FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1998

Item 6. Selected Financial Data
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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