Red Letter Dates

January 1979 -- A period of rapidly rising energy prices began, triggered by political unrest in Iran. The resulting strong price environment created a positive climate for launching a new oil and gas company.  

October 11, 1979 -- Swift Energy Company was founded.

December 1979 -- Swift commenced its initial 10-well drilling program in West Virginia.  All 10 wells were eventually completed as successful gas producers.  The Company's West Virginia operations marked its first experience with tight sands.

March 1981 -- U.S. oil prices peaked at over $34 per barrel, after which they gradually declined.

August 1981 -- With the conclusion of its initial public offering, Swift became a public company listed with the National Association of Securities Dealers.

October 1981 -- Swift Energy made its first producing property acquisition in West Virginia's Barbour and Upshur counties.  Throughout its history the Company has emphasized reserves growth through a mix of drilling and acquisition activities, with the specific blend of activities varying with changing industry conditions.

September 1983 -- Swift Energy organized its first public limited partnership for the acquisition of producing properties. 

August 1984 -- Swift Energy was first listed on the American Stock Exchange under the symbol SFY.

July 1986 -- After several years of slow decline, U.S. oil prices collapsed to under $10 per barrel.

August 19, 1986 -- Financial World magazine recognized Swift Energy as one of the fastest growing companies under $25 million in the United States.

May 1988 -- Swift began trading on the Pacific Stock Exchange (now the Pacific Exchange, Inc.).

December 1988 -- The Company adopted a seven-year strategic plan with aggressive reserves-growth targets.

May 1, 1989 -- Swift assumed operation of its initial properties in the AWP Olmos Area, which were acquired in two separate acquisitions in 1988 and early 1989.  In developing and operating this property, the Company drew on its previous experience of producing from tight sands.

May 1, 1990 -- Swift assumed operation of a producing property located in the Weatherford Field of Oklahoma which the Company had purchased in 1989.  Throughout the early 1990s, the Weatherford Field was one of the Company's major producing properties.

October 1990 -- In response to Iraq's invasion of Kuwait, NYMEX crude oil futures prices peaked at over $40 per barrel; however, with the conclusion of the Gulf War and the onset of slow economic growth, prices fell to less than $18 per barrel by January 1992.

July 1991 -- Swift began trading on New York Stock Exchange, while continuing to be listed on the Pacific Exchange. 

December 1991 to February 1992 -- In response to a warm winter and slow economic growth, NYMEX natural gas prices fell to under $1.40 per MMBtu.

May 1992 -- Swift acquired significant additional interests in the AWP Olmos Field in South Texas, financed through a volumetric production payment agreement.

Fourth Quarter 1992 -- Swift drilled its first company-operated horizontal well, the Pietsch 1-H in Fayette county, Texas.

September 3, 1993 -- The Company signed a Participation Agreement with Senega, a Russian joint stock company, marking the beginning of the Swift's pursuit of international initiatives.

December 31, 1994 -- As a result of a reemphasis on drilling, for the first time in many years, additions to the Company's proved reserves through exploration and development activities exceeded additions through the acquisition of producing properties.

July 12, 1995 -- Swift formed a wholly owned subsidiary, Swift Energy International Inc., whose mission is to pursue oil and gas opportunities outside of the United States.

October 1995 -- Swift was awarded a Petroleum Exploration Permit from the New Zealand Minister of Energy.

December 14, 1995 -- The Company formed its last public acquisition partnerships, marking a transition toward more traditional forms of financing.  As part of this same transition, Swift sold 5.75 million shares of its common stock during the third quarter of 1995. 

December 31, 1996 -- For 1996, Swift ranked 20th in stock price performance out of the approximately 2,900 companies listed on the NYSE.  Oil and gas sales rose 134% from the previous year, thanks to higher product prices and higher production rates. To help make these results possible, Swift drilled 123 development wells during the year in the AWP Area in South Texas.

January 1997 -- Average U.S. oil prices peaked at $21.76 per barrel, having risen substantially during 1995 and 1996.  Throughout 1997 and 1998, oil prices declined.  Natural gas prices also declined substantially throughout 1998 and into early 1999.

July 6, 1998 -- Swift announced the largest acquisition in its history. The acquired properties included wells in the Masters Creek Area of Louisiana and the Brookeland Area of East Texas.  In developing these properties, Swift drew on its previous experience with horizontal drilling. 

December 1998 -- Average U.S. oil prices bottomed out at a little over $8 per barrel.  In response to low energy prices, U.S. drilling activity declined substantially.

December 1999 -- Swift successfully completed the Rimu-A1 discovery well in the Taranaki Basin of New Zealand.

December 11, 2000 -- Low rig rates, cool winter weather, and rapid economic growth helped cause NYMEX natural gas futures prices to peak at over $9 per MMBtu. NYMEX oil prices had peaked at over $37 per barrel in September 2000.

December 31, 2000 -- The Company ranked 15th in stock price performance on the NYSE for the year 2000.

December 31, 2000 - With an improved industry climate, Swift had both record revenues and record earnings in 2000. Proved reserves in the Company's Masters Creek Area more than doubled, and drilling in New Zealand continued. Swift was ranked 15th in stock price performance on the NYSE for the year 2000.

March 1, 2001 - Swift's purchased interests in the Lake Washington Field in Plaquemines Parish, Louisiana.

December 31, 2001 - A dive in product prices prompted a $98.9 million writedown on Swift's year-end domestic assets and resulted in a net loss of $22.3 million for the year. The Company initiated drilling in the Lake Washington Field and prepared for commercial production in New Zealand with the construction of its Rimu Production Station.

January 2002 - Swift acquired Shell NZ's affiliate, Southern NZ, obtaining 96.76% working interests in petroleum mining licenses for four Taranaki Basin fields -- Tariki, Ahuroa, Waihapa, and Ngaere (known collectively as the TAWN Area).

February 2002 -Swift revised its strategy in order to successfully operate in a changed industry environment. The Company limited its domestic exploratory drilling and directed its development drilling in the U.S. to projects with lower risk and lower costs, primarily in the Lake Washington Field.

May 2002 - Swift began commercial production in New Zealand, less than two and a half years after the Company's initial Rimu discovery.

December 31, 2002 - Before year-end 2002, Swift increased its interests in the Rimu/Kauri Area in New Zealand from 90% to 100% and its interests in the TAWN Area from 96.76% to 100%. It also increased its interests in three exploratory permits in the Taranaki Basin. New Zealand provided 31.2% of Company's 2002 production. Concentrated drilling in the Lake Washington Field increased proved reserves in the field by 300% from time of purchase. Production from the AWP Olmos Field in South Texas remained steady, providing 21.8% of Company's 2002 production.

This page was last updated on Wednesday, July 11, 2007, at 04:33:10 PM.

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