1994 ANNUAL REPORT 

Capital Formation

Swift Energy Company's common stock is traded on the New York Stock Exchange (NYSE) and the Pacific Stock Exchange (PSE) under the symbol "SFY." Swift Energy Convertible Subordinated Debentures are listed on the NYSE under the symbol "SFY 03." (Image above provided by © 1994 PhotoDisc, Inc.)

To fund its investments in drilling and property acquisitions, Swift Energy utilizes a diversified capital formation strategy.

In recent years, for example, the Company's capital formation activities have included common stock offerings, a natural gas volumetric production payment agreement, convertible subordinated debentures, joint ventures, public income and pension funds, and private drilling funds.

Through the years, limited partnerships and joint ventures have been an important part of this diversified strategy. Since 1979, Swift has raised over $492 million in limited partnership and joint venture funds for acquisitions and drilling.

During 1994, subscriptions to Swift's public income and pension offerings--Swift Depositary Interests (SDI)--provided $32.1 million for investments in producing properties, and the Company's private drilling fund--Swift Energy Drilling Ventures (SEDV)--provided $2.6 million for exploratory and development drilling. Sales of the SEDV funds have significantly increased in 1995, with subscriptions in a partnership closed in March exceeding $5 million.

The dealer-manager for Swift's SDI offering is Swift Energy Marketing Company, a wholly owned subsidiary of Swift Energy.

This page was last updated on Saturday, February 08, 2003, at 07:28:36 PM.

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