SWIFT ENERGY COMPANY

 

FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2007

INDEX

PART I.    FINANCIAL INFORMATION			PAGE
	Item 1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets	3
		- June 30, 2007 and December 31, 2006
		Condensed Consolidated Statements of Income	4
		- For the Three month and Six month periods ended  June 30, 2007 and 2006
		Condensed Consolidated Statements of Stockholders’ Equity	5
		- For the Six month period ended June 30, 2007 and year ended December 31, 2006
		Condensed Consolidated Statements of Cash Flows	6
		- For the Six month periods ended June 30, 2007 and 2006
		Notes to Condensed Consolidated Financial Statements	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
	Item 4.	Controls and Procedures	36
PART II.   OTHER INFORMATION
	Item 1.	Legal Proceedings	37
	Item 1A.	Risk Factors	37
	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	37
	Item 5.	Other Information	None
	Item 6.	Exhibits	38
SIGNATURES			39

 

---

Item 1.

Condensed Consolidated Balance Sheets

Swift Energy Company and Subsidiaries

(in thousands, except share amounts)

		June 30, 2007				December 31, 2006
		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	7,216			$	1,058
Accounts receivable-
Oil and gas sales			58,676				63,935
Joint interest owners			1,220				1,844
Other Receivables			1,318				1,231
Deferred tax asset			2,383				2,383
Other current assets			25,448				22,122
Total Current Assets			96,261				92,573
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties			2,459,404				2,264,832
Unproved properties			108,745				112,136
			2,568,149				2,376,968
Furniture, fixtures, and other equipment			31,593				28,041
			2,599,742				2,405,009
Less – Accumulated depreciation, depletion, and amortization			(1,019,663	)			(921,697	)
			1,580,079				1,483,312
Other Assets:
Debt issuance costs			7,562				7,382
Restricted assets			2,485				2,415
			10,047				9,797
		$	1,686,387			$	1,585,682
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities		$	60,567			$	74,425
Accrued capital costs			57,542				55,282
Accrued interest			6,867				8,764
Undistributed oil and gas revenues			2,189				7,504
Total Current Liabilities			127,165				145,975
Long-Term Debt			400,000				381,400
Deferred Income Taxes			257,004				224,967
Asset Retirement Obligation			34,696				33,695
Lease Incentive Obligation			1,609				1,728
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding