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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2004NOTES TO CONSOLIDATED FINANCIAL STATEMENTS5. Commitments and Contingencies
Total rental and lease expenses were $2.4 million in 2004, $2.2
million in 2003, and $1.9 million in 2002 and are included in “General
and administrative, net” on our accompanying consolidated statements
of income. Our remaining minimum annual obligations under non-cancelable
operating lease commitments are $2.5 million for 2005, $2.6 million for
2006, $2.5 million for 2007, $2.5 million for 2008, $2.3 million in
2009, and $13.0 million thereafter or $25.4 million 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 drilling and seismic contractors for such services. The remaining
commitments at December 31, 2004 for these services totaled $4.4 million
and these services are expected to be provided in 2005. As of December 31, 2004, we were the managing general partner of six
private 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 our financial position or results of operations.
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This page was last updated on Friday, March 18, 2005 , at 02:27:23 PM . Copyright © 1994-2008 by Swift Energy Company. |
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