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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY RESUMES OPERATIONS AT LAKE WASHINGTON FIELDHOUSTON, October 9, 2002 - Swift Energy Company (NYSE, PCX: SFY) announced today that operations have been resumed in Lake Washington Field in Plaquemines Parish, Louisiana. Production from the field began coming back online October 8. Production was shut in for 12 days, with the shut in amount estimated to total approximately 35,000 net barrels of oil during this period. Most of the minor damage that impacted production has been repaired and is not expected to cause any further delays. The drilling rig, which has been active in Lake Washington, moved back into the field over the weekend and the current drilling program is continuing. A completion rig is expected back in the field in November. Additionally, the Company announced that it has recently entered into a series of participating costless collars for the first quarter of 2003. The Company now has approximately 20% to 25% of its first quarter estimated crude oil production protected with a floor of $21.00 per barrel and an average ceiling of $31.65, with participation in 60% of the price received above the ceiling price. Approximately 25% to 30% of estimated first quarter domestic natural gas production is protected with participating costless collars at a floor price of $3.00 per million Btu and an average ceiling price of $4.79, also with participation in 60% of the price realized above the ceiling price. Approximately 40% to 45% of estimated crude oil production for the fourth quarter of 2002 is protected at weighted average floor and ceiling prices of $20.77 and $27.58, respectively, and approximately 35% to 40% of the estimated domestic natural gas production in the fourth quarter is protected at weighted average floor and ceiling prices of $2.66 and $4.31, respectively. The Company maintains effectively more than 80% participation above both of these fourth quarter ceiling prices. Terry Swift, President and CEO of Swift Energy noted, “Although both storms did cause us to shut in our production for almost two weeks and delayed two new wells into next year, we are now back to normal operations and believe that this interruption will not affect our over-all goals for the field or guidance for this year. Third quarter production is also expected to be within our guidance, although at the low end of our range. All of our field personnel were safely evacuated from the field, and the minimal amount of damage has been largely repaired.” 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 08:24:00 AM. Copyright © 1994-2008 by Swift Energy Company. |
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