Swift Energy Temporarily Halts Production at Lake Washington
Swift Energy reports that a third-party natural gas sales pipeline downstream of the Lake Washington Field has been temporarily shut down, and the Company's daily production from the Lake Washington area has been reduced pending the completion of repairs to this line. The field is still producing but at lower levels in order to minimize flaring of natural gas production that would normally be transported through this gas sales pipeline.
Swift Energy has been notified by the pipeline operator that they expect the condition to be rectified by March 30, 2005. As a result of these reduced production levels, Swift Energy is lowering its previous guidance for domestic production in the first quarter of 2005 from 11.0 to 11.5 Billion cubic feet equivalent ("Bcfe") to 10.8 to 11.0 Bcfe.