PURSUING A RESERVES 
GROWTH STRATEGY

                                           1993 ANNUAL REPORT

Selected Financial and Operating Data 

1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983
Revenues
   Oil and Gas Sales $15,535,671 $12,420,222 $8,361,771 $7,328,190 $3,984,835 $2,838,433 $2,097,815 $954,269 $908,928 $326,969 $268,883
   Supervision Fees $3,718,829 $3,443,777 $3,362,800 $2,149,079 $1,651,839 $1,118,794 $1,065,820 $1,108,410 $963,917 $637,067 $752,654
   Earned Interests & Fees $4,071,970 $2,716,277 $2,231,729 $9,882,953 $8,802,816 $8,073,530 $7,956,895 $2,393,371 $1,173,841 $447,548 $0
   Interest Income $201,584 $113,387 $192,694 $705,786 $260,286 $165,909 $125,459 $40,174 $99,919 $164,948 $124,758
   Other $604,599 $515,931 $541,502 $323,981 $232,261 $488,131 $452,059 $471,486 $348,235 $690,899 $975,948
Total Revenues $24,132,653 $19,209,594 $14,690,496 $20,389,989 $14,932,037 $12,684,797 $11,698,048 $4,967,710 $3,494,840 $2,267,431 $2,122,243
Operating Income $6,628,608 $4,687,519 $3,748,741 $10,811,044 $8,716,673 $7,040,165 $6,632,631 $1,948,431 $1,410,998 $974,448 $847,867
Net Income $4,896,253 $4,084,760 $2,512,815 $7,170,642 $5,709,098 $4,678,317 $4,024,003 $1,108,314 $778,197 $582,947 $530,771
Assets
   Current Assets $65,307,120 $30,830,173 $47,859,278 $72,537,521 $54,818,404 $9,304,370 $8,396,944 $6,924,548 $7,994,603 $7,184,726 $6,103,356
   Oil and Gas Properties, Net of Accumulated
       Depreciation, Depletion, and Amortization $89,656,577 $64,301,509 $47,655,917 $41,952,212 $27,935,170 $19,973,454 $13,092,526 $6,913,487 $4,766,258 $3,115,271 $1,239,915
Total Assets $160,892,917 $100,243,469 $101,421,573 $118,227,480 $85,007,293 $31,463,220 $23,745,504 $15,731,279 $14,781,775 $12,639,167 $9,028,964
Liabilities
   Current Liabilities $55,565,437 $27,876,687 $50,851,447 $71,514,938 $49,354,128 $9,756,431 $8,342,755 $6,535,890 $7,579,679 $6,959,253 $4,442,966
   Long-Term Debt, Net of Current Portion $28,750,000 $0 $0 $0 $0 $0 $0 $0 $23,030 $129,313 $138,552
Total Liabilities $106,427,203 $50,962,183 $62,761,217 $82,559,406 $57,198,476 $15,694,272 $12,874,849 $9,114,611 $9,379,600 $8,015,189 $4,987,933
Stockholders’ Equity $54,465,714 $49,281,286 $38,660,356 $35,668,074 $27,808,817 $15,768,948 $10,870,655 $6,616,668 $5,402,175 $4,623,978 $4,041,031
Per Share Data
   Weighted Shares Outstanding 5,989,160 5,577,313 4,875,726 4,798,707 4,239,384 4,047,421 3,985,426 3,933,000 3,900,000 3,900,000 3,900,000
   Earnings per Share $0.82 $0.73 $0.52 $1.49 $1.35 $1.16 $1.01 $0.28 $0.20 $0.15 $0.14
   Shares Outstanding at Year End 6,001,075 5,968,579 4,955,134 4,848,315 4,764,862 4,068,968 4,025,108 3,949,500 3,900,000 3,900,000 3,900,000
   Book Value per Share $9.08 $8.26 $7.80 $7.36 $5.84 $3.88 $2.70 $1.68 $1.39 $1.19 $1.04
   Market Price
       High $14.00 $9.50 $11.00 $12.88 $13.50 $10.50 $18.63 $5.38 $2.13 $3.00 $4.13
       Low $8.63 $5.63 $5.25 $8.38 $7.00 $6.75 $4.13 $1.25 $1.13 $1.50 $2.13
Number of Employees 188 178 171 164 131 116 94 55 50 45 60
Producing Wells
   Swift Operated 795 688 674 691 579 491 405 357 324 229 126
   Outside Operated 3,407 1,978 2,331 2,228 1,537 857 547 466 426 70 36
   Total 4,202 2,666 3,005 2,919 2,116 1,348 952 823 750 299 162
Wells Drilled (Gross) 34 40 27 23 21 12 14 11 30 39 76
Reserves
   Gas (Mcf) 64,462,805 41,638,100 36,685,881 30,731,741 14,945,348 11,293,268 7,229,352 1,903,331 1,685,628 1,822,489 2,387,844
   Oil (barrels) 4,271,069 2,901,621 1,950,209 1,690,520 1,422,815 840,144 597,174 425,181 220,463 77,720 143
   Total (Mcf equivalent) 90,089,219 59,047,824 48,387,138 40,874,862 23,482,236 16,334,130 10,812,396 4,454,418 3,008,406 2,288,808 2,388,702
Production (Mcf equivalent)1 5,787,551 4,529,910 3,980,460 3,303,750 1,900,302 1,440,690 875,547 411,282 241,258 71,430 56,652
Average Sales Price
   Gas (per Mcf) $1.96 $1.90 $1.58 $1.72 $1.73 $1.67 $1.78 $2.62 $3.45 $4.61 $4.75
   Oil (per barrel) $15.10 $17.19 $18.26 $22.70 $17.93 $14.38 $17.39 $13.14 $24.09 $25.88 $26.19
Swift Energy Managed Partnerships
   Cumulative Number of Partnerships 85 76 68 60 49 35 23 19 15 10 6
   Cumulative LP Funds Raised (millions) $400.4 $356.3 $306.1 $280.4 $244.2 $197.2 $151.0 $79.3 $44.4 $34.1 $28.5

1Natural gas production for 1992, 1993, and 1994 excludes 1,148,862 and 1,581,206 Mcf, respectively, delivered under the Company's volumetric production payment agreement.

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