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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2007NOTES TO CONSOLIDATED FINANCIAL STATEMENTS5. Commitments and Contingencies
Rental and lease expenses which were included in “General and
administrative, net” on our accompanying consolidated statements of
income were $3.7 million in 2007, $2.7 million in 2006, and $2.5 million
in 2005. Rental and lease expenses which were included in “Lease
operating cost” on our accompanying consolidated statements of income
were $6.7 million in 2007, $3.6 million in 2006, and $1.9 million in
2005. Our remaining minimum annual obligations under non-cancelable
operating lease commitments are $7.7 million for 2008, $4.9 million for
2009 and $3.4 million for 2010, $3.2 million for both 2011 and 2012, and
$7.0 million thereafter or $29.3 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 which is a ten year lease and
expires in 2015. In the ordinary course of business, we have entered into agreements
with drilling contractors for such services and tubing and pipe
inventory commitments. The remaining commitments at December 31, 2007
for these services and materials totaled $34.2 million for 2008. 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 natural 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 Thursday, March 06, 2008 , at 11:31:45 AM . Copyright © 1994-2008 by Swift Energy Company. |
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