Swift Energy Company 1997 Annual Report: Consolidated Statements of Income

	Year ended December 31,

	1997	1996	1995
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Revenues:
Oil and gas sales	$ 69,015,189	$ 52,770,672	$ 22,527,892
Fees from limited partnerships and joint ventures	745,856	937,238	590,441
Supervision fees	5,210,022	4,470,206	3,838,815
Interest income	2,395,406	433,352	212,329
Other, net	2,555,729	2,156,764	1,761,568
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	79,922,202	60,768,232	28,931,045
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Costs and Expenses:
General and administrative, net of reimbursement	6,128,615	6,385,067	5,256,184
Depreciation, depletion, and amortization	24,247,142	16,526,379	8,838,657
Oil and gas production	11,383,887	8,377,044	6,826,306
Interest expense, net	5,032,952	693,959	1,115,361
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	46,792,596	31,982,449	22,036,508
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Income Before Income Taxes	33,129,606	28,785,783	6,894,537

Provision for Income Taxes	10,819,417	9,760,333	1,982,025
	---------------	---------------	---------------
Net Income	$ 22,310,189	$ 19,025,450	$ 4,912,512
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Per share amounts --
Basic	$ 1.35	$ 1.27	$ 0.49
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Diluted	$ 1.26	$ 1.25	$ 0.49
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Weighted Average Shares Outstanding	16,492,856	15,000,901	10,035,143
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