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Swift Energy Announces: 122% Increase In Second Quarter 2013 Earnings To $6.7 Million, Or $0.15 Per Diluted Share

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 Activity

In 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)
                           
Natural Residual
Gas Natural Barrels of
Oil Liquids Gas Oil Pressure Choke
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”
 

The Company had previously announced that it was contemplating joint ventures or strategic partnerships in South Texas. After a strategic review of all the Company’s assets as well as evaluating potential partners interested in developing the Company’s acreage while experiencing continual improvement of the performance of these assets, it has been determined that a joint venture is not the most attractive option for financing the development of the Company’s South Texas operations. Instead, the Company believes that the disposition of its Central Louisiana assets is the preferable course of action in order to fund the acceleration of this development.

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