Swift Energy Company (SFY) today announced a revised 2015 capital budget range of $100 – $125 million in response to recent hydrocarbon price declines. This revised level of activity is projected to yield between 11.2 and 11.4 million barrels of oil equivalent (“MMBoe”) of production.
Terry Swift, CEO of Swift Energy, commented, “Our revised budget, representing a 70-75% decrease in spending from 2014, reflects the lower commodity price environment we face in 2015 and demonstrates our response during this down cycle. We continue to work with our vendors and suppliers to reduce service costs and are taking steps to materially reduce field level operating and corporate overhead expenses.”
Swift Energy also announced today that it has tested four new Eagle Ford wells in the Fasken area in Webb County, Texas. The Fasken 27H, 28H, 29H and 30H were all recently completed with an average initial production rate of 20.8 million cubic feet of gas per day.
|Fasken 27H||Webb – Eagle Ford||20.4||3,392||4,855||30/64”|
|Fasken 28H||Webb – Eagle Ford||21.1||3,523||3,946||36/64”|
|Fasken 29H||Webb – Eagle Ford||20.6||3,437||4,821||30/64”|
|Fasken 30H||Webb – Eagle Ford||21.1||3,518||3,820||36/64”|
Terry Swift commented further, “We are pleased with our drilling and completion efforts in Fasken, as we have now drilled 14 consecutive wells with average initial production tests in excess of 20 MMcf/d. These results demonstrate that deploying customized, engineered completions in horizontal laterals drilled in precise target zones of the Eagle Ford shale improve the productivity of our wells.”
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 assumptions regarding 2015 hydrocarbon pricing, targets for 2015 production levels, and estimates of 2015 capital expenditures. 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, 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.