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1998 ANNUAL REPORT |
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Selected Financial and Operating Data |
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1998 ANNUAL REPORT |
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Selected Financial and Operating Data |
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| 1998 | 1997 | 1996 | 1995 | 1994 (1) | 1993 | 1992 | 1991 | 1990 | 1989 | 1988 | |
| Revenues | |||||||||||
| Oil and Gas Sales | $80,067,837 | $69,015,189 | $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 |
| Fees and Earned Interests (2) | $333,940 | $745,856 | $937,238 | $590,441 | $701,528 | $4,071,970 | $2,716,277 | $2,231,729 | $9,882,953 | $8,802,816 | $8,073,530 |
| Interest Income | $107,374 | $2,395,406 | $433,352 | $212,329 | $47,980 | $201,584 | $113,387 | $192,694 | $705,786 | $260,286 | $165,909 |
| Other, Net | $1,960,070 | $2,555,729 | $2,156,764 | $1,761,568 | $1,072,535 | $604,599 | $515,931 | $541,502 | $323,981 | $232,261 | $488,131 |
| Total Revenues | $82,469,221 | $74,712,180 | $56,298,026 | $25,092,230 | $21,624,231 | $20,413,824 | $15,765,817 | $11,327,696 | $18,240,910 | $13,280,198 | $11,566,003 |
| Operating Income (Loss) | $(73,391,581) | $33,129,606 | $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 |
| Net Income (Loss) | $(48,225,204) | $22,310,189 | $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 |
| Net Cash Provided by Operating Activities | $54,249,017 | $55,255,965 | $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 |
| Per Share Data | |||||||||||
| Weighted Shares Outstanding (3) | 16,436,972 | 16,492,856 | 15,000,901 | 10,035,143 | 7,308,673 | 7,246,884 | 6,748,548 | 5,899,629 | 5,806,436 | 5,129,654 | 4,897,379 |
| Earnings (Loss) per Share--Basic (3) | $(2.93) | $1.35 | $1.27 | $0.49 | ($1.79) | $0.68 | $0.61 | $0.43 | $1.23 | $1.11 | $0.96 |
| Earnings (Loss) per Share--Diluted (3) | $(2.93) | $1.26 | $1.25 | $0.49 | ($1.79) | $0.64 | $0.61 | $0.43 | $1.23 | $1.11 | $0.96 |
| Shares Outstanding at Year-End | 16,291,242 | 16,459,156 | 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 |
| Book Value per Share | $6.71 | $9.69 | $9.41 | $7.46 | $6.30 | $9.08 | $8.26 | $7.80 | $7.36 | $5.84 | $3.88 |
| Market Price (3) | |||||||||||
| High | $21.00 | $34.20 | $28.86 | $11.48 | $10.35 | $11.57 | $7.85 | $9.09 | $10.65 | $11.15 | $8.68 |
| Low | $6.94 | $16.93 | $9.89 | $7.05 | $7.75 | $7.14 | $4.65 | $4.34 | $6.93 | $5.78 | $5.58 |
| Year-End Close | $7.38 | $21.06 | $27.16 | $10.91 | $8.86 | $7.85 | $7.55 | $4.95 | $8.57 | $9.50 | $5.68 |
| Pro forma amounts assuming 1994 change in | |||||||||||
| accounting principle is applied retroactively(2) | |||||||||||
| Net Income (Loss) | $(48,225,204) | $22,310,189 | $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 |
| Earnings (Loss) per Share--Basic (3) | $(2.93) | $1.35 | $1.27 | $0.49 | $0.51 | $0.60 | $0.55 | $0.50 | $0.54 | $0.43 | $0.18 |
| Earnings (Loss) per Share--Diluted (3) | $(2.93) | $1.26 | $1.25 | $0.49 | $0.51 | $0.57 | $0.55 | $0.50 | $0.54 | $0.43 | $0.18 |
| Assets | |||||||||||
| Current Assets | $35,246,431 | $29,981,786 | $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 |
| Oil and Gas Properties, Net of Accumulated | |||||||||||
| Depreciation, Depletion, and Amortization | $356,457,106 | $301,312,847 | $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 |
| Total Assets | $403,645,267 | $339,115,390 | $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 |
| Liabilities | |||||||||||
| Current Liabilities | $31,415,054 | $28,517,664 | $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 |
| Convertible Notes and Bank Borrowings | $261,200,000 | $122,915,000 | $115,000,000 | $28,750,000 | $28,750,000 | $28,750,000 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $294,282,628 | $179,714,470 | $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 |
| Stockholders’ Equity | $109,362,639 | $159,400,920 | $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 |
| Number of Employees | 203 | 194 | 191 | 176 | 209 | 188 | 178 | 171 | 164 | 131 | 116 |
| Producing Wells | |||||||||||
| Swift Operated | 836 | 650 | 842 | 767 | 750 | 795 | 688 | 674 | 691 | 579 | 491 |
| Outside Operated | 917 | 917 | 986 | 3,316 | 3,422 | 3,407 | 1,978 | 2,331 | 2,228 | 1,537 | 857 |
| Total Producing Wells | 1,753 | 1,567 | 1,828 | 4,083 | 4,172 | 4,202 | 2,666 | 3,005 | 2,919 | 2,116 | 1,348 |
| Wells Drilled (Gross) | 75 | 182 | 153 | 76 | 44 | 34 | 40 | 27 | 23 | 21 | 12 |
| Proved Reserves | |||||||||||
| Natural Gas (Mcf) | 352,400,835 | 314,305,669 | 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 |
| Oil & Condensate (barrels) | 13,957,925 | 7,858,918 | 5,484,309 | 5,421,981 | 4,553,237 | 4,271,069 | 2,901,621 | 1,950,209 | 1,690,520 | 1,422,815 | 840,144 |
| Total Proved Reserves (Mcf equivalent) | 436,148,385 | 361,459,177 | 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 |
| Production (Mcf equivalent) (4) | 39,030,030 | 25,393,744 | 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 |
| Average Sales Price | |||||||||||
| Natural Gas (per Mcf) | $2.08 | $2.68 | $2.57 | $1.77 | $1.93 | $1.96 | $1.90 | $1.58 | $1.72 | $1.73 | $1.67 |
| Oil (per barrel) | $11.86 | $17.59 | $19.82 | $15.66 | $14.35 | $15.10 | $17.19 | $18.26 | $22.70 | $17.93 | $14.38 |
(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–Basic–Income Before Cumulative
Effect of Change in Accounting Principle–$0.51, Cumulative Effect of Change in
Accounting Principle–$(2.29); Per Share Amounts–Diluted–Income Before
Cumulative Effect of Change in Accounting Principle–$0.51, Cumulative Effect of
Change in Accounting Principle–$(2.29).
(2)As of January 1, 1994, the Company changed its revenue recognition policy for earned interests. Accordingly, in 1994 to 1998, "Fees and Earned Interests" does not include earned interests revenues.
(3)Amounts have been retroactively restated in all periods presented to give recognition to: (a) an equivalent change in capital structure as a result of two 10% stock dividends, one in September 1994, the other in October 1997 (see Note 2 to the Company’s financial statements); and (b) the adoption of Statement of Financial Accounting Standards No. 128, "Earnings per Share" (see Note 2 to the Company’s financial statements).
(4)Natural gas production for 1992, 1993, 1994, 1995, 1996, 1997, and 1998 includes 1,148,862, 1,581,206, 1,358,375, 1,211,255, 1,156,361, 1,015,226, and 866,232 Mcf, respectively, delivered under the Company’s volumetric production payment agreement (see Note 1 to the Company’s financial statements).
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