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FORM 10-Q FOR QUARTER ENDED MARCH 31, 2008 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, 2008 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 Houston, Texas 77060 (281) 874-2700 (Address and telephone number of principal executive offices) Securities registered pursuant to Section 12(b) of the Act:       Title of Class Exchanges on Which Registered: Common Stock, par value $.01 per share New York Stock Exchange   Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes    √          No___ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. Large accelerated filer   √          Accelerated filer___    Non-accelerated filer___ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes___          No   √   Indicate the number of shares outstanding of each of the Issuer's classes of common stock, as of the latest practicable date. Common Stock 30,535,841 Shares ($.01 Par Value) (Outstanding at April 30, 2008) (Class of Stock)

 

 

SWIFT ENERGY COMPANY
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2008
INDEX

 

PART I.	FINANCIAL INFORMATION				PAGE
		Item 1.	Condensed Consolidated Financial Statements
			Condensed Consolidated Balance Sheets		3
			- March 31, 2008 and December 31, 2007
			Condensed Consolidated Statements of Income		4
			- For the Three month periods ended  March 31, 2008 and 2007
			Condensed Consolidated Statements of Stockholders’ Equity		5
			- For the Three month period ended March 31, 2008 and year ended December 31, 2007
			Condensed Consolidated Statements of Cash Flows		6
			- For the Three month periods ended March 31, 2008 and 2007
			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		33
		Item 4.	Controls and Procedures		34
PART II.	OTHER INFORMATION
		Item 1.	Legal Proceedings		35
		Item 1A.	Risk Factors		35
		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		35
SIGNATURES					36
Exhibit Index					37

 

 

 

 

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Condensed Consolidated Balance Sheets

Swift Energy Company and Subsidiaries

(in thousands, except share amounts)

		March 31, 2008				December 31, 2007
		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	10,156			$	5,623
Accounts receivable-
Oil and gas sales			67,549				72,916
Joint interest owners			1,884				1,587
Other Receivables			1,709				1,324
Deferred tax asset			16,510				8,055
Other current assets			11,673				13,896
Current assets held for sale			93,446				96,549
Total Current Assets			202,927				199,950
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties			2,752,116				2,610,469
Unproved properties			108,388				106,643
			2,860,504				2,717,112
Furniture, fixtures, and other equipment			33,349				33,064
			2,893,853				2,750,176
Less – Accumulated depreciation, depletion, and amortization			(1,042,913	)			(989,981	)
			1,850,940				1,760,195
Other Assets:
Debt issuance costs			6,971				7,252
Restricted assets			1,588				1,654
			8,559				8,906
		$	2,062,426			$	1,969,051
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities		$	78,793			$	89,281
Accrued capital costs			72,117				94,947
Accrued interest			9,095				7,558
Undistributed oil and gas revenues			5,694				10,309
Current liabilities associated with assets held for sale			8,164				8,066
Total Current Liabilities			173,863				210,161
Long-Term Debt			623,400				587,000
Deferred Income Taxes			337,620				302,303
Asset Retirement Obligation			32,372				31,066
Other Long-Term Liabilities			2,407				2,467
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding			---				---
Common stock, $.01 par value, 85,000,000 shares authorized, 30,939,581 and 30,615,010 shares issued, and 30,508,425 and 30,178,596 shares outstanding, respectively			309				306