Swift Energy Company (NYSE: SFY) reported today that it has retained Scotia Waterous (USA) Inc. as its exclusive advisor in the potential sale of its Central Louisiana assets. The Company’s Central Louisiana asset position includes approximately 86,000 mineral acres and three producing oil and natural gas fields: Burr Ferry, Masters Creek, and South Bearhead Creek located in the Austin Chalk and Wilcox fairways.
The audited proved reserves estimates at year end 2012 totaled 20.4 million barrels of oil equivalent of which 65.2% were classified as oil or natural gas liquids. The Company estimates that the resource potential of these fields is approximately 180 million barrels of oil equivalent.
During the third quarter, estimated daily production of these assets has averaged 2,651 barrels of oil equivalent per day. Increased production levels in the third quarter are primarily due to two new well completions. In the Burr Ferry field, the non-operated Indigo 17-1 has been completed and tested. Initial production rates of this well, as reported by the operator, were 617 barrels of oil per day and 4.8 million cubic feet of gas per day on a 24/64” choke with flowing tubing pressure of 5,400 psi. This well is producing to permanent facilities and is online.
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.