Swift Energy (SFY) Message Board

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Gold/Mining/Energy : Swift Energy (SFY)

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To: PuddleGlum who wrote (1476)	5/9/2001 8:49:34 AM
From: Robert T. Quasius	of 1602

Annual meeting notes from a Yahoo poster are below. I notice that the Yahoo board has some very high quality posts, not the drivel I've seen on many Yahoo boards! I just got back from the meeting. I talked with Mr. Vincent and Mr. Heckaman. They said they read the board and were interested in going to dinner after the meeting if the Yahoo Group had gotten together. Mr. Vincent stated in the meeting that SFY has had a number of base hits over the last year. He said that they now feel like the bases are loaded and a grand slam is on the way. Terry Swift said we are in the midst of a paradigm shift in energy. Projections show that we will go from 19 to 29 trillion cubic feet of natural gas per year in the U.S. in the next 20 years. He feels like high prices can be sustained as energy costs today are only 6% of GDP where they have been 14% in the past. From 1988 to present the NG used for pressure maint. has gone from 5% to 2%. That means that 33% of increases in NG supplies has come from the reduction of NG for maint. In 1984 gas wells were reduced to 20% of reserves in 80 months now its 30 months. There is not enough equipment and labor to make any significant impact in the patch. The decline rates are so steep due to new extraction technology that production can't catch up to demand. Sounds good for NG prices. They think Lake Washington will be a core for the company. Grand Lake Miocene is waiting on a rig and will be drilled in the 3-4 quarter. It has a 2000 bcf potential with a 50% interest. Sienna Frio and Nita 11 are currently drilling. I can't remember the others. In NZ they have identified another significant structure south of Tawa...Matai. I spoke with the VP of Operations and he told me they are drilling what they think is the crest of Kauri. He said one well is not a make or break deal, but it would be nice to hit the first one. He said there are so many locations to drill in Kauri it is hard to pick one. They showed a picture of the structures in Rimu and Kauri. I have to tell you that Rimu looked like the dwarf kid brother along side of Kauri. Kauri looked pretty incredible based on the areas pointed out in comparison to Rimu. Terry said they expect AT LEAST 6 different zones in Kauri. Terry Swift said that they need 500 bcf of reserves of NG in NZ to support a chemical plant, amonia plant, etc. Terry thinks that 500 bcf is very possible. He said they have already been approached and are keeping all options open. He said that just before they drilled the first well in Rimu NZ put a ban on flaring gas. They scrambled and got a contract to sell the gas, but not one that would tie up the long term potential for SFY NG. He feels that the gas will be a significant contributer to the company in the future. My impression is that the SFY horse is going to run a long, long time. The management and staff at Swift were very friendly. Earl Swift is very humble and has a great since of humor. He delivered a number of one liners that were hilarious. More later if someone else doesn't post it. Regards. Nogurutx

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