Swift Energy Company: 1996 Form 10-K, Consolidated Statements of Cash Flows

	Year ended December 31,

	1996	1995	1994

Cash Flows from Operating Activities:
Net income (loss)	$ 19,025,450	$ 4,912,512	$ (13,047,027)
Adjustments to reconcile net income to net cash provided
by operating activities --
Depreciation, depletion, and amortization	16,526,379	8,838,657	7,904,801
Deferred income taxes	8,449,283	2,326,162	963,324
Deferred revenue amortization related to
production payment	(1,670,172)	(1,787,974)	(1,993,863)
Cumulative effect of change in accounting principle	--	--	16,772,698
Other	140,047	112,890	105,180
Change in assets and liabilities--
Increase in accounts receivable	(5,008,592)	(488,599)	(762,789)
Increase (decrease) in accounts payable and accrued
liabilities, excluding income taxes payable	(444,966)	1,074,532	142,883
Increase (decrease) in income taxes payable	85,149	(611,717)	309,307
	--------------	--------------	--------------
Net Cash Provided by Operating Activities	37,102,578	14,376,463	10,394,514
	--------------	--------------	--------------
Cash Flows from Investing Activities:
Additions to property and equipment	(91,487,176)	(40,032,944)	(34,531,180)
Proceeds from the sale of property and equipment	2,247,799	230,242	861,073
Net cash received (distributed) as operator
of oil and gas properties	(2,074,104)	7,662,419	(229,351)
Net cash received (distributed) as operator
of partnerships and joint ventures	11,284,793	5,316,693	(1,408,031)
Other	840	(41,181)	(25,320)
	--------------	--------------	--------------
Net Cash Used in Investing Activities	(80,027,848)	(26,864,771)	(35,332,809)
	--------------	--------------	--------------
Cash Flows from Financing Activities:
Proceeds from long-term debt	115,000,000	--	--
Net proceeds from (payments of) short-term bank borrowings	--	(27,229,000)	24,579,000
Net proceeds from issuances of common stock	3,264,482	46,306,322	708,444
Loan to ESOP for purchase of shares	(568,750)	--	--
Payments of debt issuance costs	(4,550,000)	--	--
	--------------	--------------	--------------
Net Cash Provided by Financing Activities	113,145,732	19,077,322	25,287,444
	--------------	--------------	--------------
Net Increase in Cash and Cash Equivalents	$ 70,220,462	$ 6,589,014	$ 349,149

Cash and Cash Equivalents at Beginning of Year	7,574,512	985,498	636,349
	--------------	--------------	--------------
Cash and Cash Equivalents at End of Year	$ 77,794.974	$ 7,574,512	$ 985,498
	===========	===========	===========

Supplemental Disclosures of Cash Flow Information:

Cash paid during year for interest, net of amounts capitalized	$ 831,516	$ 68,097	$ 1,691,400
Cash paid during year for income taxes	$ 676,920	$ 277,580	$ 97,200

FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1996

Consolidated Statements of Cash Flows

Swift Energy Company and Subsidiaries

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