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Hope this finds all of you following this site well and ready for a productive New Year. It has been said that while we can enjoy these low fuel prices at the pump, no matter what may happen in life, the oil industry will survive and strive.
loving these low prices 10-15 months we'll see $100 a bbl again
This thing is movingggg. ??
Did some surfing and ran across Swift Energy. How's it going?
We're off 11% today to 10.91. This is a decent buy here with some caveats. Reserves and NPV valuations are off the charts compared to other same sized competitors. They have 191million boes of reserves. Production is ~32Kboepd. Cashflow is around 1.60+/qtr.
The numbers say VERY undervalued.
The market says we don't care. No production growth, promising Eagle Ford shale field isn't producing much liquids and company has a lot of debt. Market is worried they won't sell Central Louisiana and have to curtail drill program and lose production.
Swift is attempting to sell Central Louisiana acreage for $300-400million to fund 2014 drill programs. Appear to be having trouble because they said sale would likely be completed by end of 2013, then end of Q1, now end of Q2. They are currently using line of credit and cashflow to fund drilling.
IF they sell C. Louisiana for decent bucks and IF they JV Fasken acreage, they should do well in share price because the fundamentals are solid. They are reducing cost of drilling the EFS wells and improving results.
Are we nearing $10, if so is it a good entry point.
new Motley Fool article on SWIFT ENERGY
http://www.fool.com/investing/general/2013/11/06/swift-energy-the-next-success-story-in-the-eagle-f.aspx
Great Q3 earnings report from SFY. +.75 to $13.93 so far today.
http://finance.yahoo.com/news/swift-energy-announces-185-increase-100000298.html
Earned .20 eps but around $2 cashflow!
Selling for less than 2X fwd cashflow
Commentary indicates that Swift is moving towards EOG type FAT FRACKS. Q4 should be interesting because they are bringing in a third proprietary drilling rig AND should employ the new completion techniques on all wells.
Here is an article describing the new type of fracks that EOG is using.
http://seekingalpha.com/article/1755982-bakken-update-frac-sand-pricing-could-go-parabolic-as-eog-resources-well-design-revolutionizes-unconventional-oil-production
If SFY can average over 2,000boepd on their new wells, they will have to move up their 2014 guidance!
This stock is up 30% over the past few weeks. We should have jumped on it :/
Thank you for the update and opinion DZ. Still keeping an eye on SFY.
With falling prices at the pump, Oil dipped under $80 a barrel today (which everyone should be happy) of course the stock will fall more. Not to mention the overall poor performance of the market today. SFY has been declining since Febuary. Good luck, there might be a bounce if the company can sell more fuel at higher prices. As for the natural gas.... its cheap anywhere you go
With natural gas becoming so popular as well as oil, maybe there's a chance for SFY to make a come back. I sure would like to see it. I'll keep my eyes and ears open. There's always a chance.
Did some research and found that Swift Energy did well a while back. Any chance of a turn around?
SFY looks interesting. What is this company all about? Anyone out there that can shed some light on this company?
~ Thursday! $SFY ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $SFY ~ Earnings expected on Thursday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=SFY&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=SFY&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=SFY
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=SFY#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=SFY+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=SFY
Finviz: http://finviz.com/quote.ashx?t=SFY
~ BusyStock: http://busystock.com/i.php?s=SFY&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=SFY >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Think SFY will develop their acreage in the Tuscaloosa Shale?
Been loving the ride here from $32. Cashed up and ready for 2011. This is far from over.
Swift Energy Co. said Wednesday that it had completed its public offering of common stock with the sale of optional shares, bringing final net proceeds to about $140.4 million.
The Houston-based oil and gas firm announced a public offering of 3 million shares, with an option to purchase an additional 450,000, on Nov. 11. The offering eventually grew to top 4 million shares, including over-allotments.
The announcement of the final sales tally sent Swift (NYSE: SFY) shares up 5.15 percent to $38.37 on Wednesday in early trading, buoyed also by the day's overall Wall Street surge.
Proceeds from the sale will fund projects under the company’s 2011 capital budget, primarily an accelerated drilling program to increase production and reserves at shale and Olmos-sand plays in South Texas.
Read more: Swift Energy nets $140M in stock offering | Houston Business Journal
HOUSTON--(BUSINESS WIRE)-- Meritage Midstream Services announced today that it has completed the Fasken Ranch lateral pipeline. The pipeline began flowing natural gas this week. It is an extension to the company’s Eagle Ford Escondido Gathering System in Webb County, Texas. The 14.5-mile, 12-inch pipeline extends Meritage Midstream’s natural gas gathering system to the northwest into Swift Energy Company’s Fasken operating area. Swift Energy (NYSE: SFY) will have up to 40 million cubic feet of natural gas per day of firm capacity on the new pipeline. Meritage is also building a 10.5-mile, 16-inch extension to the southeast to increase takeaway capacity in the Eagle Ford shale. This line is expected to be in place in early 2011. Meritage will expand treating capacity at its South Calahan facility as volumes on the gathering system increase.
“We are very proud of the exceptional installation time on this pipeline. Meritage’s rapid response to the critical need for infrastructure in the Eagle Ford shale means that our customers are able to begin flowing natural gas from day one,” said Steven Huckaby, President & CEO of Meritage Midstream Services. “Our goals are to make sure that producers have the transmission and processing capacity they need and also provide the reliable access to multiple markets that will maximize the value of their gas.”
About Meritage Midstream Services:
Headquartered in Golden, Colorado, Meritage Midstream provides oil and gas producers with a full complement of midstream services. Capabilities include the gathering, treating and handling of natural gas, crude oil and condensate. The company differentiates itself with a focus on excellence in customer service, integrated all-in solutions, and the ability to respond quickly to rapidly developing resource plays. The Meritage management team has a combined 140 years experience in gathering and processing. Meritage is backed by equity commitments from EnCap Flatrock Midstream and TPH Partners. Visit MeritageMidstream.com for more information.
Glad to have been accumulating in the $32 range. Going to be a big mover here for 2011.
HOUSTON--(BUSINESS WIRE)-- Swift Energy Company (NYSE:SFY) announced today earnings of $9.4 million for the third quarter of 2010, or $0.24 per diluted share, a 24% increase when compared to earnings of $7.6 million, or $0.21 per diluted share, in the third quarter of 2009.
Adjusted cash flow (cash flow before working capital changes, a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) for the third quarter 2010 increased 7% to $61.7 million, or $1.62 per diluted share, compared to $57.6 million, or $1.65 per diluted share, for the third quarter 2009.
Swift Energy produced 2.07 million barrels of oil equivalent (“MMBoe”) during the third quarter of 2010, which is a 7% decrease compared to third quarter 2009 production of 2.22 MMBoe and a 2% increase from second quarter 2010 levels.
Terry Swift, CEO of Swift Energy, commented, “During the third quarter, the limited availability of high pressure pumping services, combined with an overall increase in Eagle Ford drilling activity, has resulted in unexpected and uncontrollable service provider scheduling delays in South Texas, resulting in a significant backlog of industry wells awaiting fracture stimulation. As of the end of the third quarter, Swift had 12 horizontal wells awaiting fracture stimulation. Starting in the fourth quarter, Swift Energy began using our dedicated fracture stimulation equipment and services under the previously disclosed completion services agreement secured in the second quarter. This increased control of our completion activity in South Texas, has improved our stimulation performance from one horizontal well completion per month during the third quarter to over four horizontal wells completed in October. With our current level of drilling activity, we expect to have 9-12 horizontal wells awaiting fracture stimulation by the end of the year. This number of backlogged completions is above our original expectations and will result in lower full year production and lower year-end exit rate.
“The uncertainties in high pressure pumping service scheduling and performance for much of 2010 have led us to reduce our forecasted year-end corporate daily production rate to 26,000 to 28,000 net barrels of oil equivalent per day (“Boe/d”). This new range represents a 15% - 24% increase from our third quarter average daily production rate of 22,500 Boe/d. These unexpected scheduling issues mean that approximately 525,000 barrels of oil equivalent (“Boe”) of production will be delayed beyond year-end. As a result, our full year 2010 production is expected to be 8.30 – 8.50 MMboe, which includes a 2% to 9% sequential increase in fourth quarter production over third quarter 2010 production levels. Our focus on liquids-rich opportunities will result in our production mix remaining approximately 60% liquids at year-end 2010. Based on our year to date drilling and appraisal program, we expect our year-end 2010 reserves to increase by 15% to 20% over last year’s year-end levels.
“Despite these unexpected scheduling delays, Swift Energy remains focused on long term development of our South Texas properties. During the third quarter, in addition to securing three high power drilling rigs for our South Texas operations, we secured gathering and transportation agreements for natural gas that the Company will produce in Webb County, Texas. We also extended our $500 million credit facility for five years, with the borrowing base currently set at $300 million.”
Revenues and Expenses
Total revenues for the third quarter of 2010 increased 10% to $105.6 million from the $96.3 million generated in the third quarter of 2009, primarily due to higher commodity prices.
Depreciation, depletion and amortization expense (“DD&A”) of $19.69 per barrel of oil equivalent (“Boe”) in the third quarter of 2010 increased from $18.48 per Boe of DD&A in the comparable period in 2009, due to a higher overall depletable full cost base. Lease operating expenses, before severance and ad valorem taxes, were $10.12 per Boe in the third quarter 2010, an increase of 21% compared to $8.34 per Boe in the third quarter of 2009. Lease operating expenses increased primarily as a result of higher workover projects and certain environmental clean-up costs. Severance and ad valorem taxes decreased to $5.23 per Boe from $5.27 per Boe in the comparable period due to changes in our product mix.
General and administrative expenses increased to $4.21 per Boe during the third quarter of 2010 from $3.98 per Boe in the same period in 2009 due to an increase in office related costs and lower production levels. Interest expense increased to $3.99 per Boe in the third quarter of 2010 compared to $3.31 per Boe for the same period in 2009 due to higher rates associated with long-term debt.
Production & Pricing
Swift Energy’s third quarter 2010 production was 2.07 MMBoe (approximately 22,500 Boe/d), a decrease of 7% when compared to 2009 third quarter production of 2.22 MMBoe. Sequentially, production increased 2% from the 2.03 MMBoe (approximately 22,300 Boe/d) produced in the second quarter of 2010, as a result of our increased activity levels in South Texas.
The Company realized an aggregate average price of $51.06 per Boe during the quarter, an increase of 16% from the $44.14 per Boe average price received in the third quarter of 2009. In the third quarter of 2010, average crude oil prices increased 12% to $76.39 per barrel from $68.15 per barrel realized in the same period in 2009. For the same periods, average natural gas prices were $3.87 per thousand cubic feet (“Mcf”), an increase of 36% from the $2.84 per Mcf average price realized a year earlier. Prices for natural gas liquids (“NGL”) averaged $39.88 per barrel in the third quarter for a 14% increase from third quarter 2009 NGL prices of $35.09 per barrel.
Third Quarter Drilling Activity
In the third quarter of 2010, Swift Energy drilled 17 operated development wells and also participated in two non-operated development wells. The Company also drilled one operated exploration well and participated in one non-operated exploration well.
In the Company’s South Texas core area in McMullen County, 3 operated horizontal development wells were drilled to the Eagle Ford shale and 5 operated horizontal development wells were drilled to the Olmos sand (one of which will be completed as a water source well after encountering mechanical difficulties). Two non-operated horizontal development wells were drilled by a joint venture partner to the Eagle Ford shale, and 5 operated vertical development wells were drilled to the Olmos sand. In LaSalle County, one operated horizontal exploration well was drilled to the Eagle Ford Shale.
In Swift Energy’s Southeast Louisiana core area, 4 development wells were drilled in the Lake Washington field. 3 of 4 have been completed, with one plugged and abandoned.
In the Burr Ferry field, in the Company’s Central Louisiana/East Texas core area, one non-operated exploration well was drilled by our joint venture partner to the Austin Chalk formation.
Swift Energy currently has 4 operated rigs and one non-operated rig drilling in its South Texas core area. One operated rig and one non-operated rig are currently drilling in its Central Louisiana/East Texas core area.
Operations Update:
South Texas - Eagle Ford Operations
During the third quarter, the Company drilled the Quintanilla Me-You 1-H, PCQ 2-H and the PCQ 3-H in McMullen County to the Eagle Ford shale formation in the Company’s South Texas core area. The Company completed testing of three horizontal Eagle Ford oil wells at an average rate of approximately 750 Boe/day per well.
A 12-stage fracture stimulation was performed on the Quintanilla Me-You 1-H. This well’s initial production rate was 494 barrels of oil per day (“Bbls/d”) and 1.3 million cubic feet of gas per day (“MMcf/d”) with flowing casing pressure of 2,100 psi on an 18/64” choke. The PCQ 2-H and PCQ 3-H wells are waiting on completion operations before they can be produced.
The Discher 1-H and the PCQ 4-H wells (drilled earlier in the year) were completed during the third quarter. A-14 stage fracture stimulation was performed on The Discher 1-H. This well’s initial production rate was 448 Bbls/d and 1.6 MMcf/d with flowing casing pressure of 3,275 psi on a 12/64” choke. The PCQ 4-H was completed with a 13-stage fracture stimulation. This well’s initial production rate was 528 Bbls/d and 1.9 MMcf/d with flowing casing pressure of 4,903 psi on a 14/64” choke.
The Carden 1-H, an exploration well, was drilled to test the Eagle Ford shale formation on Swift Energy acreage in LaSalle County during the third quarter. A 14-stage completion was performed on this well, which is in the process of flowing back and being brought on line.
The Company is currently drilling three operated horizontal wells targeting the Eagle Ford shale, one in McMullen County and two in Webb County.
Also in McMullen County, the Company’s joint venture partner drilled the Whitehurst JV 1-H and Bracken JV 6-H wells. These wells are waiting on fracture stimulation operations. The Bracken JV 3-H, a well drilled earlier in the year, was completed during the quarter with a 10-stage fracture stimulation. This well’s initial production rate was 5.8 MMcf/d with flowing casing pressure of 5,753 psi on a 16/64” choke. Another well, the Bracken JV 2-H is currently being fracture stimulated and will be online in the fourth quarter. One non-operated rig is currently drilling in this area and will be active for the remainder of 2010.
South Texas - Olmos Operations
Swift Energy drilled the AFP 3-H, the SBR 1-H, the AFP 4-H and the Whitehurst 1-H wells in the Olmos formation in McMullen County during the third quarter. All of these wells are waiting on fracture stimulation operations.
During the third quarter, 5 vertical wells targeting oil in the Olmos formation in the northern portion of AWP were drilled. At the end of the third quarter, three of these wells were completed and waiting to be put on production. The initial production rate of the most recently completed well during the fourth quarter, the SMR 7, was 318 Bbls/d and 0.8 MMcf/d with flowing tubing pressure of 1,900 psi on a 12/64” choke. This 2010 vertical drilling program was concluded after a 6th well was drilled early in the fourth quarter.
Southeast Louisiana
In its Southeast Louisiana core area at the Lake Washington field, the Company completed 3 of 4 wells drilled. The CM #413 was drilled to a measured depth of 2,922 feet and encountered 48 feet of true vertical net pay. This well has averaged approximately 270 gross Bbls/d of oil over the past thirty days. The SL 17266 #25 was drilled to a measured depth of 5,037 feet and encountered 246 feet of true vertical net pay. This well has averaged approximately 100 gross Bbls/d of oil over the past thirty days. The CM #414 was drilled to a measured depth of 1,622 feet and encountered 90 feet of true vertical pay. This well was recently completed and will be tested following a facility upgrade.
Also during the quarter at the Lake Washington field, six sliding sleeve changes were performed during the quarter resulting in an average production increase of 277 gross barrels of oil equivalent per day per operation.
East Texas/Central Louisiana
In the Company’s East Texas/Central Louisiana core area, a non-operated well targeting the Austin Chalk was drilled and completed in the South Burr Ferry field. Initial production test rates of this well were 13 Mmcf/d and 1,000 Bbls/d of gross production. Swift Energy has a 50% working interest in this well, which will be produced to sales upon completion of a saltwater disposal well. A second well in this area has been drilled and will be completed during the fourth quarter.
Price Risk Management
Swift Energy has purchased natural gas floors that will cover approximately 520,000 MMBtu’s of January 2011 natural gas production at an average NYMEX strike price of $3.87 per MMBtu. On an ongoing basis, details of Swift Energy’s complete price risk management activities can be found on the Company’s website (www.swiftenergy.com).
First Quarter 2010 Operational Activities
After completing five horizontal development wells in the Olmos sand in the South Texas AWP Field (one in late 2008 and four during 2009), in first quarter 2010 we completed two other South Texas horizontal wells that had been spudded in December 2009 in the deeper Eagle Ford shale formation—the Fasken EF 1H well in the Las Tiendas Field and the PCQ 1H well in the AWP Field.
Also in first quarter 2010, our 50% joint venture partner (Petrohawk) finished drilling the first horizontal well to the Eagle Ford shale on the 26,000-acre portion of the AWP Field covered by the joint venture. This well, the Bracken JV 1H, was completed in April, after which we assumed operation of the well.
Other South Texas first quarter 2010 activity included drilling and completing a shallow vertical development well, the Henry #1, in the AWP Olmos sand and performing refractures on six existing vertical well bores in the field.
In the Southeast Louisiana core area, one of a group of three shallow development wells drilled during first quarter 2010 in the Lake Washington Field, the CM #410, was completed. A fourth shallow first quarter 2010 well was plugged because of mechanical failure and was successfully re-drilled early in the second quarter (in April) as the CM #411 well. In addition, seven Lake Washington wells were recompleted, adding 339 gross Boe/day per well to the field’s production.
Drilling operations are expected to resume in the area’s Bay de Chene Field during second quarter 2010. All facilities were brought on line on August 28, 2009, following new construction and upgrades necessitated by damages caused by Hurricane Gustav. Also, we began making preparations to spud a well in the Bay de Chene Field late in the first quarter or early in the second quarter of this year. Initial drilling will focus on oil development opportunities at depths between 11,000 and 12,000 feet.
Swift’s first quarter 2010 production was 2.04 MMBoe and consisted of 46.2% oil, 14.8% NGL, and 39.0% natural gas. The contributions to the first quarter 2010 production from the core areas of operation were 936 net MBoe from Southeast Louisiana, 790 net MBoe from South Texas, 161 net MBoe from Central Louisiana/East Texas, 153 net MBoe from South Louisiana, and 5 net MBoe from non-core properties.
During first quarter 2010, the company increased its year-end reserves growth guidance to a mean range of 8% to 12%, up from the 5% to 10% predicted at year-end 2009. It also increased its average daily production exit rate guidance from 27,500 Boe per day to 28,000 Boe per day.
This web page may contain "forward-looking statements" as defined in Section 21E of the Securities Exchange Act of 1934, as amended. Any opinions, forecasts, projections, or other statements other than statements of historical fact are forward-looking statements. Although Swift Energy 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. (See Terms of Use.)
2009 Production & Sales
Our 2009 production totaled 9.1 MMBoe, a decrease of 10% from our production of 10.0 MMBoe in 2008 due primarily to reduced drilling activity in 2009 following the plunge in commodity prices in 2008. The contributions to the 2009 production from the core areas of operation were 52.8% from Southeast Louisiana, 30.1% from South Texas, 9.5% from Central Louisiana/East Texas, and 7.2% from South Louisiana. The production volumes were 48% crude oil, 39% natural gas, and 13% natural gas liquids (NGL).
Oil and gas sales decreased 53% in 2009 to $371.7 million from $793.9 in 2008 due to both decreased production and lower unit prices. The average prices we received in 2009 were $60.07 per barrel for oil compared to $101.38 per barrel in 2008; $3.48 per Mcf for natural gas compared to $8.54 per Mcf in 2008; and $31.36 per barrel for natural gas liquids (NGL) compared to $57.15 per barrel in 2008.
2009 Producing Wells
Excluding 59 service wells, as of December 31, 2009, we had interests in 1,294 producing wells (1,165.5 net wells), of which we were operating 1,146. The wells included 569 producing from the Olmos formation in the AWP Field and 107 producing from the Miocene sands in the Lake Washington Field, the two fields providing 18.4% and 39.7% of our 2009 production, respectively. In addition, we had 402 proved undeveloped locations (PUDs) for future drilling, 99 in our Southeast Louisiana core area, 201 in South Texas, 65 in South Louisiana, and 37 in Central Louisiana/East Texas.
2009 Operational Activities
During 2009, we drilled 20 wells with a 90% success rate compared to 126 wells drilled in 2008 with an 87% success rate. The reduced drilling program in 2009 was in keeping with the company’s intentional reduction of operational expenses during 2009. Of the 20 wells drilled, seven wells with five successes were drilled in the Southeast Louisiana core area (Lake Washington Field) and 13 wells with 13 successes were drilled in the South Texas core area (11 in the AWP Field, one in the Briscoe Ranch Field, and one in the Sun TSH Field).
Thirteen of the 2009 wells were drilled in the fourth quarter with a 92% completion rate. In the Lake Washington Field, we completed four of five development wells drilled to measured depths of 6,023 feet to 7,240 feet in a new shallow well drilling program. In the southern portion of our AWP Field we completed the last two wells in a five-well horizontal drilling program in the Olmos sand, and in the northern portion of the field we completed six wells in a shallow vertical well drilling program in the Olmos sand.
Also during fourth quarter 2009, we continued programs to assist in mitigating natural field declines in both Lake Washington and AWP. In a production optimization program in Lake Washington, we did work on 11 wells involving gas lift enhancements, acid stimulations, and sliding sleeve changes to more productive zones, and we also performed recompletions on two wells. In a fracture stimulation program in AWP, we applied additional fracture stimulations to existing vertical well bores in the Olmos sand.
At year-end 2009 we had one operated rig and one nonoperated rig drilling in the South Texas core area and one rig drilling in the Southeast Louisiana core area. We expect to maintain this minimum level of activity throughout 2010. (See statement on increase in drilling rigs.)
2010 Drilling Plans
For the year 2010, our plans include drilling up to 50 wells and continuing to perform well recompletions and fracture enhancements as follows: (1) In the South Texas AWP Field, up to 4 horizontal wells in the Olmos sand, up to 6 horizontal wells in the Eagle Ford shale, up to 9 horizontal wells in the Eagle Ford shale joint venture, and up to 30 fracture enhancements; (2) in other South Texas fields, 6 to 10 horizontal wells in the Eagle Ford shale; (3) in the Southeast Louisiana Lake Washington Field, 10 to 15 wells and up to 10 recompletions; (4) in the Southeast Louisiana Bay de Chene Field, 2 to 5 wells; and (4) in the Central Louisiana/East Texas Masters Creek Field, 1 horizontal well.
Capital expenditures for 2010 are currently budgeted at $300 million to $375 million, net of minor non-core dispositions. (See update on 2010 capital budget.)
Year-end 2009 Reserves
At year-end 2009, we had operational control of 96% of our reserves base, which was estimated to total 112.9 MMBoe (see Reserves) with a PV-10 value of $1.3 billion. These reserves were 50% proved developed and were comprised of approximately 39% crude oil, 43% natural gas, and 18% NGL. They included 8.3 MMBoe of proved undeveloped reserves added during 2009 based on the results of the horizontal drilling program conducted in the AWP Field during the year.
Of our total year-end reserves, 56% were concentrated in Louisiana, 43% in Texas, and 1% in other states. The quantities held in the four core areas of operation were: 27.7% in Southeast Louisiana (86.1% oil and NGL); 38.5% in South Texas (41.8% oil and NGL); 17.7% in Central Louisiana/East Texas (64.2% oil and NGL); and 15.9% in South Louisiana (41.6% oil and NGL).
At year-end 2009, we projected that our reserves would increase 5% to 10% over 2009 levels. (Note: See revised projection under First Quarter 2009 Activities below.)
Core Areas of Operation
Currently our operational activities are largely focused in our Southeast Louisiana area and South Texas area. Both areas have long-lived reserves that will provide us with production for years into the future.
In Southeast Louisiana, where we have been drilling in inland waters since 2001, we target multilayered Miocene sands at depths varying between 3,000 feet and greater than 20,000 feet. The area contains two fields, the Lake Washington Field and the Bay de Chene Field, each of which surrounds a central submerged salt dome. The area also contains a producing area between the two fields that resulted from a 2008 discovery well (Shasta). All exploration and development in this area is entirely seismic led (see Louisiana Geoscience Databases).
In South Texas, we have focused for over 20 years on the tight Olmos sand at depths of approximately 11,500 feet in the company’s AWP Field and more recently at shallower depths in other South Texas fields acquired in 2007 (the Briscoe, Las Tiendas, and Sun TSH fields). In late 2008, we began a horizontal drilling program in the Olmos sand, and in late 2009 we initiated a second horizontal drilling program in the deeper Eagle Ford shale formation, both programs being largely conducted in the AWP Field. As part of the Eagle Ford shale program, we formed a joint venture with Petrohawk Energy Corporation on an approximately 26,000-acre portion of the field.
In Central Louisiana/East Texas, we target the Austin Chalk Trend and the Wilcox sands, the latter primarily in the area’s South Bearhead Creek Field, which we have operated since 2005. The area’s other three fields, Brookeland, Burr Ferry, and Masters Creek, all of which we have operated since 1998, produce from the Austin Chalk. In mid-2009, we entered into a joint venture agreement with Anadarko E&P Company LP for development and exploitation of a largely undeveloped area in the Burr Ferry Field beginning in 2010.
In South Louisiana, where we conduct both inland-water and land-based drilling, we target reserves in the Miocene sands and several other formations. The area includes five Swift-operated fields (Cote Blanche Island, Jeanerette, Horseshoe Bayou, Bayou Sale, and High Island) and one nonoperated field (Bayou Penchant). Like the Southeast Louisiana area, all exploration and development in these fields is entirely seismic led.
Core Areas Overview
Updates
May 6, 2010. Swift Energy’s oil and gas operations are focused along the U.S. Gulf Coast in the onshore and inland-water areas of Louisiana and Texas. We have four core areas of operation, each consisting of a group of parishes or counties within which we operate producing oil and natural gas fields and maintain a program of development and exploratory drilling. The areas are identified as (1) Southeast Louisiana, (2) South Texas, (3) Central Louisiana/East Texas, and (4) South Louisiana (see map). (Note: During 2008 we completed the sale of New Zealand assets we had operated for several years.)
Each of our four core areas has its own multidisciplinary Asset Development Team responsible for managing the fields within the core area, thereby providing the company with profit from the fields' combined production. A core area may be expanded through the discovery of new reserves or through the acquisition of additional reserves in established fields within the area.
Our current core areas of operation have resulted from our long-term strategy of focusing on multiple fields within specific geographical areas that are sufficiently separated to provide a balance of reserves with respect to oil vs. natural gas, developed vs. undeveloped, and short-lived vs. long-lived. By maintaining majority working interests in essentially all of the areas’ fields, we serve as operator of the fields, and by operating the fields within a core area together, we capitalize on economy of scale, minimize costs, and better utilize our technical and operational expertise.
This stock is a favorite of mine,
it looks to have started a bullish up swing.
GLTAL,
Wave
p.s. I would love to be an assistant moderator here!
Swift Energy 1Q profit jumps 75 percent on higher prices
Thursday May 8, 11:27 am ET
Oil and natural gas producer Swift Energy's 1st-qtr profit jumps 75 percent on higher prices
HOUSTON (AP) -- Oil and natural-gas producer Swift Energy Co. said Thursday its first-quarter profit jumped 75 percent on higher prices.
Net income for the three months ended March 31 rose to $48.4 million, compared with $26.5 million in the year-earlier quarter.
Earnings per share on a continuing operations basis climbed to $1.61 from 87 cents in the year-earlier period.
Analysts polled by Thomson Financial expected, on average, earnings per share of $1.64.
Shares tumbled $4.26, or 7.5 percent, to $52.59 in morning trading.
Revenue climbed 54 percent to nearly $200 million, primarily on higher oil and natural gas prices. Analysts expected revenue of $191.2.
Production was 1 percent higher than the year-earlier level.
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