Swift Energy Company: 2003 Form 10-K, Consolidated Statements of Cash Flows

	Year ended December 31,

	2002	2001	2000
	--------------	--------------	--------------
Cash Flows from Operating Activities:
Net income (loss)	$ 11,923,227	$ (22,347,765)	$ 59,184,008
Adjustments to reconcile net income (loss) to net
cash provided by operating activities --
Depreciation, depletion, and amortization	56,224,392	59,502,040	47,771,393
Write-down of oil and gas properties	---	98,862,247	---
Deferred income taxes	6,482,724	(12,555,618)	33,413,626
Gain on asset disposition	(7,332,668)	---	---
Deferred revenue amortization related to
production payment	---	---	(587,629)
Other	270,770	509,973	1,075,848
Change in assets and liabilities--
(Increase) decrease in accounts receivable,
excluding income taxes receivable	283,419	16,207,377	(14,308,274)
Increase in accounts payable and accrued
liabilities	3,174,450	12,984	1,601,042
(Increase) decrease in income taxes receivable	600,000	(306,983)	47,213
	--------------	--------------	--------------
Net Cash Provided by Operating Activities	71,626,314	139,884,255	128,197,227
	--------------	--------------	--------------

Cash Flows from Investing Activities:
Additions to property and equipment	(155,233,923)	(275,126,333)	(173,277,356)
Proceeds from the sale of property and equipment	13,256,674	9,274,440	3,844,375
Net cash received as operator of oil and gas
properties	4,152,645	5,927,539	19,769,213
Net cash received (distributed) as operator of
partnerships and joint ventures	(23,241,501)	(3,574,601)	2,674,593
Other	(39,953)	(534,898)	(1,329)
	--------------	--------------	--------------
Net Cash Used in Investing Activities	(161,106,058)	(264,033,853)	(146,990,504)
	--------------	--------------	--------------

Cash Flows from Financing Activities:
Proceeds from (payments of) long-term debt	200,000,000	---	(15,203,000)
Net proceeds from (payments of) bank borrowings	(134,000,000)	123,400,000	10,600,000
Net proceeds from issuances of common stock	31,409,200	1,633,508	2,697,561
Payments of debt issuance costs	(6,262,435)	(721,756)	---
	--------------	--------------	--------------
Net Cash Provided by (Used in) Financing Activities	91,146,765	124,311,752	(1,905,439)
	--------------	--------------	--------------
Net Increase (Decrease) in Cash and Cash Equivalents	$ 1,667,021	$ 162,154	$ (20,698,716)

Cash and Cash Equivalents at Beginning of Year	2,149,086	1,986,932	22,685,648
	--------------	--------------	--------------
Cash and Cash Equivalents at End of Year	$ 3,816,107	$ 2,149,086	$ 1,986,932
	==========	==========	==========

Supplemental Disclosures of Cash Flows Information:

Cash paid during year for interest, net of amounts capitalized	$19,189,822	$12,207,205	$15,528,280
Cash paid during year for income taxes	$ 2,500	$ 441,926	$ --

Non-Cash Financing Activity:
Issuance of common stock in acquisitions	$ 8,116,200	$ ---	$ ---
Conversion of convertible notes to common stock	$ ---	$ ---	$ 99,797,000

FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2003

Consolidated Statements of Cash Flows

Swift Energy Company and Subsidiaries

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