October 30, 2009. The Brookeland Field and Burr Ferry Field are two of four fields that Swift Energy operates in its Central Louisiana/East Texas core area of operation. Both fields were obtained as part of our 1998 Toledo Bend acquisition, along with the Masters Creek Field, which is also in the Central Louisiana/East Texas core area.

The Brookeland Field is located in Texas where it spans the common border of Jasper County and Newton County and extends eastward across Newton County to the Louisiana state line. The Burr Ferry Field lies across the state line, along the western border of Vernon Parish, Louisiana, and is generally considered two fields: North Burr Ferry and South Burr Ferry. Together, Brookeland and Burr Ferry provide us with drilling and production rights in 79,063 net acres, as well as 63,894 fee mineral acres.

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Brookeland and Burr Ferry (and also Masters Creek) produce from the Austin Chalk trend, which has natural vertical fractures that often contain oil and gas deposits. To tap as many deposits as possible, wells are drilled vertically down to the reservoir and then turned 90 degrees to drill horizontally through successive fractures. Frequently, opposing dual lateral legs are drilled in a single well.

Brookeland and North Burr Ferry are typical depletion-driven Austin Chalk fields and when purchased in 1998, they provided a natural transition for the expertise we had honed during a highly successful Austin Chalk drilling program in the Texas Giddings Field (from 1992 to 2000). Limited drilling in South Burr Ferry has indicated that it is at least  partially a water-driven field, as Masters Creek was discovered to be. Reservoir depths in Brookeland and Burr Ferry generally vary between 11,500 and 13,500 feet.

Austin Chalk wells typically have high initial production rates that provide quick payout, followed by sharp early declines in production. From 1998 to 2001, we carried out a vigorous horizontal drilling program in our Austin Chalk fields, but because of drastic changes in the industry environment during 2001, we changed our drilling focus to fields having reserves that would give us stable, long-term production. As a result, we have drilled few Austin Chalk wells since 2001. None were drilled in 2008.

In mid-2009, however, we entered into a joint venture agreement with Anadarko E&P Company LP for development and exploitation of Burr Ferry, primarily South Burr Ferry, beginning in 2010. As fee mineral owner, we leased a 50% working interest in approximately 33,623 gross acres to Anadarko. We retained a 50% working interest in the joint venture and also our fee mineral royalty rights. Like us, Anadarko has an extensive track record in operating in the Austin Chalk.

At year-end 2008, we had interests in 92 producing wells in Brookeland and Burr Ferry, with 62 of the wells operated by us. The fields provided 2.8%, or 279.9 MBoe, of Swift’s total 2008 production of 10.0 MMBoe. The production consisted of 35.0% oil, 29.9% natural gas liquids, and 35.1% natural gas. During 2008 we initiated a production enhancement program in the fields to slow their production decline.

Our reserves in Brookeland and Burr Ferry at year-end 2008 (6.2 MMBoe) represented 5.3% of the company’s year-end reserves. They consisted of 63.1% oil and natural gas liquids and were 66.1% undeveloped. The fields had 11 proved undeveloped locations (PUDs).

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

May 3, 2012: PRESS RELEASE. Our company partner has two drilling rigs operating in the Burr Ferry field in Vernon Parish, Louisiana, with both rigs targeting the Austin Chalk formation. We expect to participate in up to six non-operated wells in this area during 2012.

February 23, 2012: PRESS RELEASE.The GASRS 20-1 well, drilled during the third quarter of 2011 and completed during the fourth quarter in the Burr Ferry field in Vernon Parish, encountered numerous hydrocarbon shows during drilling operations and tested at rates consistent with recent results in the area for a short period of time. Previously disclosed mechanical difficulties experienced during the initial completion and cleanup of the well could not be remedied, which made it impossible for the well to produce commercial quantities of hydrocarbons. Based on drilling results and short lived production performance, this well is a candidate to be sidetracked.

November 3, 2011: PRESS RELEASE; 2011 THIRD QUARTER 10-Q. In our Burr Ferry field, one operated well (the GASRS 20-1) and one non-operated well (the GASRS 16-1), both targeting the Austin Chalk formation, were drilled in the third quarter.

The GASRS 20-1 finished drilling operations and was completed during the quarter; however, a mechanical problem occurred during the initial cleanup of the well that required a workover rig to resolve. The workover rig is currently on this well and work is under way to remedy the issue. This well bore remained in zone for the extent of the 4,254-foot lateral leg and encountered high natural fracture density and strong tubing pressure.

The GASRS 16-1 well was completed in the third quarter and had an initial production rate of 207 barrels of oil per day and 1.3 MMcf of gas per day with flowing casing pressure of 1,250 psi on a 25/64-inch choke. This well, drilled near the southern extent of our joint operating area, encountered fewer natural fractures than the wells drilled farther north. This well is important in understanding the geology in the area, which is essential to future development plans.

During the third quarter, we expanded our original joint operating area, in which we hold a 50% working interest, and also entered into another agreement with our partner to jointly develop a newly identified second operating area, in which we hold a 45% working interest. The first operating area now covers approximately 80,000 gross acres, while the second area covers approximately 91,000 gross acres. (We also own approximately 39,000 fee mineral acres in the first area). Our position in both areas is non-operated and additional leasing is expected to continue in both areas.

August 4, 2011: PRESS RELEASE; 2011 SECOND QUARTER WEBCAST. We had no drilling or completion activity in the Central Louisiana /East Texas core area during the second quarter of 2011; however, we are currently (in the third quarter) drilling one operated well and participating in one non-operated well that are both targeting the Austin Chalk formation in the Burr Ferry field.

Also in the third quarter, we have expanded our original joint operating area in the Burr Ferry field with our partner (Anadarko E&P Co.) from 33,623 gross acres to approximately 73,000 gross acres. We own a 50% working interest in the joint area and also own approximately 39,000 fee mineral acres in the area.

In addition, we have entered into a second agreement to jointly develop approximately 32,000 gross acres adjacent to the first operating area.  We own a 45% working interest in the second joint area.

Drilling activity currently under way in the first operating area is expected to continue with up to two drilling rigs being active across both areas by the end of 2011.

May 5, 2011: PRESS RELEASE. During first quarter 2011, we participated in a non-operated well targeting the Austin Chalk trend in the Brookeland field in East Texas. This well is currently producing minimal amounts of hydrocarbons.

In the Burr Ferry field in Central Louisiana, we are making plans to move an operated rig into the area during the second quarter. We also expect our joint venture partner to begin drilling a third well in the area during the summer months. The first two wells drilled by our joint venture partner continue to perform very well.

February 24, 2011: PRESS RELEASE. In the company’s Brookeland Field in East Texas, one operated and one nonoperated well were drilled during the fourth quarter. The Swift Energy operated Donner Brown A2 well is waiting on facility upgrades before testing can be conducted. The nonoperated Donner Brown 346 RE is being prepared for production.

In the South Burr Ferry Field, a nonoperated well targeting the Austin Chalk was drilled and completed. Initial production test rates of this well were 840 Bbls/d and 10.2 MMcf/d of gross production with flowing tubing pressure of 5,700 psi on a 32/64” choke. This is the second well drilled in this field since the formation of a joint venture. Swift Energy has a 50% working interest in this well, but enjoys a 61.5% net revenue interest due to fee mineral rights it owns. Both wells drilled in this field are producing at restricted rates until facilities and infrastructure can be upgraded. Activity in the field will resume during the second quarter of 2011.

November 4, 2010: PRESS RELEASE; 2010 THIRD QUARTER 10-Q. During the third quarter of 2010, our joint venture partner Anadarko drilled an exploratory horizontal well in which we have a 50% working interest in the Austin Chalk trend in the Burr Ferry Field. Gross initial production rates of the well were 13 MMcf per day and 1,000 barrels of oil per day. This well will produce to sales upon completion of a saltwater disposal well. A second well in the field is under way.

August 5, 2010: PRESS RELEASE. During second quarter 2010, the first well was spudded by Anadarko E&P Company LP in our joint venture to develop the Austin Chalk trend in the Burr Ferry Field.

February 25, 2010: 2009 FORM 10-K. At year-end 2009, 4.5 MMBoe, or 4.0%, of the company’s total reserves were in the Brookeland Field and Burr Ferry Field combined. For the year 2009, these fields provided 2.4% of the company’s production. Approximately 58.2% of the proved reserves of 4.5 MMBoe in the two fields consisted of oil and NGLs, and 2.6 MMBoe, or 58%, of the reserves were undeveloped.

During 2009, we did not drill any wells in these fields and do not plan to drill any wells in them in 2010.  However, during 2010 we will continue with a joint venture agreement for the development and exploitation in and around the Burr Ferry Field. As fee mineral owner, we leased a 50% working interest in approximately 33,623 gross acres to the joint venture partner. We retain a 50% working interest in the joint venture acreage as well as its fee mineral royalty rights. We received approximately $4.2 million related to this transaction, which we used to pay down a portion of the outstanding balance on our credit facility.

At year-end 2009 we had identified 10 PUDs in the two fields.

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