October 30, 2009. The Bayou Penchant Field and the High Island Field are two relatively small and fully developed shore-based fields located at opposite ends of our South Louisiana core area of operation—Bayou Penchant to the east in Terrebonne Parish and High Island to the west in Cameron Parish. At year-end 2008, we owned drilling and production rights in 5,038 net acres in the two fields together.

The Bayou Penchant Field produces from the Middle Miocene sands at depths of 7,000 feet to 10,000 feet and is the only nonoperated field within our core areas of operation. We have an average working interest of 42% in the field.

Click here for interactive map of all Swift properties.

The High Island Field produces from the Marg Howei and Camerina sands at depths between 15,000 feet and 17,000 feet. During 2008 we participated with a 25% working interest in an unsuccessful exploratory well near the field.

During 2008, Bayou Penchant and High Island contributed a total of 160.1 MBoe (1.5%) of the company’s production. The production consisted of 49.8 MBoe (31.1%) oil, 24.3 MBoe (15.2%) natural gas liquids, and 86.0 MBoe (53.7%) natural gas.

At year-end 2008, Bayou Penchant and High Island held 1.3% of the company’s reserves. The reserves totaled 1.4 MMBoe and consisted of 26.1% oil and natural gas liquids.

The Bayou Penchant is included in our second geoscience database, a 1,700-square-mile database that covers the eastern half of our South Louisiana area. The High Island Field is included in our third geoscience database, which covers 1,800 square miles in the western half of the area.

This web page may contain "forward-looking statements" as defined in Section 21E of the Securities Exchange Act of 1934, as amended. Any opinions, forecasts, projections, or other statements other than statements of historical fact are forward-looking statements. Although Swift Energy 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. (See Terms of Use.)

Updates

November 3, 2011: PRESS RELEASE; 2011 THIRD QUARTER 10-Q. During the third quarter, we sold our interest in six fields in South Louisiana, two in Texas, and one in Alabama to EnergyQuest II, LLC effective August 1, 2011. The sales price was $48.8 million, net of $4.7 million in purchase price adjustments and the buyer’s assumption of approximately $27.7 million of asset retirement related to these properties. The sale closed in October, with the sales prices subject  to customary post-closing adjustments that are not expected to be material. The fields in Louisiana include Horseshoe Bayou/Bayou Sale, High Island, Bayou Penchant, Jeanerette and Cote Blanche Island. The Texas fields include Bego South and Briscoe Ranch. The Alabama field includes Chunchula.

We will use the net cash proceeds from this transaction (as adjusted for cash flows from effective date through the closing date) to fund a portion of our 2011 capital expenditures.

February 25, 2010: 2009 FORM 10-K. At year-end 2009, 1.3 MMBoe, or 1.2%, of the company’s total reserves were in the Bayou Penchant and High Island fields combined. For the year 2009, these fields provided 1.7% of the company’s production. The reserves in two fields consisted primarily of oil and were fully developed.

During 2009, we did not drill any wells in the Bayou Penchant and High Island fields and have no plans for drilling in the area in 2010.

For additional information, please see the latest Form 10-K and Form 10-Q.