FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2000

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Commitments and Contingencies

Total rental and lease expenses were $1,255,474 in 2000, $1,272,497 in 1999, and $1,117,351 in 1998. Our remaining minimum annual obligations under non-cancelable operating lease commitments are $1,151,249 for 2001, $1,273,007 for 2002, $1,358,238 for 2003, $1,370,414 for 2004, and $228,402 for 2005.

As of December 31, 2000, we were the managing general partner of 80 limited partnerships. Because we serve as the general partner of these entities, under state partnership law we are contingently liable for the liabilities of these partnerships, which liabilities are not material for any of the periods presented in relation to the partnerships’ respective assets.

In the ordinary course of business, we have been party to various legal actions, which arise primarily from our activities as operator of oil and gas wells. In management’s opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on the financial position or results of operations of Swift.

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