1996 Midyear  Company Profile (June 30, 1996)

Swift Energy Company (SFY) is an oil and natural gas growth company engaged in the exploration, development, acquisition, and operation of oil and natural gas properties, with a focus on U.S. onshore natural gas reserves. At the end of 1995, the Company's proved reserves were 176 billion cubic feet of natural gas equivalent (Bcfe). Swift had interests in over 4,000 wells in 15 states and was the operator of over 760 wells in 10 states. The operated wells represented 86% of the Company's total reserves, 93% of which are located in Texas, Oklahoma, and Louisiana.

Record Growth

Between 1990 and 1995

• Proved oil and gas reserves up more than 330%
• Production up more than 235%
• Cash flow from operations up more than 195%

Corporate Mission

As a natural resource company, Swift Energy's mission is to increase the volume and net present value of its reserves. This mission is based on the premise that increases in reserves lead to increases in oil and natural gas production and sales, which, in turn, lead to higher cash flows and earnings and ultimately to increases in shareholder value.

Drilling Activities

Utilizing advanced technology, Swift Energy Company expects future reserves to come primarily from exploratory and development drilling. The Company has established itself in two significant areas: The AWP Olmos Field in McMullen County and the Austin Chalk formation in Fayette and Walker Counties, Texas.

Since the beginning of 1996 the Company has essentially doubled its leasehold acreage in these two areas of operations. As a result, the Company has increased its possible drilling locations, anticipating future production in these areas for years to come.

Recent Highlights

August 6, 1996: Net income for the three months ended June 30, 1996, surged 403% to $3.7 million from $0.7 million recorded during the same period of 1995.

August 5, 1996: All outstanding debentures were converted to common stock, thus eliminating all of the Company's conventional debt.

July 12, 1996: Russian development agreement was signed with McDermott International and MOLHungarian Oil and Gas Company to pursue the development of the Samburg and Evo Yakha Fields in Western Siberia.

July 9, 1996: A joint venture agreement was made with Snyder Oil to develop more than 31,000 acres of oil and gas leases in the Austin Chalk Trend.

May 3, 1996: The first well in a leasehold being jointly developed by Swift and Union Pacific Resources in the Giddings Field, in Fayette County, Texas, was successfully completed. The development agreement covers a 19,500-acre area of mutual interest in Fayette County.

April 24, 1996: An agreement with Valero Energy Corporation for the transportation, marketing, and processing of natural gas in the AWP Olmos Field was completed.

April 17, 1996: The Company doubled its acreage in the prolific AWP Olmos Field over the last six months.

Business Strategy (1996-2000)

• Balanced Growth Strategy Emphasizing an Aggressive Drilling Program
• Transition from Acquisitions to Exploration and Development Drilling
• Exploit Advanced Technologies
• Acquire Strategic Producing Properties
• Mature International Ventures

Investment Appeal

• Five-Year Compound Growth Rate in Reserves, Production, and Cash Flow Over 30%
• Large Inventory of Drilling Opportunities
• Demonstrated Acquisition and Exploitation Skills
• Strong Financial Position
• Management/Employee Stock Ownership and Incentives
• Forefront of Technologies Affecting the Oil and Gas Business

Analyst Coverage

 (For an archive of company profiles, click here.)

Copyright © 1994-2008 by Swift Energy Company.
Click here to go to our home page or search page.
Please note the terms of use for the Swift Energy web site.
If you have comments or questions, see our feedback or requests pages.
Contact Swift Energy Company Stockholder Relations through e-mail info@swiftenergy.com or telephone (281) 874-2700.