SilverBow Resources (SBOW) 10-K 2009 FY Annual report

													Exhibit 12
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES (in thousands)
	2005			2006			2007			2008			2009
GROSS G&A		42,142			62,876			73,453			86,212			69,987
NET G&A		18,866			27,634			34,182			38,673			34,046
INTEREST EXPENSE, NET		24,873			23,582			28,082			31,079			30,663
RENTAL & LEASE EXPENSE		2,529			2,567			2,952			2,947			3,973
INCOME FROM CONTINUING OPERATIONS, BEFORE INCOME
TAXES AND CHANGE IN ACCOUNTING PRINCIPLE		156,129			248,308			244,556			(412,758	)		(64,617	)
CAPITALIZED INTEREST		7,199			9,211			9,545			8,037			6,107
CALCULATED DATA
EXPENSED OR NON-CAPITAL G&A (%)		44.77	%		43.95	%		46.54	%		44.86	%		48.65	%
NON-CAPITAL RENT EXPENSE		1,132			1,128			1,374			1,322			1,933
1/3 NON-CAPITAL RENT EXPENSE		377			376			458			441			644
FIXED CHARGES		32,449			33,169			38,085			39,557			37,414
EARNINGS		181,379			272,266			273,096			(381,238	)		(33,310	)
RATIO OF EARNINGS TO FIXED CHARGES		5.59			8.21			7.17			(9.64	)		(0.89	)
Amount needed for a "break-even" ratio earnings											420,795			70,724
For purposes of calculating the ratio of earnings to fixed charges, fixed
charges include interest expense, capitalized interest, amortization of
debt issuance costs and discounts, and that portion of non-capitalized
rental expense deemed to be the equivalent of interest.  Earnings
represents income before income taxes and cumulative effect of change in accounting
principle before interest expense, net, and that portion of rental expense deemed to
be the equivalent of interest. Due to the $754.3 million non-cash charge incurred
in the fourth quarter of 2008, and the $79.3 million non-cash charge incurred in the first
quarter of 2009, both caused by a write-down in the carrying value of oil and gas
properties, 2008 earnings were insufficient by $420.8 million, and 2009
earnings were insufficient by $70.7 million, to cover fixed charges in these periods.
If the $754.3 million non-cash charge is excluded, the ratio of earnings to fixed charges
would have been 9.43 for 2008. If the $79.3 million non-cash charge is excluded, the
ratio of earnings to fixed charges would have been 1.23 for 2009.