Swift Energy Company announced that production in its Lake Washington field, located in Plaquemines Parish, LA., has been restored to approximately 85% of pre-storm levels and is expected to reach pre-storm production levels later this week.
All operated production has been restored in the Horseshoe Bayou, Bayou Sale, Cote Blanche Island, Jeanerette, South Bearhead Creek, Brookeland and Masters Creek fields. High Island and some non-operated production remain shut in waiting on minor repairs and/or certain third party services but are expected to be restored within the next few weeks.
The Bay de Chene field will require further repairs to production facilities and equipment. It is anticipated that some production may resume at Bay de Chene this year, but pre-storm production levels are not expected to be reached again until sometime in the first half of next year. Engineering design work is underway to replace, improve and expand the Bay de Chene production facilities to restore existing production and accommodate future growth potential in the field.
Contracted drilling rigs, including five in the Lake Washington area, one in South Bearhead Creek and one in Horseshoe Bayou have all returned to work.
As a result of the recent hurricanes, approximately 0.6 million barrels of oil equivalent of production was shut in during the third quarter of 2008, and approximately 0.4 to 0.5 MMboe of production will remain shut in for the fourth quarter of 2008.
Terry Swift, Chairman and CEO of Swift Energy Company, commenting on Hurricanes Gustav and Ike said, "Although these storms were severe and caused damage throughout the Gulf Coast, Swift Energy was prepared for these events and as a result will incur minimal long term effects from these storms. Our crisis management plans were executed as designed and our investments in infrastructure upgrades have clearly paid their dividends. Current production levels would not be possible without a tremendous effort by all of our employees."
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