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 thought.”
Operations Update: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|
|Well Name||County/Formation Target||Oil (Bbls/d)||Natural Gas Liquids (Bbls/d)||Residual Natural Gas (MMcf/d)||Barrels of Oil Equivalent||Pressure (psi)||Choke Setting|
|Baetz A EF 3H||La Salle – Eagle Ford||719||304||2.5||1,434||3,337||16/64”|
|PCQ EF 7H||McMullen – Eagle Ford||1,288||191||1.6||1,742||2,537||16/64”|
|Hayes EF 3H||McMullen – Eagle Ford||713||75||0.6||891||3,183||14/64”|
|Hayes EF 4H||McMullen – Eagle Ford||678||74||0.6||854||2,891||14/64”|
|Siddons OL 4H||McMullen – Olmos||21||310||4.4||1,066||3,950||20/64”|
|Quintanilla Me-You EF 2H||McMullen – Eagle Ford||500||121||1.0||788||2,400||17/64”|
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