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Swift Energy Announces: 15% Increase In Fourth Quarter 2012 Production To 3.11 Million Barrels Of Oil Equivalent

Fourth Quarter Pricing

The Company realized an aggregate average price of $50.87 per Boe during the quarter, down from the $57.73 per Boe average price received in the fourth quarter of 2011.

In the fourth quarter of 2012, Swift Energy’s average crude oil prices decreased 8% to $102.73 per barrel from $111.79 per barrel realized in the same period in 2011. For the same periods, average natural gas prices were $3.04 per thousand cubic feet (“Mcf”), a decrease of 10% from the $3.39 per Mcf average price realized a year earlier. Prices for NGLs averaged $31.42 per barrel in the fourth quarter, a 41% decrease from fourth quarter 2011 NGL prices of $52.86 per barrel.

Fourth Quarter Drilling Activity

In the fourth quarter of 2012, Swift Energy drilled 15 operated development wells and participated in one non-operated well. In the Company’s South Texas core area, 12 operated horizontal development wells were drilled to the Eagle Ford shale: 7 wells in McMullen County, and 5 in LaSalle County.

In Swift Energy’s Southeast Louisiana core area, 2 wells were drilled in the Lake Washington field and 1 well was drilled in the Bay de Chene field. In the Company’s Central Louisiana/East Texas core area, one non-operated well targeting the Austin Chalk was drilled in the Burr Ferry field.

There are currently 3 operated rigs drilling in the Company’s South Texas core area, one operated rig in Lake Washington, and one operated rig drilling a horizontal well in the South Bearhead Creek field in Beauregard Parish, Louisiana.

Operations Update:

South Texas Operations

In the Company’s South Texas core area, 17 operated wells were completed during the fourth quarter. In McMullen County, 11 operated Eagle Ford wells were completed. In LaSalle County, 6 operated Eagle Ford wells were completed.

Initial Production Test Rates of South Texas Horizontal Wells

Completed in Fourth Quarter 2012

(Operated and 100% Working Interest, unless otherwise noted)

             
Natural Gas Residual Barrels of
Oil Liquids Natural Gas Oil Choke Pressure
Well Name County/Formation Target (Bbls/d) (Bbls/d) (MMcf/d) Equivalent Setting (psi)
Y Bar EF 3H McMullen – Eagle Ford 590 60 0.5 727 16/64” 2,335
Y Bar EF 4H McMullen – Eagle Ford 616 62 0.5 756 16/64” 2,491
Baetz EF 1H LaSalle – Eagle Ford 293 347 2.8 1,109 20/64” 2,715
Baetz EF 2H LaSalle – Eagle Ford 259 364 3.0 1,115 20/64” 2,715
Baetz EF 3H LaSalle – Eagle Ford 254 321 2.6 1,009 20/64” 2,800
McClaugherty A EF 1H McMullen – Eagle Ford 688 162 1.1 1,035 16/64” 2,984
McClaugherty A EF 2H McMullen – Eagle Ford 644 152 1.0 970 16/64” 2,667
PCQ EF 6H McMullen – Eagle Ford 880 55 0.5 1,011 14/64” 3,437
Carden EF 8H LaSalle – Eagle Ford 136 263 2.9 882 20/64” 3,050
ARN EF 5H LaSalle – Eagle Ford 416 324 2.7 1,197 20/64” 3,025
SMR JV EF 3H McMullen – Eagle Ford 1,040 54 0.4 1,167 16/64” 2,325
SMR JV EF 4H McMullen – Eagle Ford 1,044 68 0.6 1,206 16/64” 2,300
Alderman Ranch EF 6H LaSalle – Eagle Ford 256 249 2.1 855 18/64” 2,814
NBRP EF 1H McMullen – Eagle Ford 624 382 2.6 1,439 16/64” 4,526
NBRP EF 2H McMullen – Eagle Ford 532 289 2.0 1,149 20/64” 4,402
NBRP EF 3H McMullen – Eagle Ford 448 261 1.8 1,005 14/64” 4,364
NBRP EF 4H McMullen – Eagle Ford 600 384 2.6 1,419 16/64” 4,498
 

The four NBRP wells which were drilled and completed in northern McMullen County during the fourth quarter tested our 50 acre downspacing assumptions in this area. Each of these wells have been completed and tested with initial production rates above 1,000 Boe, producing approximately 70% crude oil and natural gas liquids.

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