Swift plans work program for acquired fields

By OGJ editors
HOUSTON, Aug. 30 -- Swift Energy Co., Houston, plans a development program on properties in southern Louisiana it has agreed to acquire from BP America Production Co.

Swift agreed to pay $175 million in cash for BP's interests in five primary onshore properties.

The properties are in Bayou Sale, Horseshoe Bayou, and Jeanerette fields in St. Mary Parish; High Island field in Cameron Parish; and Bayou Penchant field in Terrebonne Parish.

Swift will acquire the majority working interest in BP's operated wells in the fields and varying interests in nonoperated wells.

The company estimates total reserves of the purchased properties at 58.2 bcf of gas equivalent proved and 28.1 bcf probable. About 67% of the proved reserves are proved developed.

Future development costs of the proved and probable reserves are estimated at $45 million.

During the first half of 2006, production averaged 12 MMcfd of gas equivalent net to the purchased working interests, 75% gas.

Swift expects its 2007 budget to include $20-25 million of capital expenditures in the acquired fields.

It has identified as many as 15 drilling opportunities in the area of Bayou Sale and Horshoe Bayou fields, which are 13 miles southeast of its Cote Blanche Island field.

It sees opportunities for recompletion and other work in Bayou Penchant field, in which it will hold a 50% nonoperated working interest.

At High Island field, it is studying opportunities in Miocene Marg Howei and Oligocene Camerina sands at 15,000-17,000 ft.

In Jeanerette field, which produces from Miocene Planulina sands at 10,000-15,000 ft from the flank of a salt dome, Swift is considering several proved undeveloped locations.

Related Articles

Swift Energy promotes vice-presidents

12/17/2009 Swift Energy Co., Houston, has promoted Randy Bailey to vice-president of production, Steven Tomberlin to vice-president of engineering, and Barry ...

API, IPAA: Obama overlooking industry's job-creation potential

12/03/2009 The American Petroleum Institute’s two top officials expressed concern over the White House’s apparent omission from its Dec. 3 jobs fo...

IPAA advocates fact-based hydraulic fracturing study

11/06/2009 The Independent Petroleum Association of America will work to ensure that an upcoming study on hydraulic fracturing is scientific, based on facts, ...

Eagle Ford shale McMullen joint venture forms

11/02/2009 Petrohawk Energy Corp. and Swift Energy Co. will jointly explore and develop 26,000 acres of Swift Energy’s acreage in McMullen County, Tex.,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected