Swift Energy Enters JV for Onshore Cook Inlet Basin
Swift Energy has entered into a participation agreement with Aurora Gas relating to a large onshore acreage position in the Cook Inlet Basin of Alaska. Swift will earn an average working interest of 37.5 percent in approximately 54,500 gross acres in seven areas of mutual interest, which represents one-half of Aurora Gas' working interest in the areas of mutual interest.
The exploratory commitment well, known as the Endeavour #1 in which Swift Energy has a 50-percent working interest, is scheduled to spud in the next few weeks. Aurora will operate this initial exploration well, which has multiple targets with crude oil and natural gas potential. At least six other exploration prospects have been targeted on the acreage. There are two main hydrocarbon plays identified in this area, the Hemlock-Tyonek oil play and the Beluga-Sterling natural gas play.
"This new venture in the onshore Cook Inlet Basin in Alaska fits perfectly with Swift Energy's stated strategy of looking for under-explored areas with large acreage positions and significant reserves potential in a prolific producing basin with multiple productive horizons," said Bruce Vincent, Swift's president. "We look forward to working with Aurora Gas, an experienced operator in the Cook Inlet, establishing a successful partnership and expanding upon
their successes to date."
- Oil, Gas Companies Lay Off More Workers in Texas (Jan 18)
- Swift Energy Company CEO, CFO to Retire (Aug 10)
- Swift Energy Emerges From Bankruptcy (Apr 25)
Company: Aurora Gas more info
- Aurora Gas Sees Mixed Results from 2006 Drilling Program (Oct 24)
- Swift Energy Enters JV for Onshore Cook Inlet Basin (Mar 31)
- Aurora Gas Progresses in Effort to Bring More Cook Inlet Gas to Market (Jul 27)