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Swift Energy Announces Fourth Quarter And Full-Year 2013 Results

Stocks in this article: SFY

The Fasken BCD 10H achieved initial test rates of 23.1 million cubic feet of gas per day (“MMcf/d”) with flowing casing pressure of 3,560 psi on a 34/64” choke with a 21 stage completion over a completed lateral length (“CLAT”) of 6,974 feet.

The Fasken AB 9H achieved initial test rates of 17.5 MMcf/d with flowing casing pressure of 3,100 psi on a 34/64” choke with a 20 stage completion over a CLAT of 6,433 feet. Average seven day production test rates of the Fasken BCD 10H and Fasken AB 9H were 22.3 MMcf/d and 16.8 MMcf/d respectively.

Both of these wells were completed with tighter frac stage spacing and proppant concentrations and are expected to produce 10-15 billion cubic feet of gas over their productive lives. The Company has identified an additional 50-60 undeveloped lower Eagle Ford locations in the Fasken area and expects future well costs to be approximately $7.5 million or better.

Also in its Fasken area, the Company is currently in negotiations regarding a joint venture in this area to accelerate the development of this prolific asset while allowing Swift Energy to strengthen its balance sheet and liquidity profile.

After an assessment of long-term production results in the Company’s LaSalle County acreage, it was determined that in certain wells the reservoir fluid being produced has retrograde condensation characteristics which reduce ultimate liquid recoveries.

Approximately 50% of the Artesia Wells acreage, principally located to the south and west, will require technological enhancements and higher commodity prices to justify future development. The remaining acreage in Artesia wells has demonstrated higher long-term liquid yields and is still economically attractive.

Southeast Louisiana

In the Lake Washington field in Plaquemines Parish, LA, the Company continued its ongoing recompletion and production optimization program, performing 8 recompletions and 12 production optimization projects during the quarter. The Company expects to perform up to 20 recompletions at Lake Washington during 2014.

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