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Swift Energy Announces: 13% Increase In Third Quarter 2012 Production To 2.87 Million Barrels Of Oil Equivalent

Third Quarter Pricing

The Company realized an aggregate average price of $44.51 per Boe during the quarter, a decline from the $56.31 per Boe average price received in the third quarter of 2011.

In the third quarter of 2012, Swift Energy’s average crude oil prices decreased 3% to $102.73 per barrel from $105.55 per barrel realized in the same period in 2011. For the same periods, average natural gas prices were $2.52 per thousand cubic feet (“Mcf”), down by 32% from the $3.68 per Mcf average price realized a year earlier. Prices for NGLs averaged $31.29 per barrel in the 2012 third quarter, a 46% decrease from third quarter 2011 NGL prices of $57.76 per barrel.

Third Quarter Drilling Activity

In the third quarter of 2012, Swift Energy drilled fourteen operated development wells and participated in two non-operated development wells. In the Company’s South Texas core area, eleven horizontal wells were drilled to the Eagle Ford shale, which included four wells in LaSalle County and seven wells in McMullen County.

In Swift Energy’s Southeast Louisiana core area, three wells were drilled in the Lake Washington field. In the Company’s Central Louisiana/East Texas core area, two non-operated wells targeting the Austin Chalk were drilled in the Burr Ferry field.

There are currently three operated rigs drilling in the Company’s South Texas core area and one operated barge rig drilling in its Southeast Louisiana area. One non-operated rig is active in the Central Louisiana/East Texas area.

Operations Update:

South Texas Operations

In the Company’s South Texas core area, twelve operated wells were completed during the third quarter. In McMullen County, six Eagle Ford wells and one Olmos well were completed. In LaSalle County, five Eagle Ford wells were completed.

                                         

Initial Production Test Rates of South Texas Horizontal Wells

Completed in Third Quarter 2012

(Operated unless otherwise noted)

 
Well Name County/Formation Target Oil

(Bbls/d)

Natural Gas

Liquids

(Bbls/d)

Residual

Natural Gas

(MMcf/d)

Barrels of

Oil

Equivalent

Choke

Setting

Pressure

(psi)

Carden EF 7H LaSalle – Eagle Ford 110 236 2.6 779 16/64” 3,435
Baetz A EF 1H LaSalle – Eagle Ford 356 197 1.6 819 18/64” 3,538
Baetz A EF 2H LaSalle – Eagle Ford 468 259 2.1 1,076 12/64” 3,563
Alderman Ranch EF 4H LaSalle – Eagle Ford 153 273 2.3 810 18/64” 2,650
Alderman Ranch EF 5H LaSalle – Eagle Ford 135 260 2.2 759 18/64” 2,437
Hayes EF 2H McMullen – Eagle Ford 632 52 0.4 755 12/64” 3,500
Henry EF 1H McMullen – Eagle Ford 544 56 0.5 678 14/64” 2,625
Henry EF 2H McMullen – Eagle Ford 520 47 0.4 631 14/64” 2,500
SMR EF 6H McMullen – Eagle Ford 1,097 54 0.5 1,226 16/64” 2,407
SMR OL 4H McMullen – Olmos 614 136 0.9 897 16/64” 2,894
SMR EF 7H McMullen – Eagle Ford 912 51 0.4 1,033 16/64” 2,011
SMR EF 8H McMullen – Eagle Ford 837 31 0.3 911 16/64” 1,791
 

Further, three additional wells drilled (but not completed) in LaSalle County during the third quarter were drilled to test 60 acre downspacing assumptions. These wells have now been completed with initial production rates of each above 1,000 Boe, producing approximately 60% crude oil and natural gas liquids. Further downspacing tests will increase the Company’s crude oil and liquids rich drilling inventory.

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