Southwestern Energy Announces Recent Drilling Success in Arkoma Basin

Successful Extension of Haileyville Prospect Yields High Production Rates From

Three Wells



Apr 30, 2001, 01:00 ET from Southwestern Energy Company

    HOUSTON, April 30 /PRNewswire/ -- Southwestern Energy Company (NYSE:   SWN)
 announced today results of its drilling program in the Haileyville Prospect
 area located in the western portion of the Arkoma Basin in Pittsburg County,
 Oklahoma.  The latest three wells, the Briggs #2-12, the Collins #1-13, and
 the Agnes #1, are currently producing at a combined gross rate of
 approximately 29.0 million cubic feet of gas per day (MMcf/d).  Southwestern's
 working interests in the wells range from 35% to 46%.
     The extension of the Company's Haileyville Prospect area was initially
 tested by the Briggs #2-12 which was spud in August 2000.  This well
 encountered 20 net feet of pay to the southwest of existing Southwestern
 producing wells.  Further drilling at the Collins #1-13 and Agnes #1 yielded
 better quality reservoir rock and 26 net feet of pay and 34 net feet of pay,
 respectively.  All of the wells in the Haileyville Prospect are operated by
 Oxley Petroleum Co., of Tulsa, Oklahoma, and produce from Middle Atoka Sands
 at approximately 8,500 feet.
     "The results of our Haileyville development area confirm our belief that
 there is significant potential that is currently untapped in this portion of
 the Arkoma Basin," stated Harold M. Korell, President and Chief Executive
 Officer of Southwestern Energy.
     Southwestern Energy Company is primarily focused on natural gas and is
 engaged in oil and gas exploration and production, natural gas gathering,
 transmission, and marketing, and natural gas distribution.  Additional
 information on the Company can be found on the Internet at http://www.swn.com.
     All statements, other than historical financial information may be deemed
 to be 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.  Although the Company believes the expectations
 expressed in such forward-looking statements are based on reasonable
 assumptions, such statements are not guarantees of future performance and
 actual results or developments may differ materially from those in the
 forward-looking statements.  Important factors that could cause actual results
 to differ materially from those in the forward-looking statements herein
 include, but are not limited to, the timing and extent of changes in commodity
 prices for gas and oil, the timing and extent of the Company's success in
 discovering, developing, producing, and estimating reserves, property
 acquisition or divestiture activities that may occur, the effects of weather
 and regulation on the Company's gas distribution segment, the value that the
 Company's gas distribution segment may bring in exploring sales opportunities
 for this segment, increased competition, legal and economic factors,
 governmental regulation, the financial impact of accounting regulations for
 derivative instruments, changing market conditions, the comparative cost of
 alternative fuels, conditions in capital markets and changes in interest
 rates, availability of oil field services, drilling rigs, and other equipment,
 as well as various other factors beyond the Company's control.  A discussion
 of these and other factors affecting the Company's performance is included in
 the Company's periodic reports filed with the Securities and Exchange
 Commission including its Annual Report on Form 10-K for the year ended
 December 31, 2000.
 
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SOURCE Southwestern Energy Company
    HOUSTON, April 30 /PRNewswire/ -- Southwestern Energy Company (NYSE:   SWN)
 announced today results of its drilling program in the Haileyville Prospect
 area located in the western portion of the Arkoma Basin in Pittsburg County,
 Oklahoma.  The latest three wells, the Briggs #2-12, the Collins #1-13, and
 the Agnes #1, are currently producing at a combined gross rate of
 approximately 29.0 million cubic feet of gas per day (MMcf/d).  Southwestern's
 working interests in the wells range from 35% to 46%.
     The extension of the Company's Haileyville Prospect area was initially
 tested by the Briggs #2-12 which was spud in August 2000.  This well
 encountered 20 net feet of pay to the southwest of existing Southwestern
 producing wells.  Further drilling at the Collins #1-13 and Agnes #1 yielded
 better quality reservoir rock and 26 net feet of pay and 34 net feet of pay,
 respectively.  All of the wells in the Haileyville Prospect are operated by
 Oxley Petroleum Co., of Tulsa, Oklahoma, and produce from Middle Atoka Sands
 at approximately 8,500 feet.
     "The results of our Haileyville development area confirm our belief that
 there is significant potential that is currently untapped in this portion of
 the Arkoma Basin," stated Harold M. Korell, President and Chief Executive
 Officer of Southwestern Energy.
     Southwestern Energy Company is primarily focused on natural gas and is
 engaged in oil and gas exploration and production, natural gas gathering,
 transmission, and marketing, and natural gas distribution.  Additional
 information on the Company can be found on the Internet at http://www.swn.com.
     All statements, other than historical financial information may be deemed
 to be 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.  Although the Company believes the expectations
 expressed in such forward-looking statements are based on reasonable
 assumptions, such statements are not guarantees of future performance and
 actual results or developments may differ materially from those in the
 forward-looking statements.  Important factors that could cause actual results
 to differ materially from those in the forward-looking statements herein
 include, but are not limited to, the timing and extent of changes in commodity
 prices for gas and oil, the timing and extent of the Company's success in
 discovering, developing, producing, and estimating reserves, property
 acquisition or divestiture activities that may occur, the effects of weather
 and regulation on the Company's gas distribution segment, the value that the
 Company's gas distribution segment may bring in exploring sales opportunities
 for this segment, increased competition, legal and economic factors,
 governmental regulation, the financial impact of accounting regulations for
 derivative instruments, changing market conditions, the comparative cost of
 alternative fuels, conditions in capital markets and changes in interest
 rates, availability of oil field services, drilling rigs, and other equipment,
 as well as various other factors beyond the Company's control.  A discussion
 of these and other factors affecting the Company's performance is included in
 the Company's periodic reports filed with the Securities and Exchange
 Commission including its Annual Report on Form 10-K for the year ended
 December 31, 2000.
 
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 SOURCE  Southwestern Energy Company