Swift Energy to Update Operations at 2013 Analyst/Investor Meeting
HOUSTON--(BUSINESS WIRE)-- Swift Energy Company (NYSE: SFY) will host a meeting with financial analysts, portfolio managers and investors today beginning at 8:00 a.m. CDT at the Hilton Houston North on Greenspoint Drive in Houston, Texas. At this meeting, Swift Energys management team will provide its annual briefing that will feature an update on certain operational initiatives and detail operational and financial plans and guidance for full year 2013. A live audio webcast accompanied with the slides of the presentation will be available on the Companys website www.swiftenergy.com by clicking on the event hyperlink.
Terry Swift, CEO of Swift Energy (SFY), stated, We are excited about recent developments in our South Texas operations. Stronger well performance in South Texas has resulted directly from targeting the laterals of our horizontal wells more precisely in a defined higher quality zone of the Lower Eagle Ford shale. We believe that the rock properties within this higher quality zone improve the effectiveness of the fracture stimulation and production results. Horizontal Eagle Ford wells, drilled laterally in this target zone, have demonstrated stronger initial production rates and have caused us to increase the estimated ultimate recoveries associated with them.
Additionally, improving well performance and data suggesting our acreage will support more tightly downspaced drilling patterns indicates that our total resource potential in South Texas is significantly larger than we initially thought.
South Texas Operations
In the Companys South Texas core area, six operated wells have been completed to date in the first quarter. In McMullen County, four operated Eagle Ford wells and one Olmos well were completed with one operated Eagle Ford well completed in La Salle County as well.
Initial Production Test Rates of South Texas Horizontal Wells
Completed in First Quarter 2013
|Baetz A EF 3H||La Salle Eagle Ford||719||304||2.5||1,434||3,337||16/64|
|PCQ EF 7H||McMullen Eagle Ford||1,288||191||1.6||1,742||2,537||16/64|
|Hayes EF 3H||McMullen Eagle Ford||713||75||0.6||891||3,183||14/64|
|Hayes EF 4H||McMullen Eagle Ford||678||74||0.6||854||2,891||14/64|
|Siddons OL 4H||McMullen Olmos||21||310||4.4||1,066||3,950||20/64|
|Quintanilla Me-You EF 2H||McMullen Eagle Ford||500||121||1.0||788||2,400||17/64|
In the Lake Washington field, the CM 428 was recently completed and tested at initial test rates of 432 bbls/d of oil and 0.2 Mmcf/d of natural gas with flowing tubing pressure of 360 psi on a 24/64 choke.
The BLD CM 21 well was recently drilled to a measured depth of 6,441 feet and encountered 150 feet of true vertical pay.
The Company currently has one drilling rig active in the Lake Washington field.
In the Companys Central Louisiana core area, one non-operated well was drilled to the Austin Chalk formation in South Burr Ferry field in Vernon Parish, LA.
The GASRS 29-1-10 well, drilled and completed during the first quarter in the Burr Ferry Field in Vernon Parish, produced hydrocarbons at an initial test rate of 1,042 bbls/d of oil and 3.1 MMcf/d of natural gas with flowing tubing pressure of 5,900 psi on a 16/64 choke.
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.
About Forward Looking Statements
This press release 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, guidance or other statements contained herein, other than statements of historical fact, are forward-looking statements, including targets for 2013 production and reserves growth, estimates of 2013 capital expenditures and guidance estimates for the first quarter of 2013 and full-year 2013. These statements are based upon assumptions that are subject to change and to risks, especially the uncertainty and costs of finding, replacing, developing and acquiring reserves, availability and cost of capital, labor, services, supplies and facility capacity, hurricanes or tropical storms disrupting operations, and, volatility in oil or gas prices, uncertainty and costs of finding, replacing, developing or acquiring reserves, and disruption of operations. 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 Companys business are set forth in the filings of the Company with the Securities and Exchange Commission. Estimates of future financial or operating performance provided by the Company are based on existing market conditions and engineering and geologic information available at this time. Actual financial and operating performance may be higher or lower. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions.
Swift Energy Company
Paul Vincent, (281) 874-2700, (800) 777-2412
Director Finance & Investor Relations
Source: Swift Energy CompanyCopyright Business Wire 2013