Swift Energy Company: 2003 Form 10-K, Consolidated Balance Sheets

	December 31,

	2003	2002
	----------------------	----------------------
ASSETS

Current Assets:
Cash and cash equivalents	$ 1,066,280	$ 3,816,107
Accounts receivable --
Oil and gas sales	26,942,920	17,360,716
Affiliated limited partnerships	356,118	191,964
Joint interest owners	1,350,707	3,364,846
Other current assets	4,957,647	5,034,566
	----------------------	----------------------
Total Current Assets	34,673,672	29,768,199
	----------------------	----------------------
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties	1,305,763,355	1,150,633,802
Unproved properties	67,557,969	69,603,481
	----------------------	----------------------
	1,373,321,324	1,220,237,283
Furniture, fixtures and other equipment	10,602,786	9,595,944
	----------------------	----------------------
	1,383,924,110	1,229,833,227
Less--Accumulated depreciation, depletion,
and amortization	(567,464,334)	(504,323,773)
	----------------------	----------------------
	816,459,776	725,509,454
	----------------------	----------------------
Other Assets:
Deferred income taxes	1,905,909	2,680,585
Debt issuance costs	8,015,575	9,047,621
	----------------------	----------------------
	9,921,484	11,728,206
	----------------------	----------------------
	$861,054,932	$767,005,859
	===========	===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable and accrued liabilities	$ 63,100,669	$ 43,028,708
Payable to affiliated limited partnerships	516,006	91,126
Undistributed oil and gas revenues	6,156,055	3,764,350
	----------------------	----------------------
Total Current Liabilities	69,772,730	46,884,184
	----------------------	----------------------

Long-Term Debt	340,254,783	324,271,973
Deferred Income Taxes	43,498,682	30,776,518
Asset Retirement Obligation	10,137,473	---

Commitments and Contingencies

Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized,
none outstanding	---	---
Common stock, $.01 par value, 85,000,000 shares authorized,
28,011,109 and 27,811,632 shares issued, and 27,484,091 and
27,201,509 shares outstanding, respectively	280,111	278,116
Additional paid-in capital	334,865,204	333,543,471
Treasury stock held, at cost, 527,018 and 610,123 shares, respectively	(7,558,093)	(8,749,922)
Retained earnings	70,073,384	40,179,572
Accumulated other comprehensive loss, net of income tax	(269,342)	(178,053)
	----------------------	----------------------
	397,391,264	365,073,184
	----------------------	----------------------
	$ 861,054,932	$ 767,005,859
	===========	===========

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

Consolidated Balance Sheets

Swift Energy Company and Subsidiaries

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