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

	Year ended December 31,

	2003	2002	2001
	--------------	--------------	--------------
Cash Flows from Operating Activities:
Net income (loss)	$ 29,893,812	$ 11,923,227	$ (22,347,765)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities --
Cumulative effect of change in accounting principle	4,376,852	---	---
Depreciation, depletion, and amortization	63,072,057	56,224,392	59,502,040
Write-down of oil and gas properties	---	---	---
Accretion of asset retirement obligation	857,356	---	98,862,247
Deferred income taxes	16,332,492	6,482,724	(12,555,618)
Gain on asset disposition	---	(7,332,668)	---
Other	908,927	270,770	509,973
Change in assets and liabilities--
(Increase) decrease in accounts receivable,
excluding income taxes receivable	(7,163,304)	283,419	16,207,377
Increase in accounts payable and accrued
liabilities	2,542,803	3,174,450	12,984
(Increase) decrease in income taxes receivable and payable	6,284	600,000	(306,983)
	--------------	--------------	--------------
Net Cash Provided by Operating Activities	110,827,279	71,626,314	139,884,255
	--------------	--------------	--------------

Cash Flows from Investing Activities:
Additions to property and equipment	(144,503,180)	(155,233,923)	(275,126,333)
Proceeds from the sale of property and equipment	10,186,970	13,256,674	9,274,440
Net cash received as operator of oil and gas
properties	3,073,718	4,152,645	5,927,539
Net cash received (distributed) as operator of partnerships	260,726	(23,241,501)	(3,574,601)
Other	(71,193)	(39,953)	(534,898)
	--------------	--------------	--------------
Net Cash Used in Investing Activities	(131,052,959)	(161,106,058)	(264,033,853)
	--------------	--------------	--------------

Cash Flows from Financing Activities:
Proceeds from long-term debt	---	200,000,000	---
Net proceeds from (payments of) bank borrowings	15,900,000	(134,000,000)	123,400,000
Net proceeds from issuances of common stock	1,575,853	31,409,200	1,633,508
Payments of debt issuance costs	---	(6,262,435)	(721,756)
	--------------	--------------	--------------
Net Cash Provided by Financing Activities	17,475,853	91,146,765	124,311,752
	--------------	--------------	--------------
Net Increase (Decrease) in Cash and Cash Equivalents	$ (2,749,827)	$ 1,667,021	$ 162,154

Cash and Cash Equivalents at Beginning of Year	3,816,107	2,149,086	1,986,932
	--------------	--------------	--------------
Cash and Cash Equivalents at End of Year	$ 1,066,280	$ 3,816,107	$ 2,149,086
	==========	==========	==========

Supplemental Disclosures of Cash Flows Information:

Cash paid during year for interest, net of amounts capitalized	$25,763,169	$19,189,822	$12,207,205
Cash paid during year for income taxes	$ 129,738	$ 2,500	$ 441,926

Non-Cash Financing Activity:
Issuance of common stock in acquisitions	$ ---	$ 8,116,200	$ ---

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

Consolidated Statements of Cash Flows

Swift Energy Company and Subsidiaries

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