SWIFT ENERGY COMPANY 2005 ANNUAL REPORT

Consolidated Balance Sheets
Swift Energy Company and Subsidiaries

 

Year Ended December 31,
ASSETS 2005 2004
Current Assets:
     Cash and cash equivalents

$       53,004,562

$        4,920,118
    Accounts receivable-
        Oil and gas sales

45,518,260

38,021,693
        Joint interest owners

1,082,187

960,395
        Other Receivables

3,795,080

61,259
    Other current assets

11,655,046

10,422,531

-----------------------

-----------------------
            Total Current Assets

115,055,135

54,385,996

-----------------------

-----------------------
Property and Equipment:
    Oil and gas, using full-cost accounting
        Proved properties

1,731,866,298

1,479,681,903
        Unproved properties

87,553,220

80,121,509

-----------------------

-----------------------

1,819,419,518

1,559,803,412
    Furniture, fixtures, and other equipment

15,313,277

12,820,622

-----------------------

-----------------------

1,834,732,795

1,572,624,034
    Less – Accumulated depreciation, depletion, and amortization

(755,699,056)

(649,185,874)

-----------------------

-----------------------

1,079,033,739

923,438,160
Other Assets:

-----------------------

-----------------------
    Deferred income taxes

---

1,666,058
    Debt issuance costs

8,026,780

9,148,977
    Restricted assets

2,296,968

1,933,956

-----------------------

-----------------------

10,323,748

12,748,991

-----------------------

-----------------------

$  1,204,412,622

$   990,573,147

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=============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
    Accounts payable and accrued liabilities

$       51,973,004

$    29,406,877
    Accrued capital costs

30,073,728

22,489,467
    Accrued interest

8,508,196

9,209,192
    Undistributed oil and gas revenues

7,866,086

7,512,755

-----------------------

-----------------------
            Total Current Liabilities

98,421,014

68,618,291

-----------------------

-----------------------
Long-Term Debt

350,000,000

357,500,000
Deferred Income Taxes

129,306,891

73,106,580
Asset Retirement Obligation

19,095,368

17,176,136
Lease Incentive Obligation

271,182

---
Commitments and Contingencies
Stockholders' Equity:
    Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding

---

---
    Common stock, $.01 par value, 85,000,000 shares authorized, 29,458,974 and
        28,570,632 shares issued, and 29,009,530 and 28,089,764 shares
        outstanding, respectively

294,590

285,706
    Additional paid-in capital

365,085,695

343,536,298
    Treasury stock held, at cost, 449,444 and 480,868 shares, respectively

(6,445,586)

(6,896,245)
    Unearned compensation

(5,849,820)

(1,728,585)
    Retained earnings

254,302,757

138,524,301
    Accumulated other comprehensive income (loss), net of income tax

(69,469)

450,665

-----------------------

-----------------------

607,318,167

474,172,140

-----------------------

-----------------------

$   1,204,412,622

$   990,573,147

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=============

 

 

 

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