Swift Energy Company: 2007 Form 10K, Notes to Consolidated Financial Statements, 10. Segment Information

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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2007

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Condensed Consolidating Financial Information

In December 2005, we amended the indenture for our 9-3/8% Senior Subordinated Notes due 2012, which were redeemed in June 2007, and our 7-5/8% Senior Notes due 2011 to reflect our new holding company organizational structure (as discussed in Note 1). As part of this restructuring our indentures were amended so that both Swift Energy Company and Swift Energy Operating, LLC (a wholly owned indirect subsidiary of Swift Energy Company) became co-obligors of these senior notes and senior subordinated debt. The co-obligations on our Notes due 2011 are full and unconditional and are joint and several. Prior to this restructure, Swift Energy Company was the sole obligor. The following is condensed consolidating financial information for Swift Energy Company, Swift Energy Operating, LLC, and other subsidiaries:

Condensed Consolidating Balance Sheets

(in thousands)	December 31, 2007
	Swift Energy Co. (Parent and Co-obligor)		Swift Energy Operating, LLC (Co-obligor)		Other Subsidiaries		Eliminations			Swift Energy Co. Consolidated

ASSETS

Current assets	$	---	$	89,513	$	110,437	$	---		$	199,950
Property and equipment		---		1,760,195		---		---			1,760,195
Investment in subsidiaries (equity method)		836,054		---		760,158		(1,596,212	)		---
Other assets		---		28,828		---		(19,922	)		8,906
Total assets	$	836,054	$	1,878,536	$	870,595	$	(1,616,134	)	$	1,969,051


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	---	$	195,542	$	34,541	$	(19,922	)	$	210,161
Long-term liabilities		---		922,836		---		---			922,836
Stockholders’ equity		836,054		760,158		836,054		(1,596,212	)		836,054
Total liabilities and stockholders’ equity	$	836,054	$	1,878,536	$	870,595	$	(1,616,134	)	$	1,969,051

(in thousands)	December 31, 2006
	Swift Energy Co. (Parent and Co-obligor)		Swift Energy Operating, LLC (Co-obligor)		Other Subsidiaries		Eliminations			Swift Energy Co. Consolidated

ASSETS

Current assets	$	---	$	75,270	$	8,513	$	---		$	83,783
Property and equipment		---		1,239,722		---		---			1,239,722
Investment in subsidiaries (equity method)		797,917		---		590,720		(1,388,637	)		---
Other assets		---		42,519		253,085		(33,427	)		262,177
Total assets	$	797,917	$	1,357,511	$	852,318	$	(1,422,064	)	$	1,585,682


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	---	$	137,016	$	8,455	$	---		$	145,471
Long-term liabilities		---		629,775		45,946		(33,427	)		642,294
Stockholders’ equity		797,917		590,720		797,917		(1,388,637	)		797,917
Total liabilities and stockholders’ equity	$	797,917	$	1,357,511	$	852,318	$	(1,422,064	)	$	1,585,682

(in thousands)

December 31, 2005

Swift Energy Co. (Parent and

Co-obligor)

Swift Energy Operating, LLC

(Co-obligor)

Other Subsidiaries

Eliminations

Swift Energy Co. Consolidated

ASSETS