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FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 2007PDF VersionUNITED STATES
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| TEXAS | 20-3940661 |
| (State of Incorporation) | (I.R.S. Employer Identification No.) |
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| 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
| Common Stock | 30,105,226 Shares |
| ($.01 Par Value) | (Outstanding at October 31, 2007) |
| (Class of Stock) |
SWIFT ENERGY COMPANYFORM 10-QFOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007INDEX
PAGE Item 1. 3 4 5 6 7 Item 2. 23 Item 3. 35 Item 4. 36 Item 1. 37 Item 1A. 37 Item 2. None Item 3. None Item 4. 37 Item 5. None Item 6. 37 39
Item 1.Condensed Consolidated Balance SheetsSwift Energy Company and Subsidiaries(in thousands, except share amounts)
September 30, 2007 December 31, 2006 (Unaudited) ASSETS Current Assets: Cash and cash equivalents$ 11,711$ 1,058 Accounts receivable- Oil and gas sales 58,409 63,935 Joint interest owners 1,177 1,844 Other Receivables 1,133 1,231 Deferred tax asset --- 2,383 Other current assets 46,466 22,122 Total Current Assets 118,896 92,573 Property and Equipment: Oil and gas, using full-cost accounting Proved properties 2,569,223 2,264,832 Unproved properties 107,689 112,136 2,676,912 2,376,968 Furniture, fixtures, and other equipment 34,633 28,041 2,711,545 2,405,009 Less – Accumulated depreciation, depletion, and amortization(1,073,797 ) (921,697 ) 1,637,748 1,483,312 Other Assets: Debt issuance costs 7,527 7,382 Restricted assets 2,398 2,415 9,925 9,797$ 1,766,569$ 1,585,682 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable and accrued liabilities$ 67,212$ 74,425 Accrued capital costs 60,925 55,282 Accrued interest 8,577 8,764 Undistributed oil and gas revenues 2,071 7,504 Total Current Liabilities 138,785 145,975 Long-Term Debt 400,000 381,400 Deferred Income Taxes 279,958 224,967 Asset Retirement Obligation 35,141 33,695 Lease Incentive Obligation 1,549 1,728 Commitments and Contingencies