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Swift Energy Announces Fourth Quarter And Full-Year 2013 Results

Stocks in this article: SFY

Terry Swift, CEO of Swift Energy commented, “During the fourth quarter, we further extended the development of our South Texas acreage by deploying our most effective drilling and completion techniques. We flow tested eight wells in our Northern AWP area at an average IP of 1,242 BOEPD, 80% percent liquids. Late in the year, we tested the Fasken BDC 9H and 10H wells at rates of 17 MMcfpd and 23 MMcfpd respectively.

“Consistent with industry technology advancements, increasing the total stimulated reservoir volume leads to higher production levels and improved capital efficiency. The overall Fasken gas program has delivered substantially better than expected results, including higher initial production rates and lower drilling and completion costs. These operational achievements, coupled with improved natural gas pricing have led to significant increases in the volumes and value of the reserves we were able to add at the end of the year.

“In the Artesia Wells area, we have observed a significant difference in the reservoir fluid types across relatively short distances. While we did lower costs and increase initial production rates, the overall long-term liquid performance of the Artesia Wells area is not consistent with previous expectations. This resulted in a significant adjustment downward in our previous estimates of volumes and value of our Artesia Wells acreage in LaSalle County. There are portions of this acreage, however, which continue to have good liquid yields. Improved lifting techniques, along with further improvement in natural gas prices, could improve our future estimates.

“Our year end 2013 reserve volumes increased 14%, but due to the higher natural gas mix, the present value only increased 6%.

“Strategically, our focus is to improve our balance sheet, bring our annual capital expenditures in balance with our cash flow and to pursue incremental investments which deliver higher capital efficiency. We are committed to the development of a profitable balanced hydrocarbon production mix. We are pursuing several avenues to accomplish these strategic objectives. As mentioned previously, we have targeted the sale of all, or a part, of our Central Louisiana assets. Additionally, we have developed a South Texas natural gas program in our Fasken area for prospective joint venture partners. We have entered into negotiations with potential partners and currently anticipate either or both of these transactions will be concluded by the end of the second quarter, which would reduce our leverage and improve our flexibility regarding our liquidity options.”

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