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FORM 10-Q FOR QUARTER ENDED MARCH 31, 2007


PDF Version

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q


(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934



For the Quarterly Period Ended March 31, 2007


Commission File Number 1-8754

SWIFT ENERGY COMPANY
(Exact Name of Registrant as Specified in its Charter)

TEXAS 20-3940661
(State of Incorporation) (I.R.S. Employer Identification No.)
 

 

16825 Northchase Dr., Suite 400
Houston, Texas 77060
(Address of principal executive offices) (Zip Code)



(281) 874-2700
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.

Yes    √          No___

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer   √          Accelerated filer___    Non-accelerated filer___

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes___          No   √  

Indicate the number of shares outstanding of each of the Issuer's classes
of common stock, as of the latest practicable date.

Common Stock 29,897,074 Shares
($.01 Par Value) (Outstanding at April 30, 2007)
(Class of Stock)
 

 

SWIFT ENERGY COMPANY
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2007
INDEX

 
PART I.
 
PAGE
       
 
Item 1.
 
       
   
3
   
- March 31, 2007 and December 31, 2006
 
       
   
4
   
- For the Three month periods ended  March 31, 2007 and 2006
 
       
   
5
   
- For the Three month period ended March 31, 2007 and year ended December 31, 2006
 
       
   
6
   
- For the Three month periods ended March 31, 2007 and 2006
 
       
   
7
       
 
Item 2.
21
       
 
Item 3.
30
       
 
Item 4.
31
       
PART II.
   
       
 
Item 1.
Legal Proceedings
32
 
Item 1A.
Risk Factors
32
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
None
 
Item 3.
Defaults Upon Senior Securities
None
 
Item 4.
Submission of Matters to a Vote of Security Holders
None
 
Item 5.
Other Information
None
 
Item 6.
Exhibits
32
       
   
33
 
 
 

 
2
 

 
 

 
Condensed Consolidated Balance Sheets
Swift Energy Company and Subsidiaries
(in thousands, except shares amounts)

 
   
March 31, 2007
   
December 31, 2006
 
   
(Unaudited)
       
ASSETS
           
Current Assets:
           
     Cash and cash equivalents
  $
2,963
    $
1,058
 
     Accounts receivable-
               
          Oil and gas sales
   
63,286
     
63,935
 
          Joint interest owners
   
895
     
1,844
 
          Other Receivables
   
1,035
     
1,231
 
   Deferred Tax Asset
   
2,383
     
2,383
 
   Other current assets
   
24,366
     
22,122
 
             Total Current Assets
   
94,928
     
92,573
 
                 
Property and Equipment:
               
     Oil and gas, using full-cost accounting
               
          Proved properties
   
2,368,048
     
2,264,832
 
          Unproved properties
   
107,426
     
112,136
 
     
2,475,474
     
2,376,968
 
     Furniture, fixtures, and other equipment
   
30,441
     
28,041
 
     
2,505,915
     
2,405,009
 
     Less – Accumulated depreciation, depletion, and amortization
    (969,634 )     (921,697 )
     
1,536,281
     
1,483,312
 
Other Assets:
               
     Debt issuance costs
   
7,071
     
7,382
 
     Restricted assets
   
2,414
     
2,415
 
     
9,485
     
9,797
 
    $
1,640,694
    $
1,585,682
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current Liabilities:
               
     Accounts payable and accrued liabilities
  $
60,707
    $
74,425
 
     Accrued capital costs
   
41,478
     
55,282
 
     Accrued interest
   
10,692
     
8,764
 
     Undistributed oil and gas revenues
   
9,709
     
7,504
 
               Total Current Liabilities
   
122,586
     
145,975
 
Long-Term Debt
   
414,000
     
381,400
 
Deferred Income Taxes
   
239,357
     
224,967
 
Asset Retirement Obligation
   
34,122
     
33,695