Swift Energy expects to ink an Eagle Ford JV deal by the third quarter of 2013. The company doesn't believe a joint venture is required, but does believe the capital will provide a benchmark valuation of the company's assets. It will also speed up the development process and improve the present value of the underlying assets.
During the first quarter of 2013, Swift completed seven Eagle Ford wells and two Olmos wells.
Terry Swift, CEO, stated “Our refined drilling and completion techniques in the Eagle Ford shale and the strong performance of our base production in Lake Washington resulted in higher than forecast production volumes. We’re encouraged by our progress so far this year.
A total of four Eagle Ford wells and two Olmos wells were completed in McMullen County. Three more Eagle Ford wells were completed in La Salle County. Four of those wells produced more than 1,000 boe/d:
- Baetz A EF 3Hin La Salle County - 1,293 boe/d - Eagle Ford
- PCQ EF 7H in McMullen County- 1,742 boe/d - Eagle Ford
- Siddons OL 4H in McMullen County- 1,108 boe/d - Olmos
- SMR OL 6H in McMullen County- 1,074 boe/d - Olmos