SilverBow Resources (SBOW) 10-K2010 FY Annual report

Filed: 24 Feb 11, 12:00am

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New words: acc, accounti, acknowledged, acquirin, Advisor, aggressive, al, apportionment, aterially, atmosphere, attention, awaiting, back, begun, bor, Breakdown, breakout, CAA, cal, calibrate, cas, commonly, constantly, coordinator, cornerstone, cyclical, dapt, developmen, diesel, dioxide, diversify, drawn, duty, Earth, easier, ed, endangerment, entry, EPA, er, es, exemption, extra, Fasken, FRAC, fracing, fuel, ge, goal, greatest, greenhouse, hed, Homeownership, HSE, ial, ich, il, implied, important, inaccurate, incre, ing, injur, intensify, ion, isk, job, key, Kinder, launched, lesser, limiti, lly, LOE, loped, ls, Meritage, methane, Midstream, mix, monetize, mor, Morgan, motor, nder, ng, NOL, observable, oilfield, ordingly, overlaying, overlying, pace, peak, phase, play, po, portfolio, prof, proven, publicly, pumping, recordkeeping, regularly, repo, rescheduled, respectfu, rich, roduction, rowing, rted, saltwater, scientific, session, shortly, sportation, ssessed, standing, stationary, stored, stream, substance, suggested, surface, surpassed, surrender, SWDA, synonymously, tandardized, Team, tentatively, tential, tight, track, trained, tran, ts, und, undeve, unexpected, unleased, unrestricted, Upo, urance, urrent, vessel, warming, wel, wh

Removed: analogy, attractive, auditing, Cameron, capitalize, chosen, closed, combine, commissioned, concluded, considerable, constituting, deeper, Dimmitt, disclosed, Escondido, extrapolation, hit, image, impacted, insert, install, investing, larger, LP, Maverick, participant, Ranch, recurring, reimbursement, retired, semiannually, strong, tubing, type, volumetric, weaken, west, Westside

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Exhibit 12


SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES (in thousands)


	2006			2007			2008			2009			2010

GROSS G&A		62,876			73,453			86,212			69,987			73,268
NET G&A		27,634			34,182			38,673			34,046			36,359
INTEREST EXPENSE, NET		23,582			28,082			31,079			30,663			33,437
RENTAL & LEASE EXPENSE		2,567			2,952			2,947			3,973			5,181
INCOME FROM CONTINUING OPERATIONS, BEFORE INCOME
TAXES AND CHANGE IN ACCOUNTING PRINCIPLE		248,308			244,556			(412,758	)		(64,617	)		74,308
CAPITALIZED INTEREST		9,211			9,545			8,037			6,107			7,408


CALCULATED DATA

EXPENSED OR NON-CAPITAL G&A (%)		43.95	%		46.54	%		44.86	%		48.65	%		49.62	%
NON-CAPITAL RENT EXPENSE		1,128			1,374			1,322			1,933			2,571
1/3 NON-CAPITAL RENT EXPENSE		376			458			441			644			857
FIXED CHARGES		33,169			38,085			39,557			37,414			41,702
EARNINGS		272,266			273,096			(381,238	)		(33,310	)		108,602


RATIO OF EARNINGS TO FIXED CHARGES		8.21			7.17			(9.64	)		(0.89	)		2.60


Amount needed for a "break-even" ratio earnings											70,724			(66,900	)

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 $93.5 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 still been insufficient by $11.4 million.