RESERVES GROWTH THROUGH 
ADVANCED TECHNOLOGIES

                                           1995 ANNUAL REPORT

Selected Financial and Operating Data 

1995 1994 (1) 1993 1992 1991 1990 1989 1988 1897 1986 1985
Revenues
   Oil and Gas Sales $22,527,892 $19,802,188 $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
   Supervision Fees $3,838,815 $3,751,061 $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
   Earned Interests & Fees (2) $590,441 $701,528 $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
   Interest Income $212,329 $47,980 $201,584 $113,387 $192,694 $705,786 $260,286 $165,909 $125,459 $40,174 $99,919
   Other, net $1,761,568 $1,072,535 $604,599 $515,931 $541,502 $323,981 $232,261 $488,131 $452,059 $471,486 $348,235
Total Revenues $28,931,045 $25,375,292 $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
Operating Income $6,894,537 $4,837,829 $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
Net Income (Loss) $4,912,512 ($13,047,027) $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
Per Share Data
   Weighted Shares Outstanding (3) 9,122,857 6,644,248 6,588,076 6,135,044 5,363,299 5,278,578 4,663,322 4,452,163 4,383,969 4,326,300 4,290,000
   Net Income (Loss) per Share—Primary (3) $0.54 ($1.96) $0.74 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26 $0.18
   Net Income (Loss) per Share—Fully Diluted (3) $0.54 ($1.96) $0.70 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26 $0.18
   Shares Outstanding at Year End 12,509,700 6,685,137 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
   Book Value per Share $7.46 $6.30 $9.08 $8.26 $7.80 $7.36 $5.84 $3.88 $2.70 $1.68 $1.39
   Market Price (3)
      High $12.63 $11.38 $12.73 $8.64 $10.00 $11.71 $12.27 $9.55 $16.94 $4.89 $1.94
      Low $7.75 $8.52 $7.85 $5.12 $4.77 $7.62 $6.36 $6.14 $3.75 $1.14 $1.03
      Year-End Close $12.00 $9.75 $8.64 $8.30 $5.45 $9.43 $10.45 $6.25 $6.82 $3.75 $1.59
Pro forma amounts assuming change in accounting
principle is applied retroactively:(2)
   Net Income $4,912,512 $3,725,671 $4,322,478 $3,729,851 $2,950,245 $3,107,451 $2,185,276 $898,962 $561,509 $290,582 $310,314
   Net Income per Share—Primary $0.54 $0.56 $0.66 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07 $0.07
   Net Income per Share—Fully Diluted $0.54 $0.56 $0.63 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07 $0.07
Assets
   Current Assets $43,380,454 $39,208,418 $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
   Oil and Gas Properties, Net of Accumulated
      Depreciation, Depletion and Amortization $125,217,872 $88,415,612 $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
Total Assets $175,252,707 $135,672,743 $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
Liabilities
   Current Liabilities $40,133,269 $52,345,859 $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
   Long-Term Debt, Net of Current Portion $28,750,000 $28,750,000 $28,750,000 $0 $0 $0 $0 $0 $0 $0 $23,030
Total Liabilities $81,906,742 $93,545,612 $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
Stockholders’ Equity $93,345,965 $42,127,131 $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
Number of Employees 176 209 188 178 171 164 131 116 94 55 50
Producing Wells
   Swift Operated 767 750 795 688 674 691 579 491 405 357 324
   Outside Operated 3,316 3,422 3,407 1,978 2,331 2,228 1,537 857 547 466 426
   Total 4,083 4,172 4,202 2,666 3,005 2,919 2,116 1,348 952 823 750
Wells Drilled (Gross) 76 44 34 40 27 23 21 12 14 11 30
Reserves
   Natural Gas (Mcf) 143,567,520 76,263,964 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
   Oil & Condensate (barrels) 5,421,981 4,553,267 4,271,069 2,901,621 1,950,209 1,690,520 1,422,815 840,144 597,174 425,181 220,463
   Total (Mcf equivalent) 176,099,406 103,583,566 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
Production (Mcf equivalent) (4) 11,186,573 9,600,867 7,368,757 5,678,772 3,980,460 3,303,750 1,900,302 1,440,690 875,547 411,282 241,258
Average Sales Price
   Natural Gas (per Mcf) $1.77 $1.93 $1.96 $1.90 $1.58 $1.72 $1.73 $1.67 $1.78 $2.62 $3.45
   Oil (per barrel) $15.66 $14.35 $15.10 $17.19 $18.26 $22.70 $17.93 $14.38 $17.39 $13.14 $24.09
Swift Energy Managed Partnerships
   Cumulative Number of Partnerships 101 94 85 76 68 60 49 35 23 19 15
   Cumulative Funds Raised (millions) $463.3 $435.1 $400.4 $356.3 $306.1 $280.4 $244.2 $197.2 $151.0 $79.3 $44.4


(1) Additional 1994 Data: Income Before Cumulative Effect of Change in Accounting Principle-$3,725,671; Cumulative Effect of Change in Accounting Principle-$(16,772,698); Per Share Amounts-Primary-Income Before Cumulative Effect of Change in Accounting Principle-$0.56, Cumulative Effect of Change in Accounting Principle-$(2.52); Per Share Amounts-Fully Diluted-Income Before Cumulative Effect of Change in Accounting Principle-$0.56, Cumulative Effect of Change in Accounting Principle-$(2.52).

(2) As of January 1, 1994, the Company changed its revenue recognition policy for earned interests. See Note 2 to the Company's financial statements. Accordingly, 1995 and 1994 "Earned Interests and Fees" does not include earned interests revenues.

(3) Amounts have been retroactively restated in all periods presented to give recognition to an equivalent change in capital structure as a result of a 10% stock dividend in September 1994. See Note 1 to the Company's financial statements.

(4) Natural gas production for 1992, 1993, 1994, and 1995 includes 1,148,862, 1,581,206, 1,358,375, and 1,211,255 Mcf, respectively, delivered under the Company's volumetric production payment agreement.

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