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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2002NOTES TO CONSOLIDATED FINANCIAL STATEMENTS5. Commitments and Contingencies
Total rental and lease expenses were $1,923,451 in 2002, $1,322,611
in 2001, and $1,255,474 in 2000. Our remaining minimum annual
obligations under non-cancelable operating lease commitments are
$2,190,363 for 2003, $2,191,495 for 2004, $523,755 for 2005, $190,676
for 2006, $190,676 in 2007 and $186,834 thereafter or $5,473,799 in the
aggregate. The rental and lease expenses and remaining minimum annual
obligations under non-cancelable operating lease commitments primarily
relate to the lease of our office space in Houston, Texas, and in New
Zealand. In the ordinary course of business, we have entered into agreements
with pipeline operators that require us to contribute a portion of the
pipeline construction cost in the event certain transportation volumes
are not met. We have $933,666 accrued in “Accounts payable and accrued
liabilities” at December 31, 2002, on the accompanying balance sheet
related to these commitments. As of December 31, 2002, we were the managing general partner of six
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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This page was last updated on Friday, March 05, 2004 , at 03:42:34 PM . Copyright © 1994-2008 by Swift Energy Company. |
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