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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: stevedhu who wrote (58350)	1/12/2000 2:59:00 PM
From: cherrypitter	Respond to of 95453

All: Could any of the Pet Engineers out there comment on the quality etc: of the following well test? TIA. Rich Wednesday January 12, 1:09 pm Eastern Time Company Press Release SOURCE: Swift Energy Company Swift Energy Announces Successful Test Results for Rimu-A1 HOUSTON, Jan. 12 /PRNewswire/ -- Swift Energy Company (NYSE, PCX: SFY) announced today that its New Zealand subsidiary has completed the successful testing of the Rimu-A1 well in the onshore Taranaki Basin in New Zealand with a sustained ten-day production draw-down/build-up test to further evaluate reservoir characteristics. During the five-day flow period, the well produced at an average rate of 624 barrels of oil and 2.0 million cubic feet of natural gas per day with no water, which flow rates were intentionally restricted due to limitations on well site storage and transportation capacity. The initial flowing tubing pressure was 1,570 psi, which steadily increased to 1,896 psi during the test period. Well flow was through an 18/64 choke for the first 80 hours and then produced through a 17/64 choke for the remaining 40 hours. The shut-in static bottom-hole pressure, after a five-day build up was 5184 psi. The stabilized bottom-hole absolute calculated open flow potential was estimated to be 2,115 barrels of oil and 6.0 million cubic feet of natural gas per day. Swift has committed to perform additional seismic acquisition and analysis on the permit area, is evaluating longer-term sustained testing of this well, and is analyzing further delineation activities on the Rimu block. No production from this area is expected before 2001. Swift Energy New Zealand Ltd., as operator, completed the drilling of the Rimu-A1 in October of this year. Swift Energy holds a 90% interest in the permit on which this well was drilled, which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. Antrim Oil & Gas, Ltd., a wholly owned subsidiary of Calgary-based Antrim Energy, Inc., and Marabella Enterprises Ltd., a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd., each hold a 5% interest. Additionally, at a meeting held for security analysts in Houston today, Swift Energy Company outlined its plans for a 30% increase in capital expenditures for the calendar year 2000 to approximately $115 million. Terry E. Swift, President and Chief Operating Officer, stated that the Company has a capital expenditure budget for 2000 that calls for $60 million of drilling activity (including $8 million for exploration), $36 million for producing property acquisitions and $19 million for geological, geophysical and land leasing activities. Approximately $5 million of the total budget has been designated for other capital activity, including those in New Zealand. The budget includes 33 development wells and 9 exploratory wells planned to be drilled on prospects that have been generated in its domestic onshore core areas in Texas and Louisiana. Mr. Swift also indicated that the Company is seeking producing property acquisitions in the onshore coastal basin in these same states. During this meeting, Mr. Swift also reported that at year-end the Company purchased interests in 22 producing wells, related facilities and approximately 25,000 net acres from Union Pacific Resources Company (UPR) for $2.3 million effective December 1, 1999. The acquired properties are located in the Company's core Toledo Bend area situated between the Master Creek Field in Louisiana and the Brookeland Field in Texas. Founded in 1979, Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties with headquarters in Houston, Texas. 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. SOURCE: Swift Energy Company