1985: Swift Energy Interests Extend to 12 States

In 1985 Swift Energy experienced record levels in revenues (up 59% to $3.6 million) and net income (up 33% to $778,000). At the same time, the Company reduced its long-term debt by 82% to only $23,000 at year end.

This performance resulted from several successful activities. At a time when such offerings by the industry had declined by 65% from 1984 to 1985, the Company’s public income partnerships had subscriptions totaling over $9 million in 1985, and an additional private drilling partnership received contributions of over $1 million.

On behalf of its income partnerships, Swift Energy purchased interests in 321 producing wells located in Alabama, Arkansas, Kansas, Louisiana, Mississippi, Montana, New Mexico, Oklahoma, and Texas. To select these properties, which totaled $8.6 million, the Company’s technical staff followed an established evaluation procedure, reviewing over 166 groups of properties containing more than 10,000 individual wells.

With a continuing de-emphasis on drilling, the Company drilled a total of 30 exploratory and development wells during the year: 22 in West Virginia, seven in Wyoming, and one in Alabama. Of these, 26 were productive.

By the end of its sixth year of operation, Swift Energy was managing private and public limited partnership subscriptions totaling over $44 million. These funds had been used to drill 348 wells and to purchase interests in 436 producing wells. The wells were distributed in 12 states, with the Company itself operating 324 of the wells in eight states. The gross production from the Swift-operated wells was approximately 1,250 barrels of oil and 7.7 million cubic feet of natural gas per day.

This page was last updated on Wednesday, July 11, 2007, at 04:32:08 PM.

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