Swift Energy reports that barging operations have commenced in the Lake Washington Field in Plaquemines Parish, Louisiana. Production in the field is beginning to return to normal levels of operation with no limitations on sales due to lack of transportation facilities. Production is currently expected to reach approximately 6,000 gross barrels of oil per day within the next week and increase to approximately 7,500 gross barrels of oil per day over the next several weeks as the newly drilled wells are completed and brought on production. Seven wells have recently been completed with five additional wells waiting on completion operations, and all of them are waiting on flow line connections. The Company has an approximate 82% net revenue interest in this area of the field.
The Company has successfully drilled two additional wells since the last update April 10, which brings the total wells drilled and completed or awaiting completion in Lake Washington to 17 of 23 during 2003. The CM #222 well encountered 230 feet true vertical depth of continuous net pay in the F Sand with over 30% average porosity and permeabilities ranging from one to two darcies. The SL 212 #139 well encountered two horizons, one of which had approximately 40 feet of net pay in the 8,400 to 8,500 foot series of sands in an untested fault block adjacent to the SL 212 #104 well. Pipe is currently being set on this well.