Swift Energy Announces New Eagle Ford Well Tests

Swift Energy Company (NYSE: SFY) announced today that it has tested three new Eagle Ford wells in the Fasken area in Webb County, Texas. The Fasken C 17H, 18H and 19H were all recently completed with an average initial production rate of 21.4 million cubic feet of gas per day (“MMcf/d”).
Well Name   County/Formation Target    

Natural Gas

(MMcf/d)
 

Barrels ofOilEquivalent(Boe/d)
 

Pressure(psi)
 

ChokeSetting
Fasken C 17H   Webb – Eagle Ford     21.4   3,571   4,292   34/64”
Fasken C 18H Webb – Eagle Ford 20.2 3,374 4,101 34/64”
Fasken C 19H Webb – Eagle Ford 22.4 3,734 4,442 34/64”
 

The Company has also completed two new Eagle Ford wells in the northern part of its McMullen County, Texas acreage position. The PCQ 17H and 18H achieved an average initial production rate of 1,404 barrels of oil equivalent during their test periods.
Well Name   County/Formation Target   Oil

(Bbls/d)
 

NaturalGasLiquids(Bbls/d)
 

ResidualNaturalGas(MMcf/d)
 

Barrels ofOilEquivalent(Boe/d)
 

Pressure(psi)
 

ChokeSetting
PCQ EF 17H   McMullen – Eagle Ford   939   159   1.1   1,286   3,336   20/64”
PCQ EF 18H McMullen – Eagle Ford 1,062 211 1.5 1,522 3,448 20/64”
 

Terry Swift, CEO of Swift Energy commented, “We are extremely pleased with our drilling and completion efforts in our Eagle Ford acreage. Our recent PCQ and Fasken well results demonstrate the multiple benefits from our technical improvements. We’re drilling smart, cost effective wells in a top tier manner. In our Fasken development project announced a month ago, we and our partner plan to take the steps necessary to increase the value of this premier Eagle Ford asset. Our last 8 Fasken wells (2 in late 2013 and 6 so far in 2014) have all been high rate wells with average initial production tests in excess of 20 MMcf/d. By early next year, we expect to have our Fasken firm pipeline capacity increase from 75 MMcfpd to 160 MMcfpd. Successful execution of this disciplined plan should place Swift Energy firmly among the top 20 Texas natural gas producers in 2015.”

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.

About Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, guidance or other statements contained herein, other than statements of historical fact, are forward-looking statements. These statements are based upon assumptions that are subject to change and to risks, especially the uncertainty and costs of finding, replacing, developing and acquiring reserves, availability and cost of capital, labor, services, supplies and facility capacity, hurricanes or tropical storms disrupting operations, and, volatility in oil or gas prices, uncertainty and costs of finding, replacing, developing or acquiring reserves, and disruption of operations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, including the ultimate performance of oil and gas wells based upon initial production rates. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission. Estimates of future financial or operating performance provided by the Company are based on existing market conditions and engineering and geologic information available at this time. Actual financial and operating performance may be higher or lower. Future performance is dependent upon oil and gas prices, exploratory and development drilling and production results, engineering and geologic information and changes in market conditions.

Copyright Business Wire 2010

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