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SWIFT ENERGY REPORTS FIRST QUARTER RESULTS

 SWIFT ENERGY REPORTS FIRST QUARTER RESULTS
 HOUSTON, May 12 /PRNewswire/ -- A. Earl Swift, chairman and


president of Swift Energy Company (NYSE, PSE: SFY), today reported results for the first three months of 1992. Total revenues were $3,452,071 compared with $3,683,978 in the similar period in 1991. Earnings were $576,775 or $0.12 per share compared with $729,703 or $0.15 in the first quarter of 1991. Total expenses remained unchanged and net cash provided by operating activities during the first quarter of 1992 increased to $1,548,784 from $1,501,925 in last year's first quarter.
 Commenting on the results, Swift said, "We believe the announced results are exceptional since record low natural gas prices during February and March not only affected the company's production and revenues, but also reduced earned interest and fees from partnerships and joint ventures. We see this aberration in natural gas prices having only a short-term effect on the company's profitability and continued growth."
 Swift continued, "The company continued to post steady increases in its sales of limited partnership interests in its publicly offered 'Swift Depositary Interests' fund. Sales for the first quarter were completed at $8.8 million as compared to $4.2 and $8.1 million for the first and fourth quarters of 1991, respectively. Now that we have completed the first full year of offering the SDI fund, quarterly subscriptions have grown at an average rate of 15.3 percent per quarter. This 45.9 percent total growth in fund raising reflects our belief that Swift Energy has captured the lead in sales to the public of limited partnership interests for the acquisition of producing oil and gas properties. This is due to the unique 'no load' structure of the fund which began sales during the second quarter of last year."
 Swift Energy Company is an independent oil and gas company primarily engaged in the acquisition, exploration, development and operation of oil and gas properties through partnerships and joint ventures. The company has an established track record of proven property acquisitions. Swift has purchased over $350 million of producing oil and gas properties on behalf of public limited partnerships and joint ventures. It has interests in over 3,000 oil and gas wells located in 18 states, operating 674 wells and overseeing the operation of the remainder.
 SWIFT ENERGY COMPANY
 SUMMARY FINANCIAL INFORMATION
 Three Months Ended March 31 1992 1991
 Total revenues $3,452,071 $3,683,978
 Net income 576,775 729,703
 Net income per share $0.12 $0.15
 Average shares outstanding 4,955,134 4,849,340
 Net cash provided by
 operating activities $1,548,784 1,501,925
 -0- 5/12/92
 /CONTACT: John R. Alden, senior vice president of Swift Energy, 800-777-2412, or 713-874-2700, or Edward Silverman of Silverman, Heller Associates, 212-682-9222, for Swift Energy/
 (SFY) CO: Swift Energy Company ST: Texas IN: OIL SU: ERN


PS -- NY104 -- 9350 05/12/92 17:06 EDT
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Publication:PR Newswire
Date:May 12, 1992
Words:496
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