MEMORANDUM
TO: Registered Representatives
FROM: Linda C. Herring
RE: Dissolution of 1994-A - 1995-A SDI Partnerships
DATE: December 28, 1999
- --------------------------------------------------------------------------------
Swift Energy Company, as Managing General Partner, is recommending that
investors in 10 partnerships formed to purchase producing properties during 1994
through April 28, 1995, approve a proposal to sell all of each partnership's oil
and gas assets. It is our intention to file proxies for the remaining
acquisition partnerships in early 2000.
In accordance with the Limited Partnership Agreement, the affirmative vote of
investors holding a majority of the SDI's is required to provide for the sale of
each partnership's oil and gas assets and conclude the business of the
partnership. Swift anticipates these property interests will be sold at public
auction or in negotiated sales. If Swift is unable to sell one or more property
interests through public auctions or by direct negotiation, then Swift may
purchase those property interests. If Swift purchases any property interests,
the purchase price will be the higher of the appraised value (from an
independent appraiser) or the minimum bid price set at the most recent auction.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
% OF % OF ORIGINAL
CONTRIBUTIONS RESERVES
FORMATION INVESTOR CAPITAL RETURNED AS OF REMAINING
PARTNERSHIP DATE CONTRIBUTIONS 10/31/99 1/1/99
- ----------- ---- --------------- --------- ------
SWIFT ENERGY OPERATING PARTNERS (SWIFT DEPOSITARY INTERESTS)
1994-A 04/20/94 $ 4,487,431 37.3% 53%
1994-B 06/30/94 $ 5,698,300 37.8% 58%
1994-C 09/30/94 $ 5,125,411 35.2% 52%
1994-D 12/30/94 $ 4,775,604 37.2% 51%
1995-A 04/28/95 $ 3,692,962 32.8% 49%
SWJFT ENERGY PENSION PARTNERS (SWIFT DEPOSITARY INTERESTS)
1994-A 04/20/94 $ 2,635,723 37.3% 53%
1994-B 06/30/94 $ 3,535,809 37.8% 58%
1994-C 09/30/94 $ 2,783,562 35.2% 52%
1994-D 12/30/94 $ 3,032,126 37.2% 51%
1995-A 04/28/95 $ 3,319,041 32.7% 49%
</TABLE>
To expedite the voting process, investors will have the option to vote by
calling the 800 number on their proxy card. For verification purposes, each
proxy card will be assigned a unique control number.
Also attached is a list of your clients and the programs in which they invested.
We hope this information is helpful. If you have any questions, or need
additional information, please feel free to call me at (800) 457-9438, Ext.
2733.
<PAGE>
MEMORANDUM
TO: Broker Dealers
FROM: Linda C. Herring
RE: Dissolution of 1994-A - 1995-A SDI Partnerships
DATE: December 28, 1999
- --------------------------------------------------------------------------------
Swift Energy Company, as Managing General Partner, is recommending that
investors in 10 partnerships formed to purchase producing properties during 1994
through April 28, 1995, approve a proposal to sell all of each partnership's oil
and gas assets. It is our intention to file proxies for the remaining
acquisition partnerships in early 2000.
In accordance with each Limited Partnership Agreement, the affirmative vote of
investors holding a majority of the SDI's is required to provide for the sale of
the partnership's oil and gas assets and conclude the business of the
partnership. Swift anticipates these property interests will be sold at public
auction or in negotiated sales. If Swift is unable to sell one or more property
interests through public auctions or by direct negotiation, then Swift may
purchase those property interests. If Swift purchases any property interests,
the purchase price will be the higher of the appraised value (from an
independent appraiser) or the minimum bid price set at the most recent auction.
Member firms who were involved in the original offering of the SDIs or who
currently have clients in these partnerships are being provided this summary
through their due diligence officers. Because these brief statistics are
qualified in their entirety by reference to the individual proxy statements
dated December 20, 1999 for each partnership, THIS SUMMARY IS NOT TO BE
DISSEMINATED TO A FIRM'S REGISTERED REPRESENTATIVES OR THEIR CLIENTS. For
information concerning the circumstances affecting each partnership's
performance and the proposal being submitted for investor approval, see "The
Proposal," in each proxy statement, especially the subcaptions thereunder
entitled "Partnership Financial Performance and Condition" and "Reasons for the
Proposal."
<TABLE>
<CAPTION>
INVESTOR CASH ESTIMATED RANGE OF
FORMATION CAPTIAL DISTRIBUTIONS LIQUIDATION PROCEEDS
PARTNERSHIP DATE CONTRIBUTIONS AS OF 09/30/99 LOW HIGH
- ----------- ---- ------------- -------------- --- ----
Swift Energy Operating Partners (Swift Depositary Interests)
<S> <C> <C> <C> <C> <C>
1994-A 04/20/94 $ 4,487,431 36.9% 34.1% 43.4%
1994-B 06/30/94 $ 5,698,300 37.45% 38.6% 47.8%
1994-C 09/30/94 $ 5,125,411 34.8% 27.7% 41.1%
1994-D 12/30/94 $ 4,775,604 36.7% 30.1% 42.4%
1995-A 04/28/95 $ 3,692,962 32.3% 36.4% 51.3%
Swift Energy Pension Partners (Swift Depositary Interests)
1994-A 04/20/94 $ 2,635,723 36.9% 33.8% 43.2%
1994-B 06/30/94 $ 3,535,809 37.4% 38.1% 47.5%
1994-C 09/30/94 $ 2,783,562 34.8% 27.7% 41.1%
1994-D 12/30/94 $ 3,032,126 36.7% 30.0% 42.4%
1995-A 04/28/95 $ 3,319,041 32.2% 36.5% 51.4%
</TABLE>
To expedite the voting process, investors will have the option to vote by
calling the 800 number on their proxy card. For verification purposes, each
proxy card will be assigned a unique control number.
We realize you cannot recommend to either the representatives or their clients
that they accept or reject the proposal; however, we would appreciate your
assistance in encouraging your clients to vote. To assist you in this task,
enclosed is a list of your account representatives and their sales in each of
the above mentioned partnerships. Additionally, we will forward to
representatives a list of their clients in each partnership in advance of
mailing to investors.
If you need any further material or have any questions with regard to the
proposal, please feel free to contact Linda Herring at (800) 457-9438, extension
2733.
