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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2007NOTES TO CONSOLIDATED FINANCIAL STATEMENTS7. Related-Party Transactions
We receive research, technical writing, publishing, and
website-related services from Tec-Com Inc., a corporation located in
Knoxville, Tennessee and controlled and majority owned by the aunt of
the Company’s Chairman of the Board and Chief Executive Officer. We paid
approximately $0.6 million to Tec-Com for such services pursuant to the
terms of the contract in 2007, $0.5 million in 2006 and $0.4 million in
2005. The contract was renewed on June 30, 2007 on substantially the
same terms as the previous contract and expires June 30, 2010. We
believe that the terms of this contract are consistent with third party
arrangements that provide similar services. As a matter of corporate governance policy and practice, related
party transactions are annually presented and considered by the
Corporate Governance Committee of our Board of Directors in accordance
with the Committee’s charter.
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This page was last updated on Thursday, March 06, 2008 , at 11:33:07 AM . Copyright © 1994-2008 by Swift Energy Company. |
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