Swift Energy may overspend cash flow but will maintain conservative balance sheet, president says

By Jennifer Lanning Drey

Savannah, Ga., Oct. 12 - Swift Energy Co. may slightly outspend its cash flow and the cash it had in the bank at the start of the year in 2010, but the company will maintain a conservative balance sheet as it has in the past, Bruce Vincent, Swift's president, secretary and director, said during a Tuesday presentation at the IPAA Oil & Gas Investment Symposium in San Francisco.

"The bottom line is we're going to keep our leverage and liquidity in shape as we always have," Vincent said.

"We're a company that always has, and you should expect us to continue to operate from a strong financial footing, maintaining low leverage and high liquidity."

At June 30, Swift had $43.48 million of cash and cash equivalents and zero borrowings outstanding on its revolving credit facility.

In addition to its balance sheet position, Swift's competitive advantages include its use and application of technologies and strong asset base, Vincent said.

The company's capital budget for 2010 is between $360 million and $375 million.

Swift Energy is a Houston-based developer, explorer, acquirer and operator of oil and gas properties.

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