EXHIBIT 12
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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2003 2002 2001(1) 2000 1999
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Gross G&A 29,803,405 26,074,408 25,974,568 23,793,995 20,518,843
Net G&A 14,097,066 10,564,849 8,186,654 5,585,487 4,497,400
Interest Expense, Net 27,268,524 23,274,969 12,627,022 15,968,405 14,442,815
Rent Expense 2,173,313 1,923,451 1,322,618 1,255,474 1,272,497
Net Income Before Taxes and
Cumulative Effect of Change in
Accounting Principle 50,739,178 18,408,289 (34,192,333) 93,079,346 29,736,151
Capitalized Interest 6,835,983 6,973,480 6,256,222 5,043,206 4,142,098
Depleted Capitalized Interest 548,996 215,433 280,929 307,249 323,124
CALCULATED DATA
Unallocated G&A (%) 47.30% 40.52% 31.52% 23.47% 21.92%
Non-Capital Rent Expense 1,027,981 779,345 416,862 294,714 278,911
1/3 Non Capital Rent Expense 342,660 259,782 138,954 98,238 92,970
Fixed Charges 34,447,167 30,508,231 19,022,198 21,109,849 18,677,883
Earnings 78,899,358 42,158,473 (21,145,428) 109,453,238 44,595,061
Ratio of Earnings to Fixed Charges 2.29x 1.38x -- 5.18x 2.39x
For purposes of calculating the ratio of earnings to fixed charges, fixed
charges include interest expense net (which includes amortization of debt
issuance costs and discounts), capitalized interest and that portion of
non-capitalized rental expense deemed to be the equivalent of interest. Earnings
represent income before income taxes and cumulative effect of change in
accounting principle and from continuing operations before fixed charges
(excluding capitalized interest, net of depletion).
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<FN>
(1) Due to the $98.9 million non-cash charge incurred in the fourth quarter of
2001 caused by a write-down in the carrying value of oil and gas properties,
2001 earnings were insufficient by $40.2 million to cover fixed charges in this
period. If the $98.9 million non-cash charge is excluded, the ratio of earnings
to fixed charges would have been 4.09 for 2001.
</FN>