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Swift Energy To Update Operations At 2013 Analyst/Investor Meeting

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”
 

Southeast Louisiana

In the Lake Washington field, the CM 428 was recently completed and tested at initial test rates of 432 bbls/d of oil and 0.2 Mmcf/d of natural gas with flowing tubing pressure of 360 psi on a 24/64” choke.

Stock quotes in this article: SFY 

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