MANAGING GROWTH
IN THE 21st CENTURY

SWIFT ENERGY COMPANY 1999 ANNUAL REPORT

Notes to Consolidated Financial Statements

 

9. Acquisition of Properties

We purchased oil and gas interests in the Brookeland and Masters Creek areas from Sonat Exploration Company in the third quarter of 1998 for approximately $85.8 million in cash. Of this purchase price, $55.5 million was allocated to producing properties, $15.0 million to 20% interests in two natural gas processing plants, and $15.3 million to leasehold properties.

This acquisition was accounted for by the purchase method and was incorporated into our results of operations in the third quarter of 1998. The following unaudited pro forma supplemental information presents consolidated results of operations as if this acquisition had occurred on January 1, 1997:

Year Ended
December 31,
Pro forma: 1998 1997
(Thousands, except per share amounts) (Unaudited)
Revenue $115,394 $139,584
Non Income Before Non-Cash Charge $19,098 $38,528
Net Income (Loss) $(40,812) $38,528
Net Income (Loss) Per Share Amounts--
     Basic $(2.48) $2.34
     Diluted $(2.48) $2.04


In late December 1999, we purchased additional working interests in the Masters Creek area from Dominion Reserves, Inc., for approximately $14.0 million and additional working interests in the S. Burr Ferry portion of Masters Creek from Union Pacific for approximately $1.9 million. The interests acquired from Dominion have year-end 1999 proved reserves of 17.1 Bcfe, while the interests acquired from Union Pacific have 7.4 Bcfe.

 

Go to...

This page was last updated on Saturday, February 08, 2003, at 07:28:53 PM.

Copyright © 1994-2008 by Swift Energy Company.
Click here to go to our home page or search page.
Please note the terms of use for the Swift Energy web site.
If you have comments or questions, see our feedback or requests pages.
Contact Swift Energy Company Stockholder Relations through e-mail info@swiftenergy.com or telephone (281) 874-2700.