SWIFT ENERGY COMPANY 2007 ANNUAL REPORT

Consolidated Balance Sheets Swift Energy Company and Subsidiaries

(In thousands, except share amounts)   Year Ended December 31,       2007     2006   ASSETS             Current Assets:             Cash and cash equivalents   $ 5,623     $ 1,058   Accounts receivable-                 Oil and gas sales     72,916       63,935   Joint interest owners     1,587       1,844   Other Receivables     1,324       1,231   Deferred tax asset     8,055       2,383   Other current assets     13,896       13,332   Current assets held for sale     96,549       ---   Total Current Assets     199,950       83,783                     Property and Equipment:                 Oil and gas, using full-cost accounting                 Proved properties     2,610,469       1,918,375   Unproved properties     106,643       95,569         2,717,112       2,013,944   Furniture, fixtures, and other equipment     33,064       26,020         2,750,176       2,039,964   Less – Accumulated depreciation, depletion, and amortization     (989,981 )     (800,242 )       1,760,195       1,239,722   Other Assets:                 Debt issuance costs     7,252       7,382   Restricted assets     1,654       2,415   Long-term assets held for sale     ---       252,380         8,906       262,177       $ 1,969,051     $ 1,585,682                     LIABILITIES AND STOCKHOLDERS’ EQUITY                 Current Liabilities:                 Accounts payable and accrued liabilities   $ 89,281     $ 73,921   Accrued capital costs     94,947       55,282   Accrued interest     7,558       8,764   Undistributed oil and gas revenues     10,309       7,504   Current liabilities associated with assets held for sale     8,066       ---   Total Current Liabilities     210,161       145,471   Long-Term Debt     587,000       381,400   Deferred Income Taxes     302,303       212,458   Asset Retirement Obligation     31,066       28,533   Other Long-Term Liabilities     2,467       1,728   Long-term liabilities associated with assets held for sale     ---       18,175                     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, 30,615,010 and 30,170,004 shares issued, and 30,178,596 and 29,742,918 shares                      outstanding, respectively     306       302   Additional paid-in capital     407,464       387,556   Treasury stock held, at cost, 436,414 and 427,086 shares, respectively     (7,480 )     (6,125 ) Retained earnings     436,178       415,868   Accumulated other comprehensive income (loss), net of income tax     (414 )     316         836,054       797,917       $ 1,969,051     $ 1,585,682

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