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FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 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 September 30, 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 30,105,226 Shares
($.01 Par Value) (Outstanding at October 31, 2007)
(Class of Stock)
 

 

 


SWIFT ENERGY COMPANY
 
FORM 10-Q
 
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007
INDEX

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 Sheets
Swift 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