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Significant Domestic Production Tests Reported By Swift Energy Company
HOUSTON, Dec. 6 /PRNewswire/ -- Swift Energy Company (NYSE: SFY; PCX) announced today the completion and testing of a significant horizontal completion in the Saratoga formation and two additional completions in the Austin Chalk formation in the Masters Creek Field and in the Brookeland Field. The Swenco 22 #1 (92.5% working interest) tested the Saratoga limestone formation at a rate of 2,300 barrels of oil per day (BOPD) and 4.8 million cubic feet of natural gas per day (MMCFPD) on a 22/64-inch choke with 3,500 pounds of flowing tubing pressure.
The Swenco 22 #1 horizontal well encountered the Saratoga limestone formation at an approximate depth of 13,000 feet. Two horizontal laterals, with a combined length of 3,500 feet, were tested at various rates ranging from 1,100 barrels of oil per day (BOPD) and 3.1 million cubic feet of natural gas per day (MMCFPD) on an 18/64-inch choke with 3,800 pounds of flowing tubing pressure to a rate of 2,300 barrels of oil per day (BOPD) and 4.8 million cubic feet of natural gas per day (MMCFPD) on a 22/64-inch choke with 3,500 pounds of flowing tubing pressure.
As previously reported, the Company reentered the Temple 6 #1 wellbore in the third quarter of this year to strategically test the Saratoga formation. The Temple 6 #1, located 4.5 miles Northeast of the Swenco 22 #1, tested at rates up to 534 barrels of oil and 196 thousand cubic feet of gas per day. The Saratoga limestone formation has been penetrated numerous times while developing the Austin Chalk formation of the Masters Creek Field. These prior vertical penetrations of the Saratoga limestone provide the company with geologic and petrophysical information including core samples and hydrocarbon show data. The Company estimates that the prospective area of this Saratoga formation covers approximately 35,000 gross acres (22,000 net acres) with a potential for over 30 locations. While the Austin Chalk formation has been developed with 2,000-acre spacing units in this area, it is anticipated that the Saratoga formation will be developed utilizing spacing units of 1000-acres or less.
Additionally, the Company reported the completion and testing of two new Austin Chalk horizontal wells, one in the Masters Creek Field and another in the Brookeland Field. The Swenco B-23 #1 (96.9% working interest) located in the Masters Creek Field in Rapides Parish, Louisiana tested at a rate of 144 BOPD and 5.5 MMCFPD on an 18/64-inch choke with 6,850 pounds of flowing tubing pressure. The Temple Inland A-923 #1 (100% working interest) located in the Brookeland Field in Newton County, Texas tested at a rate of 515 BOPD and 8.8 MMCFPD on a 20/64-inch choke with 4,100 pounds of flowing tubing pressure. The Company anticipates that all these wells will be on production by the end of the year.
Terry Swift, President of Swift Energy Company, stated that, ``We believe that this extremely successful test of the Saratoga limestone formation is very significant for the Company. The Saratoga formation is deposited over the same 35,000 gross acres, which has produced over 16 million barrels of oil and gas equivalents from the deeper Austin Chalk formation. The Saratoga formation has been penetrated numerous times while developing the Austin Chalk, which provides us with important geologic and engineering information. The Company has 22,000 net acres for prospective Saratoga development locations within the existing infrastructure of this field. We now know that horizontal completions in the Saratoga formation can be as productive as the Austin Chalk formation in Louisiana, and this area should continue to provide the Company with additional growth opportunities.''
Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition, and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves. Founded in 1979 with headquarters in Houston, Texas, the Company has achieved outstanding growth rates in proved oil and gas reserves, production, and cash flow over the last five years through a disciplined program of acquisitions and drilling, while maintaining a strong financial position.
This material 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, or other statements other than statements of historical fact, are forward-looking statements. 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. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions.
SOURCE: Swift Energy Company |
