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SWIFT ENERGY REPORTS FIRST QUARTER PROPERTY ACQUISITIONS OF $20.1 MILLION AND PUBLIC PARTNERSHIP SALES OF $8.5 MILLION

 SWIFT ENERGY REPORTS FIRST QUARTER PROPERTY ACQUISITIONS OF
 $20.1 MILLION AND PUBLIC PARTNERSHIP SALES OF $8.5 MILLION
 HOUSTON, April 16 /PRNewswire/ -- Swift Energy Company (NYSE, PSE: SFY) today announced that it has recently purchased or has entered into agreements to purchase for its Swift Depository Interests (SDI) program oil and gas properties located in Oklahoma, Texas and Wyoming for an aggregate purchase price of $20.1 million.
 The properties to be acquired include interests in 126 gross (20.9 net) oil and gas wells located in Caddo, Custer, and Washita Counties, Okla.; Jackson and Wheeler Counties, Texas; and Campbell County, Wyo. Swift and its independent consultants estimate that the purchased interests in these properties have proven net working interest reserves of approximately 16.0 billion cubic feet of natural gas and 1.5 million barrels of oil as of April 1, 1992.
 As managing general partner of its SDI partnerships, Swift Energy receives approximately 14 percent to 25 percent of the net revenues of each partnership from any properties acquired. For financial statement purposes, Swift recognizes its pro rata interest earned in the properties in excess of its contribution to the partnerships (anticipated to be approximately 11-12 percent of partnership capital), upon purchase by the limited partnerships.
 In Oklahoma, Swift purchased from several sellers working interests in 89 gross (12.4 net) wells in the Weatherford and Eakly-Weatherford Fields that produce from the Red Fork and Springer (Britt) Formations, respectively. Thirty-eight of the wells in which interests were purchased are operated by Swift.
 In Wyoming, Maxus Exploration Company has agreed to sell its 54.4 percent working interest in the Alpha unit producing from the Minnelusa Formation. Swift anticipates taking over as operator of the unit upon closing of the transaction on July 1, 1992.
 During the first quarter ended March 31, 1992, partnership subscriptions totaled approximately $8.5 million which compared favorably to subscriptions of $8.1 million in the previous quarter and $4.7 million in the first quarter of 1991.
 Due to the level of recent property acquisitions, substantially all of the partnership funds raised in the first quarter of 1992 will be immediately invested in producing properties, and will enable immediate purchase of property interests at the end of the second quarter upon formation of partnerships to be offered under the company's SDI offering.
 Swift Energy Company is an independent oil and gas company primarily engaged in the acquisition, exploration, development and operation of oil and gas properties through partnerships and joint ventures. The company has an established track record in proven property acquisitions. Swift has purchased over $344 million of producing oil and gas properties on behalf of public limited partnerships and joint ventures. It has interests in over 3,000 oil and gas wells located in 18 states, operating 674 wells and overseeing the operation of the remainder.
 -0- 4/16/92
 /CONTACT: John R. Alden, senior vice president of Swift Energy, 800-777-2412 or 713-874-2700; or Edward Silverman of Silverman, Heller Associates, 212-682-9222, for Swift Energy/
 (SFY) CO: Swift Energy Company ST: Texas, Oklahoma, Wyoming IN: OIL SU: TNM


GK-TS -- NY010 -- 9120 04/16/92 09:25 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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