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Gold/Mining/Energy : Swift Energy (SFY)
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To: Mark who wrote (784)4/28/1999 9:26:00 PM
From: Ed Ajootian  Read Replies (1) of 1602
 
Mark,

When you look at the growth in reserves over the last 5 years Swift has done a great job. But I, like most investors, am of the "what-have-you-done-for-me-lately" ilk. For '98, Swift did OK, adding 56 BCF of gas and 3 mmbo via extensions & discoveries, vs. production of 27 BCF of gas and 1.8 mmbo. But a lot of companies could quote these kinds of stats.

And when you look at how much smaller the '99 drilling budget is than the '98 budget then it will become clear how this year does not hold out a lot of hope for increasing the reserves. They'll be lucky if they can replace production.

In any event, great to see today's rally, on pretty good volume no less. The 5% shareholder list for SFY's proxy reads like a "who's who" of energy investors. Guess these guys must know something I don't.
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