EXHIBIT 12
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
Years Ended December 31, March 31,
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1998 1997 1996 1995 1994 1999 1998
---- ---- ---- ---- ---- ---- ----
Gross G&A 21,010,960 20,098,383 18,215,744 16,603,884 16,773,066 5,611,094 5,381,397
Net G&A 3,853,812 3,523,604 4,149,964 3,336,777 3,322,369 1,109,674 1,000,479
Interest Expense 8,752,195 5,032,952 693,959 1,115,361 1,795,133 3,304,377 1,384,766
Rent Expense 1,117,351 1,039,210 957,797 869,191 965,389 322,021 271,888
Net Income Before Taxes (73,391,581) 33,129,606 28,785,783 6,894,537 4,837,829 1,905,419 4,835,502
Capitalized Interest 3,849,665 2,326,691 1,549,575 1,442,022 766,572 908,497 751,847
Depleted Capitalized Interest 292,267 201,169 168,375 95,496 87,588 89,972 58,403
Calculated Data
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Unallocated G&A (%) 18.34% 17.53% 22.78% 20.10% 19.81% 19.78% 18.59%
Non-Capital Rent Expense 204,944 182,192 218,208 174,676 191,222 63,684 50,548
1/3 Non-Capital Rent
Expense 68,315 60,731 72,736 58,225 63,741 21,228 16,849
Fixed Charges 12,670,175 7,420,374 2,316,270 2,615,608 2,625,446 4,234,102 2,153,462
Earnings (64,278,804) 38,424,458 29,720,853 8,163,619 6,784,291 5,320,996 6,295,520
Ratio of Earnings to Fixed --- 5.18 12.83 3.12 2.58 1.26 2.92
Charges