Swift Updates New Zealand Activity

Swift Energy Company reported that it has drilled the Kauri-A1 well to a current depth of 10,355 feet. Beginning at a depth of approximately 9,479 feet and extending approximately 820 feet to a depth of 10,299 feet, the well encountered several zones that have yielded hydrocarbon shows of varying quality. This interval has largely consisted of multiple sections of sandstones and claystones that have yielded good oil and gas shows associated with accelerated drilling rates and appears to be hydrocarbon bearing based on log analysis. Further testing will be required to determine the commercial viability of the find. This exploratory well was initially logged to a depth of 10,037 feet before a decision was made to continue drilling deeper. The Company now plans to obtain further wireline log measurements to a total depth of 10,355 feet.