Swift Energy Updates New Zealand Activity

Apr 23, 2001, 01:00 ET from Swift Energy Company

    HOUSTON, April 23 /PRNewswire/ -- Swift Energy Company (NYSE:   SFY; PCX)
 reported today that it has successfully logged the Upper Tariki sandstone and
 the Upper Rimu limestone in the Rimu-A3 well, and that production casing has
 been set and a completion rig will be moved on in the next few weeks.  This is
 the fifth well drilled by the Company in the Rimu area of the New Zealand
 Taranaki Basin that has encountered multiple, hydrocarbon-bearing horizons.
     The Rimu-A3 well has been successfully logged to a total depth of
 12,041 feet (3,671 meters) and confirms the presence of an Upper Tariki
 section of high quality reservoir rock from 11,362 feet (3,464 meters) to
 11,496 feet (3,505 meters).  Open-hole wireline measurements of resistivity,
 sonic, density and neutron porosity indicate effective porosities ranging from
 12% to 20%.  Based upon this petrophysical analysis, this Upper Tariki section
 has approximately 73 feet (22.4 meters) of net hydrocarbon thickness with an
 average porosity of 15.4%.  This section is approximately 141 feet (43 meters)
 high structurally to the Upper Tariki section in the Rimu-A1 well that tested,
 as previously announced, at rates up to 1,525 barrels of oil per day and
 4.8 million cubic feet of natural gas per day.
     Logging results also confirmed the presence of 68 feet (21 meters) of
 Upper Rimu limestone from 11,628 feet (3,545 meters) to 11,696 feet
 (3,566 meters).  In addition to the Upper Tariki sandstone and Upper Rimu
 limestone, other potential horizons were identified at shallower depths where
 hydrocarbon shows had been experienced.  Original plans called for this well
 to be drilled to a total depth of 15,744 feet (4,800 meters), but due to
 mechanical difficulties, efforts to evaluate the deeper targets below have
 been suspended.
     The drilling rig will be moved from the Rimu-A pad to the initial Kauri
 location to commence evaluation of the Kauri Prospect.  The Kauri-A1
 exploratory well is expected to spud during the first week in May.  It is
 anticipated that this well will take approximately 60 days to be drilled to a
 total depth of 14,760 feet (4,500 meters).  The Kauri-A1 will evaluate
 potential targets in the Upper Tariki sandstone, Upper Rimu limestone, Maitai
 metasediments, Lower Tariki sandstone, Lower Rimu limestone and certain
 Cretaceous intervals.  A completion/workover rig will be moved onto the Rimu-A
 pad to prepare the Rimu-A1 well for production and begin completion operations
 on the Rimu-A2 and Rimu-A3 wells.
     Swift Energy New Zealand Ltd., as operator, 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. (CDNX: AEN), and Marabella Enterprises Ltd.,
 a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd.
 (Australia: BLO), each hold a 5% interest.
     Terry Swift, President of Swift Energy Company, noted that, "We continue
 to be pleased with the results of our drilling activity in New Zealand.  This
 is the fifth well we have drilled with all five encountering multiple,
 hydrocarbon-bearing horizons.  We have three successful completions with the
 other two yet to be tested but with two zones behind pipe in each well.  We
 fully expect the completion operations in Rimu-A2 and Rimu-A3 to be
 successful.  Now, we are ready to evaluate the Kauri structure to better
 determine the complete scope of this discovery."
 
     Swift Energy Company is an independent oil and gas company engaged in the
 exploration, development, acquisition, and operation of oil and gas
 properties, with a focus on U.S. onshore natural gas reserves as well as
 onshore oil and natural gas reserves in New Zealand.  Founded in 1979 with
 headquarters in Houston, Texas, the Company has achieved outstanding growth
 rates in proved oil and gas reserves, production, and cash flow over the last
 five years through a disciplined program of acquisitions and drilling, while
 maintaining a strong financial position.
 
     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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X40321852
 
 

SOURCE Swift Energy Company
    HOUSTON, April 23 /PRNewswire/ -- Swift Energy Company (NYSE:   SFY; PCX)
 reported today that it has successfully logged the Upper Tariki sandstone and
 the Upper Rimu limestone in the Rimu-A3 well, and that production casing has
 been set and a completion rig will be moved on in the next few weeks.  This is
 the fifth well drilled by the Company in the Rimu area of the New Zealand
 Taranaki Basin that has encountered multiple, hydrocarbon-bearing horizons.
     The Rimu-A3 well has been successfully logged to a total depth of
 12,041 feet (3,671 meters) and confirms the presence of an Upper Tariki
 section of high quality reservoir rock from 11,362 feet (3,464 meters) to
 11,496 feet (3,505 meters).  Open-hole wireline measurements of resistivity,
 sonic, density and neutron porosity indicate effective porosities ranging from
 12% to 20%.  Based upon this petrophysical analysis, this Upper Tariki section
 has approximately 73 feet (22.4 meters) of net hydrocarbon thickness with an
 average porosity of 15.4%.  This section is approximately 141 feet (43 meters)
 high structurally to the Upper Tariki section in the Rimu-A1 well that tested,
 as previously announced, at rates up to 1,525 barrels of oil per day and
 4.8 million cubic feet of natural gas per day.
     Logging results also confirmed the presence of 68 feet (21 meters) of
 Upper Rimu limestone from 11,628 feet (3,545 meters) to 11,696 feet
 (3,566 meters).  In addition to the Upper Tariki sandstone and Upper Rimu
 limestone, other potential horizons were identified at shallower depths where
 hydrocarbon shows had been experienced.  Original plans called for this well
 to be drilled to a total depth of 15,744 feet (4,800 meters), but due to
 mechanical difficulties, efforts to evaluate the deeper targets below have
 been suspended.
     The drilling rig will be moved from the Rimu-A pad to the initial Kauri
 location to commence evaluation of the Kauri Prospect.  The Kauri-A1
 exploratory well is expected to spud during the first week in May.  It is
 anticipated that this well will take approximately 60 days to be drilled to a
 total depth of 14,760 feet (4,500 meters).  The Kauri-A1 will evaluate
 potential targets in the Upper Tariki sandstone, Upper Rimu limestone, Maitai
 metasediments, Lower Tariki sandstone, Lower Rimu limestone and certain
 Cretaceous intervals.  A completion/workover rig will be moved onto the Rimu-A
 pad to prepare the Rimu-A1 well for production and begin completion operations
 on the Rimu-A2 and Rimu-A3 wells.
     Swift Energy New Zealand Ltd., as operator, 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. (CDNX: AEN), and Marabella Enterprises Ltd.,
 a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd.
 (Australia: BLO), each hold a 5% interest.
     Terry Swift, President of Swift Energy Company, noted that, "We continue
 to be pleased with the results of our drilling activity in New Zealand.  This
 is the fifth well we have drilled with all five encountering multiple,
 hydrocarbon-bearing horizons.  We have three successful completions with the
 other two yet to be tested but with two zones behind pipe in each well.  We
 fully expect the completion operations in Rimu-A2 and Rimu-A3 to be
 successful.  Now, we are ready to evaluate the Kauri structure to better
 determine the complete scope of this discovery."
 
     Swift Energy Company is an independent oil and gas company engaged in the
 exploration, development, acquisition, and operation of oil and gas
 properties, with a focus on U.S. onshore natural gas reserves as well as
 onshore oil and natural gas reserves in New Zealand.  Founded in 1979 with
 headquarters in Houston, Texas, the Company has achieved outstanding growth
 rates in proved oil and gas reserves, production, and cash flow over the last
 five years through a disciplined program of acquisitions and drilling, while
 maintaining a strong financial position.
 
     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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X40321852
 
 SOURCE  Swift Energy Company