Swift Energy Announces New Eagle Ford Well Tests

HOUSTON--()--Swift Energy Company (NYSE: SFY) announced today that it has tested three new Eagle Ford wells in the Fasken area in Webb County, TX. The Fasken BD 14H, 15H and 16H were all recently completed with an average initial production rate of 22.1 million cubic feet of gas per day (“MMcf/d”).

                   
Well Name     County/Formation Target    

Natural
Gas
(MMcf/d)

   

Barrels of
Oil
Equivalent
(Boe/d)

   

Pressure
(psi)

   

Choke
Setting

Fasken BD 14H Webb – Eagle Ford 20.6 3,435 3,600 34/64”
Fasken BD 15H Webb – Eagle Ford 22.5 3,745 3,900 34/64”
Fasken BD 16H Webb – Eagle Ford 23.3 3,887 4,005 34/64”
 

The Company has also completed three new Eagle Ford wells in the northern part of its McMullen County, TX acreage position during the first quarter. The PCQ 14H, 15H and 16H achieved an average initial production rate of 1,212 barrels of oil equivalent during their test periods.

                           
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

PCQ EF 14H McMullen – Eagle Ford 1,108

93

0.6 1,302 4,180 16/64”
PCQ EF 15H McMullen – Eagle Ford 1,108 88 0.6 1,292 4,008 16/64”
PCQ EF 16H McMullen – Eagle Ford 804 114 0.7 1,042 3,173 16/64”
 

Terry Swift, CEO of Swift Energy, commented, “We are very pleased with our continuing operational improvements in these two key areas of our Eagle Ford acreage. The repeatable results in these areas provide a more predictable production growth profile, which is essential to our near term objectives of reducing financial leverage and increasing our liquidity profile.”

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, including targets for 2014 production and reserves growth, per well costs and per BOE costs, and estimates of 2014 capital expenditures and guidance estimates for the first quarter of 2014 and full-year 2014. 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. 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 results, engineering and geologic information and changes in market conditions.

Contacts

Swift Energy Company
Paul Vincent, (281) 874-2700, (800) 777-2412
Director – Finance & Investor Relations

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Contacts

Swift Energy Company
Paul Vincent, (281) 874-2700, (800) 777-2412
Director – Finance & Investor Relations