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Silverbow Resources, Inc.  (SFY)
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    Sector  Energy    Industry Oil And Gas Production
 
   Industry Oil And Gas Production
   Sector  Energy


 

Silverbow Resources, Inc.

Business Description


Swift Energy Company is an independent oil and gas company engaged in developing, exploring, acquiring, and operating oil and gas properties. Our primary focus is on the Eagle Ford trend of South Texas. We operate essentially all of the properties that we own and we have implemented leading edge technologies to maximize the discovery, development and production of our potential reserve base in the Eagle Ford and other geological trends where we operate. As a result of the significant resource potential from our properties in the Eagle Ford, we plan to invest nearly all of our total 2017 planned capital expenditures in this area.


Develop our Eagle Ford shale resource play. We have a long successful history operating oil and gas wells and finding reserves in South Texas. We first acquired producing Olmos properties in our AWP field in 1989. This area has remained a cornerstone of our operations since we first began drilling here in 1994. While the combination of proven drilling and completion technologies have allowed us to exploit the Eagle Ford shale, we have applied the same methods to further develop the “mature” Olmos sand. The application of horizontal drilling and multi-stage hydraulic fracturing technology has resulted in increases in production and decreases in completion and operating costs in our South Texas Olmos and Eagle Ford operations. Focusing on the Eagle Ford play allows us to use our operating, technical and regional expertise to interpret geological and operating trends, enhance production rates and maximize well recovery. We are focused on enhancing the value of our assets through operating improvements that utilize cost-effective technology to locate the highest quality intervals to drill and complete oil and gas wells. For instance, we are using proprietary 3D seismic techniques to identify a narrow high quality interval of the lower Eagle Ford within which to steer our laterals, resulting in marked improvement in our recent well results. Our 2017 plans include completing nine wells in our Fasken field in Webb County, drilling and completing two wells in our AWP acreage in McMullen County, and drilling and completing our first well in Oro Grande in LaSalle County.

Fasken During 2016, the Company completed 11 wells in Fasken targeting the Eagle Ford formation. All wells in this field are operated by Swift Energy. Our reserves in this Eagle Ford formation are 100% natural gas. At December 31, 2016, we had 4 wells that were drilled and waiting on completion and we were in the process of drilling an additional 5 well pad to be completed in 2017.

AWP All wells in this field are operated by Swift Energy. Our proved reserves are in the Olmos and lower Eagle Ford formations. Our reserves in the Eagle Ford formation are 65% natural gas, 25% NGLs, and 9% oil on a Boe basis while our reserves in the Olmos formation are approximately 61% natural gas, 28% NGLs, and 11% oil on a Boe basis.

Artesia Wells Our proved reserves in this formation are 48% natural gas, 34% NGLs, and 18% oil on a Boe basis.

We generally seek to be the operator of the wells in which we have a significant economic interest. As operator, we design and manage the development of a well and supervise operation and maintenance activities on a day-to-day basis. We do not own drilling rigs or other oil field services equipment used for drilling or maintaining wells on properties we operate. Independent contractors supervised by us provide this equipment and personnel. We employ drilling, production, and reservoir engineers, geologists, and other specialists who work to improve production rates, increase reserves, and lower the cost of operating our oil and natural gas properties.


   

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