Second Quarter Pricing
The Company realized an aggregate average price of $50.71 per Boe during the quarter, an increase from the $45.22 per Boe average price received in the second quarter of 2012.
In the second quarter of 2013, Swift Energy’s average crude oil prices decreased 5% to $103.15 per barrel from $108.02 per barrel realized in the same period in 2012. For the same periods, average natural gas prices were $3.86 per thousand cubic feet (“Mcf”), up 93% from the $2.01 per Mcf average price realized a year earlier. Prices for NGLs averaged $29.74 per barrel in the 2013 second quarter, a 16% decrease from second quarter 2012 NGL prices of $35.25 per barrel.
Second Quarter Drilling ActivityIn the second quarter of 2013, Swift Energy drilled fourteen operated development wells. In the Company’s South Texas core area, all horizontal wells were drilled to the Eagle Ford shale, which included six wells in LaSalle County, four wells in McMullen County and two well in Webb County. In Swift Energy’s Southeast Louisiana core area, one well was drilled in the Lake Washington field. In the Company’s Central Louisiana/East Texas core area, one operated well targeting the Wilcox was drilled in the South Bearhead Creek. There are currently three operated rigs drilling in the Company’s South Texas core area. Operations Update: South Texas Operations In the Company’s South Texas core area, sixteen operated wells were completed during the second quarter. In McMullen County, two Eagle Ford wells and one Olmos well were completed. In LaSalle County, eleven Eagle Ford wells were completed. In Webb County, two Eagle Ford wells were completed.
|Initial Production Test Rates of South Texas Horizontal Wells|
|Completed in Second Quarter 2013|
|(Operated unless otherwise noted)|
|Well Name||County/Formation Target||(Bbls/d)||(Bbls/d)||(MMcf/d)||Equivalent||(psi)||Setting|
|Baetz B EF 1H||La Salle – Eagle Ford||452||325||2.6||1,215||2,732||21/64”|
|Baetz B EF 2H||La Salle – Eagle Ford||409||481||3.9||1,540||2,930||20/64”|
|Carden West EF 1H||La Salle – Eagle Ford||236||424||4.7||1,436||2,456||21/64”|
|Carden West EF 2H||La Salle – Eagle Ford||62||485||5.3||1,434||2,702||21/64”|
|Fasken A EF 6H||Webb – Eagle Ford||0||0||11.4||1,906||3,700||21/64”|
|Fasken A EF 7H||Webb – Eagle Ford||0||0||9.1||1,518||3,800||17/64”|
|Snowden EF 2H||La Salle – Eagle Ford||223||116||1.3||551||1,380||22/64”|
|Snowden-Otto EF 1H||La Salle – Eagle Ford||321||171||1.9||804||1,706||24/64”|
|Whitehurst OL 5H||McMullen – Olmos||119||241||3.6||962||2,966||18/64”|
|Y Bar EF 5H||McMullen – Eagle Ford||705||30||0.2||774||2,000||16/64”|
|Snowden-Otto EF 2H||La Salle – Eagle Ford||174||257||2.8||901||1,744||22/64”|
|Snowden EF 3H||La Salle – Eagle Ford||297||152||1.7||727||1,539||22/64”|
|Baetz B EF 5H||La Salle – Eagle Ford||242||379||3.1||1,132||3,144||20/64”|
|Baetz B EF 6H||La Salle – Eagle Ford||258||404||3.3||1,206||3,009||20/64”|
|ARN EF 8H||La Salle – Eagle Ford||251||334||2.8||1,055||3,200||19/64”|
|PCQ EF 9H||McMullen – Eagle Ford||1,143||104||0.9||1,391||3,062||16/64”|