GROWTH THROUGH TECHNOLOGY
AND TEAMWORK

                                           1996 ANNUAL REPORT

Selected Financial and Operating Data 

    
1996 1995 1994 (1) 1993 1992 1991 1990 1989 1988 1987 1986
Revenues
   Oil and Gas Sales $52,770,672 $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
   Supervision Fees $4,470,206 $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
   Fees & Earned Interests (2) $937,238 $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
   Interest Income $433,352 $212,329 $47,980 $201,584 $113,387 $192,694 $705,786 $260,286 $165,909 $125,459 $40,174
   Other, net $2,156,764 $1,761,568 $1,072,535 $604,599 $515,931 $541,502 $323,981 $232,261 $488,131 $452,059 $471,486
Total Revenues $60,768,232 $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
Operating Income $28,785,783 $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
Net Income (Loss) $19,025,450 $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
Net Cash Provided by Operating Activities $37,102,578 $14,376,463 $10,394,514 $7,238,340 $6,349,080 $5,911,588 $4,813,435 $2,751,381 $393,564 $1,705,616 $1,189,179
Per Share Data
   Weighted Shares Outstanding (3) 13,637,182 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
   Net Income (Loss) per Share--Primary (3) $1.40 $0.54 ($1.96) $0.74 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26
   Net Income (Loss) per Share--Fully Diluted (3) $1.37 $0.54 ($1.96) $0.70 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26
   Shares Outstanding at Year End 15,176,417 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
   Book Value per Share $9.41 $7.46 $6.30 $9.08 $8.26 $7.80 $7.36 $5.84 $3.88 $2.70 $1.68
   Market Price (3)
      High $31.75 $12.63 $11.38 $12.73 $8.64 $10.00 $11.71 $12.27 $9.55 $16.94 $4.89
      Low $10.88 $7.75 $8.52 $7.85 $5.12 $4.77 $7.62 $6.36 $6.14 $3.75 $1.14
      Year-End Close $29.88 $12.00 $9.75 $8.64 $8.30 $5.45 $9.43 $10.45 $6.25 $6.82 $3.75
Pro forma amounts assuming 1994 change in
accounting principle is applied retroactively:(2)
   Net Income $19,025,450 $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
   Net Income per Share--Primary $1.40 $0.54 $0.56 $0.66 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07
   Net Income per Share--Fully Diluted $1.37 $0.54 $0.56 $0.63 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07
Assets
   Current Assets $101,619,478 $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
   Oil and Gas Properties, Net of Accumulated
      Depreciation, Depletion, and Amortization $200,010,375 $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
Total Assets $310,375,264 $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
Liabilities
   Current Liabilities $32,915,616 $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
   Long-Term Debt, Net of Current Portion $115,000,000 $28,750,000 $28,750,000 $28,750,000 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $167,613,654 $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
Stockholders’ Equity $142,761,610 $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
Number of Employees 191 176 209 188 178 171 164 131 116 94 55
Producing Wells
   Swift Operated 842 767 750 795 688 674 691 579 491 405 357
   Outside Operated 986 3,316 3,422 3,407 1,978 2,331 2,228 1,537 857 547 466
Total Producing Wells 1,828 4,083 4,172 4,202 2,666 3,005 2,919 2,116 1,348 952 823
Wells Drilled (Gross) 153 76 44 34 40 27 23 21 12 14 11
Proved Reserves
   Natural Gas (Mcf) 225,758,201 143,567,520 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
   Oil & Condensate (barrels) 5,484,309 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
Total Proved Reserves (Mcf equivalent) 258,664,055 176,099,406 103,583,566 90,089,219 59,047,824 48,387,138 40,874,862 23,482,236 16,334,130 10,812,396 4,454,418
Production (Mcf equivalent) (4) 19,437,114 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
Average Sales Price
   Natural Gas (per Mcf) $2.57 $1.77 $1.93 $1.96 $1.90 $1.58 $1.72 $1.73 $1.67 $1.78 $2.62
   Oil (per barrel) $19.82 $15.66 $14.35 $15.10 $17.19 $18.26 $22.70 $17.93 $14.38 $17.39 $13.14


(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, 1996, 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, 1995, and 1996 includes 1,148,862, 1,581,206, 1,358,375, 1,211,255, and 1,156,361 Mcf, respectively, delivered under the Company’s volumetric production payment agreement.

 

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