Swift Energy Co fka SFYWQ

[OilStockReport]

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.)