Profile: Swift Energy Co (SFY.N)

SFY.N on New York Stock Exchange

6.55USD
24 Oct 2014
Price Change (% chg)

$-0.31 (-4.52%)
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$6.86
Open
$6.83
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Volume
363,596
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$15.13
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Swift Energy Company, incorporated on December 14, 2005, is engaged in developing, exploring, acquiring, and operating oil and natural gas properties, with a focus on oil and natural gas reserves in Texas as well as onshore and in the inland waters of Louisiana. As of December 31, 2012 , the Company had estimated proved reserves of 192.1 million barrels of oil equivalent. The Company's total proved reserves at December 31, 2012 were approximately 22% crude oil, 52% natural gas, and 26% natural gad liquid (NGL) while 34% of the Company's total proved reserves were developed. The Company's proved reserves are concentrated with 82% in Texas and 18% in Louisiana.

The Company focuses primarily on development and exploration of three core areas. The Company's operations are primarily focused in three core areas identified as Southeast Louisiana, South Texas, and Central Louisiana/East Texas. In addition, the Company has a strategic growth area with acreage in the Four Corners area of southwest Colorado.

South Texas

During the year ended December 31, 2012 the Company drilled 22 wells in the Company's AWP Eagle Ford field, of which three were joint venture wells. The Company owns a 51% working interest in these joint venture wells. These wells were all drilled and operated by Swift Energy. At December 31, 2012, the Company had identified 73 proved undeveloped locations. The Company's December 31, 2012 proved reserves in this formation are 57% natural gas, 25% NGLs, and 18% oil on a Boe basis.

In the Olmos formation, the Company drilled nine horizontal Olmos wells in 2012 . These wells were all operated and 100% owned by Swift Energy. The Company operates wells producing oil and natural gases from the Olmos sand formation at depths from 9,000 to 11,500 feet. The Company's South Texas reserves in this formation are approximately 58% natural gas, 30% NGLs, and 12% oil on a Boe basis. At December 31, 2012 , the Company had 35 proved undeveloped locations in the Olmos.

During 2012 the Company drilled 22 operated wells in the Artesia Wells area. These wells were all operated and 100% owned by Swift Energy. The Company's December 31, 2012 proved reserves in this formation are 49% natural gas, 35% NGLs, and 16% oil on a Boe basis. At December 31, 2012 , the Company had identified 84 proved undeveloped locations. As of December 31, 2012 , the Company has 27,727 gross and 25,700 net developed acres and 64,542 gross and 50,192 net undeveloped acres in the Eagle Ford. In the Olmos the Company has 50,532 gross and 50,041 net developed acres and 52,893 gross and 48,919 net undeveloped acres.

Southeast Louisiana

As of December 31, 2012 , the Company owned drilling and production rights in 15,231 net acres in the Lake Washington field located in Southeast Louisiana near shore waters within Plaquemines Parish. The area around the dome is heavily faulted, thereby creating a number of potential hydrocarbon traps. Approximately 92% of the Company's proved reserves of 12.5 MMBoe in this field as of December 31, 2012 , consisted of oil and NGLs. Oil and natural gas is gathered to several platforms located in water depths from 2 to 12 feet, with drilling and workover operations performed with rigs on barges.

In 2012 the Company drilled 10 development wells. In the Company's production optimization program the Company performed 20 recompletions and numerous production enhancement operations including sliding sleeve changes, gas lift modifications and well stimulations. At December 31, 2012 , the Company had 53 proved undeveloped locations in this field.

The Bay de Chene field is located along the border of Jefferson Parish and Lafourche Parish in near shore waters approximately 25 miles from the Lake Washington field. As of December 31, 2012 , the Company owned drilling and production rights in approximately 14,253 net acres in the Bay de Chene field. Like Lake Washington, it produces from Miocene sands surrounding a central salt dome. During 2012 , the Company drilled one well in the Bay De Chene field. At December 31, 2012 , the Company had two proved undeveloped locations in the Bay de Chene field.

Central Louisiana/East Texas

The Company has 118,638 net acres in the Burr Ferry field , which is located in Vernon Parish, Louisiana. The acreage is within an area covered by a joint venture agreement with an independent oil and gas producer. In addition to holding a 50% working interest in the joint venture, the Company also owns fee mineral interest in approximately 13,068 unleased acres, primarily in the Company's Burr Ferry field. During 2012 , the Company drilled four non-operated wells and one operated well in this joint venture. The reserves are approximately 66% oil and NGLs. The Company has identified 18 additional proved undeveloped locations in this field.

As of December 31, 2012 , the Company owned drilling and production rights in 37,458 net acres in the Masters Creek field. The Masters Creek field is located in Vernon Parish and Rapides Parish, Louisiana. Oil and natural gas are produced from the Austin Chalk formation within natural fractures encountered in the lateral borehole sections from depths of 11,500 to 13,500 feet. The reserves are approximately 71% oil and NGLs. At December 31, 2012 , the Company had six proved undeveloped locations.

The South Bearhead Creek field is located in Beauregard Parish, Louisiana approximately 50 miles south of the Company's Masters Creek field and 30 miles north of Lake Charles, Louisiana. As of December 31, 2012 , the Company owned drilling and production rights in 5,901 net acres in this field. Wells drilled in this field are completed in a multiple set of separate sands in the Wilcox formation. In 2012 , the Company did not drill any wells in this field. At December 31, 2012 the Company had 18 proved undeveloped locations in this field.

Company Address

Swift Energy Co

16825 Northchase Dr Ste 400
HOUSTON   TX   77060-6004
P: +1281.8742700
F: +1281.8742808

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