 1984, a total of 31 wells had been drilled on exploration prospects generated by SWENCO-Western (20 in Kansas and 11 in Wyoming) with a success rate of 23%.

Swift Energy closed its first public income partnership in June 1984, with 161 investors contributing $2.4 million. In September and December, two additional partnerships were closed, each exceeding $1 million.

Before the year ended, approximately 80% of the funds of these first three partnerships were already invested in producing properties. Acting in its capacity as managing general partner, Swift Energy acquired interests in 46 wells in the states of Oklahoma, Wyoming, Texas, and New Mexico.

With these newly acquired wells, at year end Swift Energy was operating 229 wells and monitoring the production from an additional 70 wells for itself and its partners.

Finally, the Company’s financial posture was improved in August 1984 by the listing of its common stock on the American Stock Exchange with the symbol SFY.

This page was last updated on Tuesday, June 10, 2008, at 10:02:48 AM.

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