Exhibit 99.1
Swift Energy Announces First Quarter Results
HOUSTON--(BUSINESS WIRE)--May 7, 2003--
247% Increase in Income before Accounting Change
to $10.5 Million ($0.38/Share)
Production Increase of 5% to 12.9 Bcfe
Swift Energy Company (NYSE:SFY) (PCX:SFY) announced today that
income before the cumulative effect of an accounting change increased
247% in the first quarter of 2003 to $10.5 million, or $0.38 per
diluted share, compared to net income of $3.0 million, or $0.12 per
diluted share, in the first quarter of 2002, primarily as the result
of higher prices.
The Company's net income was $6.1 million or $0.22 per diluted
share, including the cumulative effect of the accounting change. The
Statement of Financial Accounting Standards No. 143 (SFAS 143)
implemented January 1, 2003, is a mandated accounting change that
amounted to a one-time charge for the Company of $4.4 million (net of
tax), or $0.16 per diluted share. SFAS 143 "Accounting for Asset
Retirement Obligations" requires companies to record the present value
of estimated future abandonment obligations as a liability, with a
corresponding increase in oil and gas assets.
Production increased 5% to 12.9 Billion cubic feet equivalent
("Bcfe") in the first quarter of 2003 from 12.3 Bcfe of production in
the first quarter of last year. Production increased 2% from fourth
quarter 2002 levels. Domestic production was 7.7 Bcfe, and New Zealand
production was 5.2 Bcfe for the first quarter of 2003.
Terry Swift, President and CEO of Swift Energy Company, noted, "We
started the year with good operational success, and we have certainly
been buoyed by the strong pricing environment. Our principal goal for
the year is to deliver added value by meeting our production and
reserve targets, while improving our operating margins. Despite the
temporary partial shut-in at Lake Washington, we continue to make
progress on our goals. In order to take advantage of today's domestic
natural gas market, we are now accelerating several budgeted natural
gas wells and fracture stimulations that were planned to take place
later in the year. New Zealand activity also has been promising this
year, with the doubling of net sales during the first quarter 2003
compared to the same quarter last year, and the successful
implementation of several projects in the first-half of 2003.
Second-half drilling plans will allow us to better evaluate both the
Kauri and Manutahi sands."
Revenues & Expenses
Total revenues for the first quarter 2003 totaled $53.5 million,
an increase of approximately 56% from revenues of $34.4 million during
the first quarter in 2002. Total revenue for the first quarter of 2003
is net of $1.4 million of losses from derivative product price hedging
activities, which compares with a $0.1 million gain from such
activities for the first quarter of 2002. Cash flow before changes in
working capital increased 176% to $31.6 million ($1.16 per diluted
share) in the first quarter of 2003 compared to $11.5 million ($0.45
per diluted share) in the first quarter of 2002. Net cash provided by
operating activities increased 147% to $26.8 million ($0.98 per
diluted share) compared to $10.8 million ($0.43 per diluted share) in
the first quarter of 2002.
Controllable lease operating expenses improved nearly 2% on a per
unit basis compared to the first quarter of 2002. During the same
period, general and administrative costs increased, both in total and
on a per unit basis, primarily as a result of the increased costs
associated with certain corporate governance actions taken in response
to the recently enacted Sarbanes-Oxley Act and related regulations and
also due to lower reimbursements due to the recent liquidation and
dissolution of all public partnerships managed by the Company.
Production & Pricing
Domestic production was 7.7 Bcfe in the first quarter 2003, a 20%
decline from 9.7 Bcfe of production in the first quarter of 2002.
However, domestic production did increase 1% from fourth quarter 2002
levels and was above the Company's most recent guidance. Despite this
modest increase, there were two distinct events that negatively
affected our domestic production levels for the quarter. The
previously reported partial shut-in of the Lake Washington Field, in
Plaquemines Parish, Louisiana, lowered production in the first quarter
of 2003 by approximately 0.7-1.0 Bcfe. It is anticipated that second
quarter production will also be reduced by a similar amount, as is
reflected in the updated second quarter and full-year 2003 guidance
that is part of this press release. Additionally, due to the
relatively higher natural gas price as compared to the crude oil price
during the first quarter, the Company elected to not process and
separately sell the natural gas liquids ("NGLs") in certain fields in
the first quarter. This practice improves the economics of the natural
gas sold; however, it reduces NGL volumes. Natural gas accounted for
47% of domestic production during the first quarter and 60% of total
production.
In New Zealand, the Company produced 5.2 Bcfe, a virtual doubling
over the same quarter production last year and an increase of nearly
4% from production levels in the fourth quarter of 2002. Higher
natural gas demand in New Zealand has allowed the Company to both
increase production from the TAWN fields, as well as increase the
realized price received. Normal maintenance will occur at both the
TAWN and Rimu production facilities in the second quarter and is
expected to last about seven to ten days at each facility, which also
is reflected in the Company's forward guidance included with this
press release.
The first quarter culminated in significantly higher commodity
prices: average domestic natural gas prices received in the first
quarter were $6.03 per thousand cubic feet ("Mcf"), a three-fold
increase from the $1.94 per Mcf received a year earlier, while crude
oil prices averaged $32.80 per barrel, up 71% from crude oil prices in
the previous year's first quarter. Condensate and natural gas liquids
prices received domestically also increased significantly over those
in the first quarter of 2002, providing a composite average domestic
price for the quarter of $5.68 per thousand cubic feet equivalent
("Mcfe"), which was 145% more than the $2.32 per Mcfe received in the
first quarter of 2002, and 45% more than the $3.93 per Mcfe received
in the fourth quarter of 2002.
In New Zealand, the Company has seen its average realized price
increase for five straight quarters due to a beneficial currency
exchange rate and non-contracted natural gas sales into the tightening
New Zealand gas market. The composite average price for New Zealand
was $2.15 per Mcfe, a 35% increase over prices received in the first
quarter of the previous year. Similar increases over prices received
in the same quarter last year were seen on an individual product
basis, with the Company receiving an average price of $1.62 per Mcf
for its natural gas in 2003, a 34% increase from $1.21 received in
2002; $32.36 per barrel of crude oil in 2003, up 65% from $19.67 per
barrel averaged in 2002; and $12.89 per barrel for natural gas liquids
in 2003, a 31% increase from $9.81 per barrel averaged in 2002.
Domestic Operations
The Company successfully drilled 13 of 19 wells in the first
quarter. The Company has successfully drilled two additional wells,
one in Lake Washington and one in the AWP/Olmos area, since the last
update on April 28, bringing the year-to-date total to 19 successes
out of 25 wells drilled. The Company currently has two drilling rigs
working in Lake Washington, one rig operating in the AWP/Olmos area in
McMullen County, Texas and one rig scheduled to spud a well in the
Brookeland Field in Newton County, Texas in mid-third quarter. One
non-operated rig is also working in the Garcia Ranch area in Kenedy
County, Texas.
Scheduled facility upgrades are underway in the Lake Washington
Field that are expected to bring capacity to over 14,000 barrels per
day gross processing capacity during the third quarter.
New Zealand Operations
As previously reported, the Company successfully drilled the
Kauri-F1 well, targeting the shallow Manutahi Sand, in the first
quarter and expects to install a pumping unit on that well to begin a
prolonged production test. The Kauri-A4 well that was fracture
stimulated in the first quarter, more than doubling initial test
rates, is scheduled to be connected to the Rimu Production Station in
the third quarter of this year. The Rimu-A2A well was treated with a
CO2 injection in an attempt to improve the Tariki Sand performance and
is currently undergoing further evaluation. The Company currently
plans to drill two delineation wells in the Kauri Sand, several
additional Manutahi wells and one to two exploration wells in the
second half of the year.
Bank Borrowing Base
As previously reported, the Company's borrowing base was recently
reaffirmed at $195 million, effective May 1. Due to improving market
conditions and expectations for higher levels of cash flow, the
Company has requested that its commitment amount with its bank group
be reduced to $150 million effective May 9, 2003. Under the terms of
its credit facility, the Company can increase this commitment amount
back to the total amount of the borrowing base, at its discretion.
Earnings Conference Call
Swift Energy Company will discuss first quarter earnings results
Wednesday, May 7, at 9:00 a.m. CDT. The dial-in number is
973-872-3462. Please dial-in five to ten minutes prior to the start of
the call. A pass code is not required to participate in this call. The
digital replay number is 973-341-3080 (Pin #3851829) and will be
available until May 21, 2003. In addition, this call will be webcast
'live' and archived through our website at http://www.swiftnergy.com.
Annual Shareholders Meeting
Swift Energy's Annual meeting of Shareholders will be held May 13,
2003 at the Wyndham Greenspoint Hotel in Salon A, 12400 Greenspoint
Drive, Houston Texas 77060 at 4:00 p.m. CDT. The public is invited to
attend to hear management's review of the Company's 2002 activities
and discuss the opportunities for 2003.
Swift Energy Company engages in developing, exploring, acquiring,
and operating oil and gas properties, with a focus on onshore and
inland waters oil and natural gas reserves in Texas and Louisiana and
onshore oil and natural gas reserves in New Zealand. Founded in 1979
with headquarters in Houston, Texas, the Company has consistently
grown its proved oil and gas reserves, production, and cash flow
through a disciplined program of acquisitions and drilling, while
maintaining a strong financial position.
This material includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
opinions, forecasts, projections, guidance or other statements other
than statements of historical fact, are forward-looking statements.
These statements are based upon assumptions that are subject to change
and to risks, especially volatility in oil or gas prices, and lately
availability of services and supplies. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. Certain risks and uncertainties inherent in the
Company's business are set forth in the filings of the Company with
the Securities and Exchange Commission. Estimates of future financial
or operating performance provided by the Company are based on existing
market conditions and engineering and geologic information available
at this time. Actual financial and operating performance may be higher
or lower. Future performance is dependent upon oil and gas prices,
exploratory and development drilling results, engineering and geologic
information and changes in market conditions.
SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION
(UNAUDITED)
In Thousands Except Per Share and Price Amounts
Three Months Ended
March 31,
-------------------
Percent
2003 2002 Change
--------- --------- -------
Revenues
Oil & Gas Sales $54,850 $26,613 106%
Other (1,350) 7,741 NM
--------- ---------
Total Revenue $53,500 $34,354 56%
Net Income Before Accounting Change(1) $10,485 $3,020 247%
Basic EPS, Before Accounting Change $0.38 $0.12 217%
Diluted EPS, Before Accounting Change $0.38 $0.12 217%
SFAS 143 Accounting Change $4,377 ---
Per Share $0.16 ---
Net Income $6,108 $3,020 102%
Basic EPS $0.22 $0.12 83%
Diluted EPS $0.22 $0.12 83%
Net Cash Provided By
Operating Activities $26,799 $10,834 147%
Net Cash Provided By
Operating Activities, Per Diluted Share $0.98 $0.43 130%
Cash Flow(2) Before Working
Capital Changes $31,643 $11,462 176%
Cash Flow Before Working
Capital Changes, Per Diluted Share $1.16 $0.45 156%
Weighted Average
Shares Outstanding (WASO) 27,243 24,882 9%
EBITDA(2)(See reconciliation on page 9) $38,036 $22,515 69%
Production (Bcfe): 12.9 12.3 5%
Domestic 7.7 9.7 (20%)
New Zealand 5.2 2.6 97%
Realized Price ($/Mcfe): $4.26 $2.17 96%
Domestic $5.68 $2.32 145%
New Zealand $2.15 $1.59 35%
(1) SFAS 143 - Statement of Financial Accounting Standards No. 143
(SFAS No. 143), "Accounting for Asset Retirement Obligations,"
which requires companies to record the present value of estimated
future abandonment obligations as a liability, with a
corresponding entry to oil and gas assets.
(2) Management believes that the non-GAAP measures EBITDA and cash
flow before working capital changes are useful information to
investors because they are widely used by professional research
analysts in the valuation, comparison, rating and investment
recommendations of companies within the oil and gas exploration
and production industry. Many investors use the published
research of these analysts in making their investment decisions.
SWIFT ENERGY COMPANY
SUMMARY BALANCE SHEET INFORMATION
In Thousands
As of As of
March 31, 2003 December 31, 2002
(Unaudited)
----------------- -----------------
Assets:
Current Assets:
Cash and Cash Equivalents $4,318 $3,816
Other Current Assets 32,753 25,952
----------------- -----------------
Total Current Assets 37,071 29,768
Oil and Gas Properties 1,248,136 1,220,237
Other Fixed Assets 9,871 9,596
Less-Accumulated DD&A (519,200) (504,324)
----------------- -----------------
738,807 725,509
Other Assets 10,671 11,729
----------------- -----------------
$786,549 $767,006
================= =================
Liabilities:
Current Liabilities $42,318 $46,884
Long-Term Debt 329,992 324,272
Deferred Income Taxes 33,198 30,777
Asset Retirement Obligation 9,185 ---
Stockholders' Equity 371,856 365,073
----------------- -----------------
$786,549 $767,006
================= =================
SWIFT ENERGY COMPANY
SUMMARY INCOME STATEMENT INFORMATION
(UNAUDITED)
In Thousands Except Per Mcfe Amounts
Three Months Ended Three Months Ended
March 31, March 31,
2003 Per Mcfe 2002 Per Mcfe
--------- -------- --------- --------
Revenues:
Oil & Gas Sales $ 54,850 $ 4.26 $ 26,613 $ 2.17
Other Revenue (1,350) (0.10) 7,741 0.63
-------- ------- -------- -------
53,500 4.16 34,354 2.80
-------- ------- -------- -------
Costs and Expenses:
General and administrative, net 3,557 0.28 2,274 0.19
Depreciation, Depletion &
Amortization 14,912 1.16 13,960 1.14
Accretion of asset retirement
obligation 215 0.02 --- ---
Oil & Gas Production Costs 7,313 0.57 7,176 0.58
Severance & Ad Valorem
Taxes/Royalty 4,595 0.36 2,389 0.20
Interest Expense, Net 6,685 0.52 3,880 0.32
-------- ------- -------- -------
Total Costs & Expenses 37,276 2.90 29,680 2.43
-------- ------- -------- -------
Income before Income Taxes
& Change in Accounting Principle 16,224 1.26 4,674 0.38
Provision for Income Taxes 5,739 0.45 1,654 0.13
-------- ------- -------- -------
Income Before Changes in
Accounting Principle $ 10,485 $ 0.82 $ 3,020 $ 0.25
Cumulative Effect of Change
in Accounting
Principle (SFAS 143) 4,377 0.34 --- ---
-------- ------- -------- -------
Net Income $ 6,108 $ 0.47 $ 3,020 $ 0.25
======== ======= ======== =======
Additional Information:
Capital Expenditures $ 26,335 $ 83,041
Capitalized General &
Administrative $ 2,546 $ 1,831
Capitalized Interest Expense $ 1,747 $ 1,396
Deferred Income Tax $ 5,739 $ 1,653
Note: Items may not total due to rounding
SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOW
(UNAUDITED)
In Thousands
Three Months Ended,
March 31, 2003 March 31, 2002
Cash Flows From Operating Activities:
Net Income $6,108 $3,020
Adjustments to reconcile net income to
net cash provided by operating
activities -
Depreciation, depletion, and
amortization 14,912 13,961
Accretion of asset retirement
obligation 215 ---
Deferred income taxes 5,739 1,653
Gain on asset disposition --- (7,333)
Cumulative effect of changes in
accounting principle 4,377 ---
Other 292 162
Change in assets and liabilities -
(Increase) decrease in accounts
receivable, excluding income taxes
receivable (7,077) 118
(Increase) decrease in accounts
payable and accrued liabilities 2,233 (1,347)
Decrease in income taxes receivable --- 600
-------------- --------------
Net Cash Provided by Operating Activities 26,799 10,834
-------------- --------------
Cash Flows From Investing Activities:
Additions to property and equipment (26,335) (83,041)
Proceeds from the sale of property and
equipment 551 7,523
Net cash distributed as operator of oil
& gas properties (5,890) (10,591)
Net cash distributed as operator of
partnerships and joint ventures (287) (23,089)
Other (36) 33
-------------- --------------
Net Cash Used in Investing Activities (31,997) (109,167)
-------------- --------------
Cash Flows From Financing Activities:
Net proceeds of bank borrowings 5,700 97,000
Net proceeds from issuance of
common stock --- 347
Payments of debt issuance costs --- (347)
-------------- --------------
Net Cash Provided by Financing Activities 5,700 97,000
-------------- --------------
Net Increase (Decrease) in Cash and Cash
Equivalents 502 (1,333)
Cash and Cash Equivalents at the
Beginning of the Period 3,816 2,149
-------------- --------------
Cash and Cash Equivalents at the End of
the Period $4,318 $816
============== ==============
Note: Items may not total due to rounding
SWIFT ENERGY COMPANY
Reconciliation of GAAP to non-GAAP Measures (a)
Periods ended March 31, 2003 and March 31, 2002
(UNAUDITED)
In Thousands
Below is a reconciliation of EBITDA to Net Income and Cash Flow
Before Working Capital Changes to Net Cash Provided by Operating
Activities.
Three Months Ended,
March 31, 2003 March 31, 2002
EBITDA Data:
Net Income $6,108 $3,020 102%
Provision for Income taxes 5,739 1,654
Cumulative Effect of Accounting
Change 4,377 --
Interest Expense, Net 6,685 3,880
Depreciation, Depletion &
Amortization & ARO 15,127 13,961
-------------- --------------
EBITDA $38,036 $22,515 69%
============== ==============
Three Months Ended,
March 31, 2003 March 31, 2002
Net Cash Provided by
Operating Activities $26,799 $10,834 147%
Increases and Decreases In:
Accounts Receivable, net of taxes 7,077 (118)
Accounts Payable and Accrued
Liabilities (2,233) 1,347
Income Taxes Receivables --- (600)
-------------- --------------
Cash Flow Before Working Capital
Changes $31,643 $11,462 176%
============== ==============
(a) GAAP--Generally Accepted Accounting Principles
Note: Items may not total due to rounding
This statement should be read in conjunction with the attached press
release.
SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(UNAUDITED)
Three Months Ended, Three Months Ended,
------------------- -------------------
Percent Percent
March 31, Dec 31, Change March 31, Change
2003 2002 ------- 2002 --------
---------- -------- ----------
Total Company
Production:
Oil & Natural Gas
Equivalent (Bcfe) 12.86 12.58 2% 12.29 5%
Natural Gas (Bcf) 7.68 7.08 8% 6.63 16%
Crude Oil (MBbl) 690 647 7% 593 16%
NGLs (MBbl) 173 269 (35%) 350 (50%)
Domestic Production:
Oil & Natural Gas
Equivalent (Bcfe) 7.71 7.60 1% 9.68 (20%)
Natural Gas (Bcf) 3.64 3.36 8% 4.68 (22%)
Crude Oil (MBbl) 578 505 14% 522 11%
NGLs (MBbl) 100 202 (50%) 312 (68%)
New Zealand Production:
Oil & Natural Gas
Equivalent (Bcfe) 5.16 4.98 3% 2.61 97%
Natural Gas (Bcf) 4.04 3.73 8% 1.95 107%
Crude Oil (MBbl) 112 142 (21%) 72 56%
NGLs (MBbl) 73 67 9% 38 91%
Total Company Average
Prices:
Combined Oil &
Natural Gas
($/Mcfe) $4.26 $3.15 35% $2.17 96%
Natural Gas ($/Mcf) $3.71 $2.55 45% $1.72 116%
Crude Oil ($/Bbl) $32.73 $27.00 21% $19.26 70%
NGLs ($/Bbl) $21.90 $15.25 44% $10.74 104%
Domestic Average
Prices:
Combined Oil &
Natural Gas
($/Mcfe) $5.68 $3.93 45% $2.32 145%
Natural Gas ($/Mcf) $6.03 $3.84 57% $1.94 211%
Crude Oil ($/Bbl) $32.80 $27.06 21% $19.21 71%
NGLs ($/Bbl) $28.47 $16.42 73% $10.85 162%
New Zealand Average
Prices:
Combined Oil &
Natural Gas
($/Mcfe) $2.15 $1.97 9% $1.59 35%
Natural Gas ($/Mcf) $1.62 $1.40 16% $1.21 34%
Crude Oil ($/Bbl) $32.36 $26.79 21% $19.67 65%
NGLs ($/Bbl) $12.89 $11.71 10% $9.81 31%
SWIFT ENERGY COMPANY
SECOND QUARTER AND FULL YEAR 2003
GUIDANCE ESTIMATES
In Thousands Except Per Production Unit Amounts
Actual Guidance Guidance
For First For Second For Full
Description Quarter 2003 Quarter 2003 Year 2003
Production Volumes (Mcfe) 12.9 12.0 - 13.0 53.0 - 56.0
Domestic Volumes
(Mcfe) 7.7 7.4 - 8.0 34.0 - 37.0
New Zealand Volumes
(Mcfe) 5.2 4.5 - 5.0 19.0 - 20.0
Production Mix:
Domestic
% Natural Gas 47% 40% - 44% 30% - 34%
% Crude Oil 45% 48% - 52% 58% - 62%
% Natural Gas Liquids 8% 8% - 12% 8% - 12%
New Zealand
% Natural Gas 78% 70% - 75% 73% - 77%
% Crude Oil 13% 15% - 20% 15% - 20%
% Natural Gas Liquids 9% 5% - 10% 7% - 10%
Product Pricing:
Domestic Pricing:
Natural Gas (per Mcf)
NYMEX differential -$0.49 -$0.10 to -$0.20 -$0.15 to -$0.25
(Note 1)
Crude Oil (per Bbl)
NYMEX differential
(Note 2) -$1.00 -$1.50 to -$2.00 -$1.50 to -$2.00
NGLs (per Bbl)
Percent of NYMEX
Crude 84% 45% - 55% 45% - 55%
New Zealand Pricing:
Natural Gas (per Mcf)
(Note 3) $1.62 $1.30 to $1.40 $1.30 to $1.40
Crude Oil (per Bbl)
NYMEX differential
(Note 2 & 4) -$1.44 -$3.50 to -$4.50 -$3.50 to -$4.50
NGLs (per Bbl)
Contract Price
(Note 5) $12.89 $10.00 to $12.00 $10.00 to $12.00
Oil & Gas Production
Costs:
Domestic
Lease Operating Costs
(per Mcfe) $0.72 $0.70 - $0.75 $0.65 - $0.70
Severance & Ad Valorem
Taxes
(as % of Revenue
dollars) 8.4% 10.0% - 11.0% 10.0% - 11.0%
New Zealand
Lease Operating Costs
(per Mcfe) $0.35 $0.42 - $0.46 $0.40 - $0.44
Government Royalty
(as % of Revenue
dollars) 8.4% 8.5% - 9.0% 8.5% - 9.0%
SWIFT ENERGY COMPANY
SECOND QUARTER AND FULL YEAR 2003
GUIDANCE ESTIMATES
(In Thousands Except Per Production Unit Amounts)
Note: Swift Energy now maintains all its current price risk
management instruments (Hedge positions) on its Hedge Activity page on
the Swift Energy website (www.swiftenergy.com).
Actual Guidance Guidance
For First For Second For Full
Description Quarter 2003 Quarter 2003 Year 2003
Other Costs:
G&A/Mcfe $0.28 $0.22 - $0.25 $0.20 - $0.23
Interest
Expense/Mcfe $0.52 $0.53 - $0.56 $0.50 - $0.55
DD&A/Mcfe $1.16 $1.12 - $1.17 $1.12 - $1.17
Supplemental
Information:
Capital Expenditures
Operations $26,335 $40,000 - $45,000 $100,000 - $130,000
Acquisition/
Dispositions, net ($551) $0 - $1,000 ($5,000) - ($15,000)
Capitalized G&A $2,546 $2,300 - $2,700 $9,200 - $ 10,600
Capitalized Interest $1,747 $1,600 - $1,800 $6,400 - $6,800
Basic Weighted
Average Shares 27,243 27,200 - 27,500 27,300 - 27,800
Diluted Computation:
Weighted Average
Shares 27,310 27,200 - 28,000 27,300 - 28,000
Effective Tax Rate 35% 36% 36%
Deferred Tax
Percentage 99% 98% 98%
Note 1: Average of monthly closing Henry Hub NYMEX futures price
for the respective contract months, included in the period,
which best benchmarks the 30-day price received for domestic
natural gas sales.
Note 2: Average of daily WTI NYMEX futures price during the
calendar period reflected, which best benchmarks the daily
price received for the majority of domestic crude oil sales.
Note 3: Fixed contractual price with Contact Energy and Genesis
Power in New Zealand plus some sales at prices in excess of
contracted amount.
Note 4: New Zealand crude oil benchmarked to TAPIS, which is
typically discounted within a $0.50 to $1.00 range of
WTI NYMEX.
Note 5: Fixed contractual price with RockGas Limited in New Zealand.
This material includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
opinions, forecasts, projections, guidance or other statements other
than statements of historical fact, are forward-looking statements.
These statements are based upon assumptions that are subject to change
and to risks, especially volatility in oil or gas prices, and lately
availability of services and supplies. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. Certain risks and uncertainties inherent in the
Company's business are set forth in the filings of the Company with
the Securities and Exchange Commission. Estimates of future financial
or operating performance provided by the Company are based on existing
market conditions and engineering and geologic information available
at this time. Actual financial and operating performance may be higher
or lower. Future performance is dependent upon oil and gas prices,
exploratory and development drilling results, engineering and geologic
information and changes in market conditions.
CONTACT: Swift Energy Company
Director of Investor Relations:
Scott Espenshade, 281/874-2700 or 800/777-2412