This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Swift Energy Updates Operational Progress Following Hurricane Isaac

Swift Energy Company (NYSE: SFY) announced today the status of initial physical assessments of its Lake Washington Field in Plaquemines Parish and Bay de Chene Field in Jefferson and Lafourche Parishes.

According to the National Hurricane Center, Hurricane Isaac made landfall Tuesday morning, August 28, 2012, as a Category 1 Hurricane, approximately 38 miles south/southeast of our Lake Washington Field in Plaquemines Parish.

According to plan, after all of Swift Energy’s employees, contractors and their families were accounted for and determined to be safe, inspection crews mobilized to these fields as soon as it was safe to do so and conducted preliminary assessments of individual facilities and infrastructure. Minimal damage to Swift Energy property in both fields was observed during these inspections. The Company has separate engineering teams making further assessments of electrical systems, instrumentation, integrity of flow lines, substructure of platforms and navigation hazards in both of its South Louisiana fields.

The Company currently anticipates that it will take approximately one week to restore its South Louisiana production operations. Once production has been restored, an accurate assessment of what impact Hurricane Isaac will have on third quarter production levels and Swift Energy’s full year production guidance estimates will be available. Drilling, completion, re-completion, and well intervention activity levels are expected to resume as soon as it is deemed safe to do so.

Swift Energy is also assessing the availability of market outlets for its products once production is resumed. The crude oil pipeline Swift Energy accesses in Lake Washington may be able to take crude oil production by the time that Lake Washington production is restored, but this cannot be confirmed at present. Coastal shipping lanes have been reestablished and cleared for commercial activities, but barge transportation of crude oil may be limited by the operational status of onshore terminals or barge availability.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs