Swift Energy Working to Restore Production in Lake Washington

Swift Energy Company has begun the resumption of production operations at its various fields affected by Hurricanes Gustav and Ike including the Newport area of Lake Washington where crews are working to bring field wide production online. Drilling operations will resume in Lake Washington and the surrounding area once contracted drilling rigs can navigate their return to the field.

Production operations have remained at or returned to pre-storm levels in the Company's South Texas area, the South Bearhead Creek field in Beauregard Parish, LA and the Jeanerette field in St. Mary Parish, LA. Production in the Brookeland field in Jasper and Newton counties in Texas and the Masters Creek field in Vernon and Rapides Parishes in Louisiana will resume as soon as power is restored to third party processing facilities, which is expected to occur in the next few days.

The Company has also completed initial physical assessments of damage to its facilities and equipment, with repairs underway, in its coastal Louisiana properties, including the Lake Washington Field in Plaquemines Parish, Bay de Chene Field in Jefferson and Lafourche Parishes, and Horseshoe Bayou, Bayou Sale and Cote Blanche Island Fields, in St. Mary Parish.

Swift Energy currently expects that repairs and the resumption of full production in its fields, with the exception of Bay de Chene, will take from one to three weeks, depending on availability and deliverability of supplies, equipment, parts and other logistical items from third party providers, along with the availability of personnel and contractors. Updates to the Company's guidance for production and costs will be provided in the near future after these fields have largely resumed production.

The Bay de Chene field experienced structural damage to its production facilities, and some production equipment in the field was damaged or destroyed. As a result, resumption of complete production operations in Bay de Chene will take longer than three weeks and could take several months. Bay de Chene production averaged approximately 3,700 Boe per day over the two weeks immediately prior to the hurricane shut-in.

Swift Energy's Houston headquarters was closed in preparation for Hurricane Ike on Thursday, September 11, and all IT systems were transferred over to the Company's alternate location and continued working throughout this period. The headquarters building experienced no significant damage and has had electricity restored to it. All IT systems have now been transferred back to Houston and are operational. The Company expects that its headquarters will officially open for business on Thursday, September 18.

Read more on the aftermath of Hurricane Ike in Rigzone's Special Coverage After the Storm.


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