Swift Energy to Update Operations at 2013 Analyst/Investor Meeting
HOUSTON -- March 14, 2013
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 Energy’s 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
Company’s website www.swiftenergy.com by clicking on the event hyperlink.
Terry Swift, CEO of Swift Energy, 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
South Texas Operations
In the Company’s 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
Natural Residual Barrels of
County/Formation Oil Gas Natural Oil Pressure Choke
Well Name Target (Bbls/d) Liquids Gas Equivalent (psi) Setting
Baetz A EF La Salle – Eagle 719 304 2.5 1,434 3,337 16/64”
PCQ EF 7H McMullen – Eagle 1,288 191 1.6 1,742 2,537 16/64”
Hayes EF 3H McMullen – Eagle 713 75 0.6 891 3,183 14/64”
Hayes EF 4H McMullen – Eagle 678 74 0.6 854 2,891 14/64”
Siddons OL McMullen – Olmos 21 310 4.4 1,066 3,950 20/64”
Quintanilla McMullen – Eagle
Me-You EF 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
In the Company’s Central Louisiana core area, one non-operated well was
drilled to the Austin Chalk formation in South Burr Ferry field in Vernon
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 Company’s 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
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