This Day On The Street
Continue to site
ADVERTISEMENT
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 Operations And Production Forecasts Following Hurricane Isaac

Swift Energy Company (NYSE: SFY) announced today it has begun the resumption of production operations at its Lake Washington Field in Plaquemines Parish and Bay de Chene Field in Jefferson and Lafourche Parishes which were shut-in beginning on August 26 in the face of Hurricane Isaac.

After comprehensive assessment of production and safety systems, Lake Washington and Bay de Chene incurred relatively minor damage. Repairs to infrastructure are not expected to require significant capital expenditures, but prolonged poor weather has further delayed the resumption of field-wide operations in Lake Washington. The Company estimates that approximately 25% - 30% of its Lake Washington production has been brought back online, with the remaining production shut-in until minimal, but critical, repairs are made to the CM3 and Caseload facilities. These repairs should be completed within seven to ten days and field-wide production restored to pre-storm levels shortly thereafter. All pipeline and barge outlets for hydrocarbon sales in the area are operational and no long term impact to the field is anticipated as a result of this storm.

While the longer term prospects of the field remain intact, the Company currently expects that approximately 175,000 barrels of oil equivalent of production will have been deferred from the third quarter as a result of Hurricane Isaac. For the full year, it is expected that up to an additional 50,000 barrels of oil equivalent will be delayed as a result of hurricane shut-ins. The Company therefore expects its full year production levels to be approximately 225,000 barrels of oil equivalent lower than previously forecast. Swift Energy will update all previously stated operational and financial estimates with its regularly scheduled quarterly update on November 1, 2012.

Drilling and completion activity in Southeast Louisiana continues to produce promising results and affirms the rich oil inventory of Lake Washington. The LL&E #5, a recompletion performed prior to Hurricane Isaac and previously referred to as the Jellybowl prospect, tested at 1,544 barrels of oil per day and 1.0 Mmcf of gas on a 22/64” choke. A new well drilled during the quarter, the CM 423, was completed and tested at 896 barrels of oil and 0.3 Mmcf of gas on a 22/64” choke prior to being shut-in for Hurricane Issac.

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs