Swift Energy – Webb County Pipeline Failure Halts Production

Straight from the press release:

Swift Energy Company (NYSE: SFY) announced today that due to the failure of a third party operated gathering line earlier this week, Swift Energy has been required to halt dry natural gas sales from its Fasken field in Webb County, TX. Gross natural gas sales volumes in the Fasken field were averaging approximately 40 million gross cubic feet per day before the failure occurred. Continued well productivity above initial expectations in this area led the Company to recently raise its expected well recovery estimates to 10 billion cubic feet per well. While the Company expects pipeline services to resume in the near future, the estimation of a service restoration date by the pipeline operator requires it to complete a full review of the damages and determine a specific repair timeline. [Read more…]