Swift Energy Successful in Lake Washington Field
|Tuesday, September 02, 2003
Swift Energy has successfully drilled eight oil wells in the Lake Washington Field in Plaquemines Parish, Louisiana since the beginning of August. The Company currently has two drilling rigs operating in Lake Washington and has three additional drilling rigs operating in Texas, targeting Frio natural gas objectives in the Garcia Ranch area in Kenedy County, the Wilcox sands in Goliad County and the Austin Chalk in the Brookeland Field in Newton County. During the third quarter, the Company also plans to commence drilling operations targeting natural gas in the AWP Olmos Field in McMullen County, Texas.
Recent drilling in the Lake Washington Field continues to further delineate and appraise additional oil reserves. Since the last update, the Company has successfully drilled and completed eight oil wells in the Lake Washington Field. This brings the total to 37 of 44 successful wells this year in Lake Washington for an 84% success rate. One recent Lake Washington well of note, the CM# 261 well, was drilled directionally to a measured depth of 6,707 feet on the eastern side of the salt dome in an area without significant prior drilling activity and encountered seven sands including members of the D, E and F series sands. Analyses of electric logs indicate 489 feet (true vertical depth) of net pay in this well.
As expected, Swift Energy's production was constrained in Lake Washington during August averaging approximately 7,900 gross barrels per day (or approximately 6,500 net barrels per day) as facility upgrades in the field progress, causing occasional partial shut downs to complete certain work. The upgrades to these facilities are continuing as expected and should be completed during the fourth quarter.