Hurricanes affect Swift Energy 3Q production

Swift said the storms decreased production by about 600,000 barrels of oil equivalent production during the third quarter and it expects to forgo between 400,000 to 500,000 barrels of oil equivalent of during the fourth quarter.

The company said Wednesday that it has restarted production at its Lake Washington field in Louisiana and the site should reach pre-storm levels later this week. Swift said production has been restored in the Horseshoe Bayou, Bayou Sale, Cote Blanche Island, Jeanerette, South Bearhead Creek, Brookeland and Masters Creek fields.

Production from High Island and some other sites waiting on minor repairs or services from outside companies should be restored within the next few weeks, the company said.

Swift said facilities and equipment at its Bay de Chene field need further repairs. The company said some production may resume this year, but the property is not expected to reach pre-storm production until sometime in the first half of 2009.

Shares lost $1.83, or 4.7 percent, to $36.86 in morning trading.