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Swift Energy Announces Fourth Quarter And Full-Year 2013 Results

Stocks in this article: SFY

Fourth Quarter Pricing

The Company realized an aggregate average price of $47.26 per Boe during the quarter, a decrease from the $50.87 per Boe average price received in the fourth quarter of 2012 and lower than the $50.72 per Boe average price received in the third quarter of 2013.

In the fourth quarter of 2013, Swift Energy’s average crude oil prices decreased 8% to $94.14 per barrel from $102.73 per barrel realized in the same period in 2012. For the same period, average natural gas prices were $3.32 per thousand cubic feet (“Mcf”), up 9% from the $3.04 per Mcf average price realized a year earlier. Prices for NGLs averaged $33.93 per barrel in the 2013 fourth quarter, an 8% increase from fourth quarter 2012 NGL prices of $31.42 per barrel.

Fourth Quarter Drilling Activity

In the fourth quarter of 2013, Swift Energy drilled ten operated development wells. All ten development wells were drilled horizontally to the Eagle Ford shale in the Company’s South Texas core area. This activity included seven wells in McMullen County and three wells in Webb County.

The Company currently has three operated rigs active in the Company’s South Texas core area drilling Eagle Ford shale wells.

Operations Update:

South Texas Operations

In the Company’s South Texas core area, ten operated wells were completed during the fourth quarter. In McMullen County, eight 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 Fourth Quarter 2013

(Operated unless otherwise noted)

Well Name   County/Formation Target  

Oil (Bbls/d)


Natural Gas Liquids (Bbls/d)


Residual Natural Gas (MMcf/d)


Barrels of Oil Equivalent (Boe/d)


Pressure (psi)


Choke Setting

NBRP EF 5H   McMullen – Eagle Ford   558   288   2.3   1,221   4,800   15/64”
NBRP EF 6H McMullen – Eagle Ford 543 277 2.2 1,181 5,460 14/64”
NBRP EF 7H McMullen – Eagle Ford 576 314 2.5 1,300 5,490 14/64”
NBRP EF 8H McMullen – Eagle Ford 549 295 2.3 1,228 5,600 14/64”
SMR EF 11H McMullen – Eagle Ford 1,446 83 0.5 1,608 2,250 16/64”
SMR EF 10H McMullen – Eagle Ford 1,365 100 0.6 1,562 2,358 18/64”
PCQ EF 12H McMullen – Eagle Ford 747 125 0.8 1,008 2,541 18/64”
Fasken AB 9H Webb – Eagle Ford --- --- 17.5 2,919 3,102 34/64”
Fasken BCD 10H Webb – Eagle Ford --- --- 23.1 3,849 3,784 34/64”
PCQ EF 13H McMullen – Eagle Ford 685 68 0.4 828 2,234 16/64”

The Company continued to refine and test its completion techniques during the fourth quarter of 2013. The two wells drilled and completed in the Fasken area in Webb County were the first wells brought online in this area using the Company’s current drill and complete design.

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