Swift Energy Cuts Capital Budget For 2015 - Quick Facts

(RTTNews) - Swift Energy Co. (SFY) said it has revised the 2015 capital budget to a range of $100 million to $125 million, in response to recent hydrocarbon price declines. The revised budget represents a 70 percent to 75 percent decrease in spending from 2014.

The company noted that the revised level of activity is projected to yield between 11.2 million and 11.4 million barrels of oil equivalent or MMBoe of production.

Terry Swift, CEO of Swift Energy said, "We continue to work with our vendors and suppliers to reduce service costs and are taking steps to materially reduce field level operating and corporate overhead expenses."

Swift Energy also said it has tested four new Eagle Ford wells in the Fasken area in Webb County, Texas. The Fasken 27H, 28H, 29H and 30H were all recently completed with an average initial production rate of 20.8 million cubic feet of gas per day.