Swift Energy says it is monitoring events related to the Deepwater Horizon oil spill in the Gulf of Mexico in conjunction with local, state and federal authorities. There have been isolated reports of oil sheens along the Louisiana coast, in close proximity to the Company's Lake Washington operations. The Lake Washington field is located in Barataria Bay approximately five miles north of the Louisiana coast and the barrier islands. The Company has yet to observe any impact from the oil spill that would require cessation of any drilling, completion or production activity in its Lake Washington field in Plaquemines Parish, Louisiana.
"Our organization's focus is first and foremost on Health, Safety and the Environment", commented Terry Swift, CEO and Chairman of Swift Energy, "We have taken precautionary measures to protect our assets, the environment we operate in and the safety of our employees and contractors who work in southeast Louisiana. Swift Energy, through its crisis management plan and in communication with other operators and authorities monitoring the spill, will take appropriate measures to protect our people, assets and the environment as conditions require."
The Company currently has one drilling rig, Coastal Rig 20, and one completion rig, Basic Marine's Rig 14, operating in Lake Washington and maintains an inventory of projects to continue its 2010 operational plan.
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