By OGJ editors
HOUSTON, Mar. 19 -- Swift Energy Co. plans to spend $375-400 million in drilling expenditures in 2007 compared with a 2006 drilling budget of $370 million.
Swift also expects to increase production 7-10% this year. It produced 70.2 bcf of gas equivalent last year. The Houston-based independent expects to increase proved reserves by 4-6% over yearend 2006 proved reserves of 817 bcf of gas equivalent.
About 95% of the 2007 budget is targeted for activities in the US, primarily in south Louisiana where Lake Washington field serves as one of the company's several anchor assets. Swift plans to have at least two rigs operating in this field for most of the year.
The company plans to drill at least 24-26 wells, with several wells targeting vertical depths to 14,000 ft. Total spending in Lake Washington are estimated at $160-175 million, including facility upgrades.
Additionally in south Louisiana, Swift plans to drill as many as 8-10 wells in Bay de Chene and Cote Blanche Island. It also plans to drill 4 wells in the recently acquired Horseshoe Bayou, Bayou Sale, and Jeanerette areas.
