<PAGE>
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________________ to _____________________
Commission File number 33-37983-33
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
(Exact name of registrant as specified in
its Certificate of Limited Partnership)
TEXAS 76-0456863
(State of Organization) (I.R.S. Employer Identification No.)
16825 Northchase Dr., Suite 400
Houston, Texas 77060
(281) 874-2700
(Address and telephone number of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter periods that the registrant was
required), and (2) has been subject to such filing requirements for the past 90
days.
Yes X No
---- ----
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]
Registrant does not have an aggregate market value for its Limited Partnership
Interests.
Documents Incorporated by Reference
Document Incorporated as to
Registration Statement No. 33-37983 Items 1 and 13
on Form S-1
<PAGE>
TABLE OF CONTENTS
Form 10-K Annual Report
For the Period Ended December 31, 1996
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
<TABLE>
<CAPTION>
ITEM NO. PART I PAGE
<S> <C> <C>
1 Business I-1
2 Properties I-5
3 Legal Proceedings I-7
4 Submission of Matters to a Vote of
Security Holders I-7
PART II
5 Market Price of and Distributions on the
Registrant's SDIs and Related Interest
Holder Matters II-1
6 Selected Financial Data II-2
7 Management's Discussion and Analysis of
Financial Condition and Results of Operations II-2
8 Financial Statements and Supplementary Data II-3
9 Disagreements on Accounting and Financial
Disclosure II-3
PART III
10 Directors and Executive Officers of the
Registrant III-1
11 Executive Compensation III-2
12 Security Ownership of Certain Beneficial
Owners and Management III-2
13 Certain Relationships and Related Transactions III-2
PART IV
14 Exhibits, Financial Statement Schedules
and Reports on Form 8-K IV-1
OTHER
Signatures
</TABLE>
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
PART I
Item 1. Business
General Description of Partnership
Swift Energy Operating Partners 1995-A, Ltd., a Texas limited
partnership (the "Partnership" or the "Registrant"), is a partnership formed
under a public serial limited partnership offering denominated Swift Depositary
Interests I (Registration Statement No. 33-37983 on Form S-1, originally
declared effective March 19, 1991, and amended effective May 1, 1992, April 1,
1993, April 19, 1994 and May 9, 1995 [the "Registration Statement"]). The
Partnership was formed effective April 28, 1995 under a Limited Partnership
Agreement dated April 28, 1995. The initial 239 investors made capital
contributions of $3,692,962. Investors in the Partnership hold Swift Depositary
Interests ("SDIs") representing beneficial ownership interests in the
Partnership.
The Partnership is principally engaged in the business of acquiring,
developing and, when appropriate, disposing of working interests in proven oil
and gas properties within the continental United States. The Partnership does
not engage in exploratory drilling. Each working interest held by the
Partnership entitles the Partnership to receive, in kind or in value, a share of
the production of oil and gas from the producing property, and obligates the
Partnership to participate in the operation of the property and to bear its
proportionate share of all operating costs associated therewith. The Partnership
typically holds less than the entire working interest in its producing
properties.
At December 31, 1996, the Partnership had expended or committed to
expend 74% of the Interest Holders' commitments in the acquisition and
development of producing properties, which properties are described under Item
2, "Properties," below. The Partnership's revenues and profits are derived
almost entirely from the sale of oil and gas produced from its properties and
from the sale of acquired oil and gas properties, when the sale of such
properties is economically preferable to continued operation.
The Partnership's business and affairs are conducted by its Managing
General Partner, Swift Energy Company, a Texas corporation ("Swift"). The
Partnership's Special General Partner, VJM Corporation, a California corporation
("VJM"), consults with and advises Swift as to certain financial matters. Swift
is the designated operator of many of the properties in which the Partnership
owns interests. The remaining properties are operated by industry operators
designated by the owners of a majority of the working interest in each property.
The general manner in which the Partnership acquires producing
properties and otherwise conducts its business is described in detail in the
Registration Statement under "Proposed Activities of the Partnerships," which is
incorporated herein by reference. The following is intended only as a summary of
the Partnership's manner of doing business and specific activities to date.
Manner of Acquiring Properties; Net Profits and Overriding Royalty Interest
Agreement
For the sake of legal and administrative convenience, the producing
properties owned by the Registrant have typically been acquired initially by
Swift, which then conveyed ownership of each such property to the Registrant.
The Registrant acquires producing properties from Swift at the property
acquisition cost of such properties to Swift, as adjusted for intervening
operations
The Registrant entered into a Net Profits and Overriding Royalty
Interest Agreement dated April 28, 1995, (the "NP/OR Agreement") with Swift
Energy Pension Partners 1995-A, Ltd. (the "Pension Partnership"). The Pension
Partnership is a Texas limited partnership that is also managed by Swift and
VJM. The Pension Partnership was formed to acquire nonoperating interests, such
as net profits, royalty and overriding royalty interests, in producing oil and
gas properties.
I-1
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Under the NP/OR Agreement, the Registrant and the Pension Partnership
have, in effect, combined their funds in acquiring producing properties; using
funds committed to the NP/OR Agreement by both partnerships, the Registrant
acquires producing properties, then promptly conveys nonoperating interests
therein to the Pension Partnership. The Registrant initially committed
$3,692,962 and the Pension Partnership initially committed $3,319,041 for
acquisitions under the NP/OR Agreement. The Registrant is obligated under the
NP/OR Agreement to convey to the Pension Partnership a 47% fixed net profits
interest and a variable overriding royalty interest in specified depths of every
producing property it acquires, except that (i) properties anticipated to
require significant development operations, and (ii) nonoperating interests
offered to the Registrant by third parties may be purchased by the registrant
outside the NP/OR Agreement, without participation by the Pension Partnership.
The Registrant is entitled to withdraw up to 30% of its committed funds under
the NP/OR Agreement for such acquisitions.
All properties acquired by the Registrant since the date of the NP/OR
Agreement have been acquired subject to the NP/OR Agreement and the nonoperating
interests created thereby. At December 31, 1996, the Registrant had not made any
withdrawals to acquire properties anticipated to require significant
development.
In accordance with its obligations under the NP/OR Agreement, as of
December 31, 1996 the Registrant had conveyed to the Pension Partnership a net
profits interest burdening certain depths of all producing properties acquired
by the Registrant since the date of the NP/OR Agreement. Typically, a net
profits interest in an oil and gas property entitles the owner to a specified
percentage share of the gross proceeds generated by the burdened property, net
of operating costs. The 47% net profits interest conveyed to the Pension
Partnership under the NP/OR Agreement differs from the typical net profits
interest in that it is calculated over the entire group of producing properties
acquired under the NP/OR Agreement; i.e., all operating costs attributable to
the burdened depths of such properties are aggregated, and the total is then
subtracted from the total of all gross proceeds attributable to such depths in
order to calculate the net profits to which the Pension Partnership is entitled.
The net profits interest conveyed to the Pension Partnership burdens only those
depths of each subject property which were evaluated to contain proved reserves
at the date of acquisition, to the extent such depths underlie specified surface
acreage.
The Registrant has also conveyed to the Pension Partnership under the
NP/OR agreement an overriding royalty interest in each property acquired since
the date of the NP/OR Agreement. An overriding royalty interest is a fractional
interest in the gross production (or the gross proceeds therefrom) of oil and
gas from a property, free of any exploration, development, operation or
maintenance expenses. Under the NP/OR Agreement, the overriding royalty interest
burdens the portions of each producing property that were evaluated at the date
of acquisition not to contain proved reserves.
Competition, Markets and Regulations
Competition
The oil and gas industry is highly competitive in all its phases. The
Partnership encounters strong competition from many other oil and gas producers,
many of which possess substantial financial resources, in acquiring economically
desirable Producing Properties.
Markets
The amounts of and price obtainable for oil and gas production from
Partnership Properties will be affected by market factors beyond the control of
the Partnership. Such factors include the extent of domestic production, the
level of imports of foreign oil and gas, the general level of market demand on a
regional, national and worldwide basis, domestic and foreign economic conditions
that determine levels of industrial production, political events in foreign
oil-producing regions, and variations in governmental regulations and tax laws
and the imposition of new governmental requirements upon the oil and gas
industry. There can be no assurance that oil and gas prices will not decrease in
the future, thereby decreasing net Revenues from Partnership Properties.
From time to time, there may exist a surplus of natural gas or oil
supplies, the effect of which may be to reduce the amount of hydrocarbons that
the Partnerships may produce and sell while such oversupply exists. In recent
years, initial steps have been taken to provide additional gas transportation
lines from Canada to the United States. If additional Canadian gas is brought to
the United States market, it could create downward pressure on United States gas
prices.
I-2
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Regulations
Environmental Regulation
The federal government and various state and local governments have
adopted laws and regulations regarding the control of contamination of the
environment. These laws and regulations may require the acquisition of a permit
by Operators before drilling commences, prohibit drilling activities on certain
lands lying within wilderness areas or where pollution arises and impose
substantial liabilities for pollution resulting from operations, particularly
operations near or in onshore and offshore waters or on submerged lands. These
laws and regulations may also increase the costs of routine drilling and
operation of wells. Because these laws and regulations change frequently, the
costs to the Partnership of compliance with existing and future environmental
regulations cannot be predicted. However, the Managing Partner does not believe
that the Partnership is affected in a significantly different manner by these
regulations than are its competitors in the oil and gas industry.
Federal Regulation of Natural Gas
The transportation and sale of natural gas in interstate commerce is
heavily regulated by agencies of the federal government. The following
discussion is intended only as a summary of the principal statutes, regulations
and orders that may affect the production and sale of natural gas from
Partnership Properties. This summary should not be relied upon as a complete
review of applicable natural gas regulatory provisions.
FERC Orders
Several major regulatory changes have been implemented by the Federal
Energy Regulatory Commission ("FERC") from 1985 to the present that affect the
economics of natural gas production, transportation and sales. In addition, the
FERC continues to promulgate revisions to various aspects of the rules and
regulations affecting those segments of the natural gas industry that remain
subject to the FERC's jurisdiction. In April 1992, the FERC issued Order No. 636
pertaining to pipeline restructuring. This rule requires interstate pipelines to
unbundle transportation and sales services by separately stating the price of
each service and by providing customers only the particular service desired,
without regard to the source for purchase of the gas. The rule also requires
pipelines to (i) provide nondiscriminatory "no-notice" service allowing firm
commitment shippers to receive delivery of gas on demand up to certain limits
without penalties, (ii) establish a basis for release and reallocation of firm
upstream pipeline capacity and (iii) provide non-discriminatory access to
capacity by firm transportation shippers on a downstream pipeline. The rule
requires interstate pipelines to use a straight fixed variable rate design. The
rule imposes these same requirements upon storage facilities.
FERC Order No. 500 affects the transportation and marketability of
natural gas. Traditionally, natural gas has been sold by producers to pipeline
companies, which then resold the gas to end-users. FERC Order No. 500 alters
this market structure by requiring interstate pipelines that transport gas for
others to provide transportation service to producers, distributors and all
other shippers of natural gas on a nondiscriminatory, "first-come, first-served"
basis ("open access transportation"), so that producers and other shippers can
sell natural gas directly to end-users. FERC Order No. 500 contains additional
provisions intended to promote greater competition in natural gas markets.
It is not anticipated that the marketability of and price obtainable
for natural gas production from Partnership Properties will be significantly
affected by FERC Order No. 500. Gas produced from Partnership Properties
normally will be sold to intermediaries who have entered into transportation
arrangements with pipeline companies. These intermediaries will accumulate gas
purchased from a number of producers and sell the gas to end-users through open
access pipeline transportation.
I-3
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
State Regulations
Production of any oil and gas from Partnership Properties will be
affected to some degree by state regulations. Many states in which the
Partnership will operate have statutory provisions regulating the production and
sale of oil and gas, including provisions regarding deliverability. Such
statutes, and the regulations promulgated in connection therewith, are generally
intended to prevent waste of oil and gas and to protect correlative rights to
produce oil and gas between owners of a common reservoir. Certain state
regulatory authorities also regulate the amount of oil and gas produced by
assigning allowable rates of production to each well or proration unit.
Federal Leases
Some of the Partnership's properties are located on federal oil and gas
leases administered by various federal agencies, including the Bureau of Land
Management. Various regulations and orders affect the terms of leases,
exploration and development plans, methods of operation and related matters.
Employees
The Partnership has no employees. Swift, however, has a staff of
geologists, geophysicists, petroleum engineers, landmen, and accounting
personnel who administer the operations of Swift and the Partnership. As of
December 31, 1996, Swift had 191 employees. Swift's administrative and overhead
expenses attributable to the Partnership's operations are borne by the
Partnership.
I-4
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Item 2. Properties
As of December 31, 1996, the Partnership has acquired interests in
producing oil and gas properties which are generally described below.
Principal Oil and Gas Producing Properties
The most valuable fields in the Partnership, based upon year-end
engineering estimates of discounted future net revenues using constant pricing
and costs, are described below.
1. The Chunchula Unit is located in Mobile County, Alabama, (Parker and
Parsley acquisition) and produces from the Smackover horizon. This unit
represents 53% of this Partnership's value.
2. Approximately 22% of the Partnership's value is from the AWP Field
in McMullen County, Texas (Bracken acquisition). The wells produce from the
Olmos formation.
The remaining value in the Partnership is attributable to numerous
properties none of which equals or exceeds 15 percent of the total Partnership
value.
Title to Properties
Title to substantially all significant producing properties of the
Partnership has been examined. The properties are subject to royalty, overriding
royalty and other interests customary in the industry. The Managing General
Partner does not believe any of these burdens materially detract from the value
of the properties or will materially detract from the value of the properties or
materially interfere with their use in the operation of the business of the
Partnership.
Production and Sales Price
The following table summarizes the sales volumes of the Partnership's
net oil and gas production expressed in MCFs. Equivalent MCFs are obtained by
converting oil to gas on the basis of their relative energy content; one barrel
equals 6,000 cubic feet of gas.
<TABLE>
<CAPTION>
Net Production
-----------------------------------------
Inception
For the Year (April 28, 1995)
Ended through
December 31, 1996 December 31, 1995
------------------- -------------------
<S> <C> <C>
Net Volumes (Equivalent MCFs) 255,695 189,432
Average Sales Price
per Equivalent MCF $2.93 $2.24
Average Production Cost
per Equivalent MCF
(includes production taxes) $0.85 $0.74
</TABLE>
I-5
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Net Proved Oil and Gas Reserves
Presented below are the estimates of the Partnership's proved reserves
as of December 31, 1996 and 1995. All of the Partnership's proved reserves are
located in the United States.
<TABLE>
<CAPTION>
December 31,
--------------------------------------------------
1996 1995
---------------------- -------------------
Natural Natural
Oil Gas Oil Gas
------- -------- ------- --------
(BBLS) (MMCF) (BBLS) (MMCF)
<S> <C> <C> <C> <C>
Proved developed
reserves at end of year 149,049 1,701 202,220 1,921
------- ----- ------- -----
Proved reserves
Balance at beginning
of year 251,445 2,417 -- --
Purchase of minerals
in place 6,967 291 265,829 2,520
Revisions of previous
estimates (27,665) (389) -- --
Production (19,017) (142) (14,384) (103)
------- ----- --------- -----
Balance at end of year 211,730 2,177 251,445 2,417
------- ----- ------- -----
</TABLE>
Revisions of previous quantity estimates are related to upward or
downward variations based on current engineering information for production
rates, volumetrics and reservoir pressure. Additionally, changes in quantity
estimates are the result of the increase or decrease in crude oil and natural
gas prices at each year end which have the effect of adding or reducing proved
reserves on marginal properties due to economic limitations.
I-6
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
The following table summarizes by acquisition the Registrant's reserves
and gross and net interests in producing oil and gas wells as of December 31,
1996:
<TABLE>
<CAPTION>
Reserves
December 31, 1996
---------------------
Natural Wells
Oil Gas ------------------------
Acquisition State(s) (BBLS) (MMCF) Gross Net
- ----------- -------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Parker & Parsley AL, LA 121,642 1,332 41 0.130
Cabot Oil & Gas WY 57,500 -- 14 0.744
Bracken II TX 25,621 554 58 1.354
BHP Petroleum LA 780 156 15 0.007
Nuevo Energy TX 6,187 135 5 0.123
------- ----- ---- -----
211,730 2,177 133 2.358
------- ----- ---- -----
</TABLE>
There are numerous uncertainties inherent in estimating quantities of
proved reserves and in projecting the future rates of production, timing and
plan of development. Oil and gas reserve engineering must be recognized as a
subjective process of estimating underground accumulations of oil and gas that
cannot be measured in an exact way, and estimates of other engineers might
differ from those above, audited by H. J. Gruy and Associates, Inc., an
independent petroleum consulting firm. The accuracy of any reserve estimate is a
function of the quality of available data and of engineering and geological
interpretation and judgment. Results of drilling, testing and production
subsequent to the date of the estimate may justify revision of such estimate,
and, as a general rule, reserve estimates based upon volumetric analysis are
inherently less reliable than those based on lengthy production history.
Accordingly, reserve estimates are often different from the quantities of oil
and gas that are ultimately recovered.
In estimating the oil and natural gas reserves, the Registrant, in
accordance with criteria prescribed by the Securities and Exchange Commission,
has used prices received as of December 31, 1996 without escalation, except in
those instances where fixed and determinable gas price escalations are covered
by contracts, limited to the price the Partnership reasonably expects to
receive. The Registrant does not believe that any favorable or adverse event
causing a significant change in the estimated quantity of proved reserves has
occurred between December 31, 1996 and the date of this report.
Future prices received for the sale of the Partnership's products may
be higher or lower than the prices used in the evaluation described above; the
operating costs relating to such production may also increase or decrease from
existing levels. The estimates presented above are in accordance with rules
adopted by the Securities and Exchange Commission.
Item 3. Legal Proceedings
The Partnership is not aware of any material pending legal proceedings
to which it is a party or of which any of its property is the subject.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of Interest Holders during the
fourth quarter of the fiscal year covered by this report.
I-7
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
PART II
Item 5. Market Price of and Distributions on the Registrant's SDIs and
Related Interest Holder Matters
Market Information
SDIs in the Partnership were initially sold at a price of $1 per SDI.
SDIs are not traded on any exchange and there is no established public trading
market for the SDIs. Swift is aware of negotiated transfers of SDIs between
unrelated parties; however, these transfers have been limited and sporadic. Due
to the nature of these transactions, Swift has no verifiable information
regarding prices at which SDIs have been transferred.
Holders
As of December 31, 1996, there were 239 Interest Holders holding SDIs
in the Partnership.
Distributions
The Partnership generally makes distributions to Interest Holders on a
quarterly basis, subject to the restrictions set forth in the Limited
Partnership Agreement. In the fiscal years ended December 31, 1995 and 1996, the
Partnership distributed a total of $96,900 and $371,300, respectively, to
holders of its SDIs. Cash distributions constitute net proceeds from sale of oil
and gas production after payment of lease operating expenses and other
partnership expenses. Some or all of such amounts or any proceeds from the sale
of partnership properties could be deemed to constitute a return of investors'
capital.
Oil and gas investments involve a high risk of loss, and no assurance
can be given that any particular level of distributions to holders of SDIs can
be achieved or maintained. Although it is anticipated that quarterly
distributions will continue to be made through 1997, the Partnership's ability
to make distributions could be diminished by any event adversely affecting the
oil and gas properties in which the Partnership owns interests or the amount of
revenues received by the Partnership therefrom.
The Partnership's Limited Partnership Agreement contains various
provisions which might serve to delay, defer or prevent a change in control of
the Partnership, such as the requirement of a vote of Limited Partners in order
to sell all or substantially all of the Partnership's properties or the
requirement of consent by the Managing General Partner to transfers of limited
partnership interests and provisions prohibiting the transfer of Limited
Partnership Units in any fiscal year in excess of a limit which has been
established in order to comply with certain federal income tax regulations.
II-1
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Item 6. Selected Financial Data
The following selected financial data, prepared in accordance with
generally accepted accounting principles for the year ended December 31, 1996
and the period from inception (April 28, 1995) through December 31, 1995, should
be read in conjunction with the financial statements included in Item 8:
<TABLE>
<CAPTION>
1996 1995
--------------- -------------
<S> <C> <C>
Revenues $ 927,058 $ 518,820
Income $ 399,441 $ 131,356
Total Assets $ 3,941,471 $ 4,023,061
Cash Distributions $ 437,711 $ 104,637
</TABLE>
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
The Partnership has expended approximately 74 percent of the Interest
Holders' commitments available for property acquisitions and development by
acquiring producing oil and gas properties. The partnership invests primarily in
proved producing properties with nominal levels of future costs of development
for proven but undeveloped reserves. Significant purchases of additional
reserves or extensive drilling activity are not anticipated. Oil and gas
reserves are depleting assets and therefore often experience significant
production declines each year from the date of acquisition through the end of
the life of the property. The primary source of liquidity to the Partnership
comes almost entirely from the income generated from the sale of oil and gas
produced from ownership interests in oil and gas properties. This source of
liquidity and the related results of operations will decline in future periods
as the oil and gas produced from these properties also declines.
The Partnership plans to spend in the next two years an estimated
$157,000 for capital expenditures needed for the development and enhancement of
proved oil and gas reserves. The Managing General Partner anticipates that the
Partnership will have adequate liquidity from income from continuing operations
to satisfy and future capital expenditure requirements. Funds generated from
bank borrowings and proceeds from the sale of oil and gas properties will be
used to supplement this effort if deemed necessary.
Results of Operations
Revenues and expenses from continuing operations in 1996 were all
significantly higher than 1995 because 1996 was the first full year of
production for the oil and gas properties acquired by the Partnership.
During 1997, Partnership revenues and costs are expected to be shared
between the Interest Holders and general partners in a 85:15 ratio. Based on
current oil and gas prices, anticipated levels of oil and gas production and
expected cash distributions during 1997, the Managing General Partner
anticipates that the Partnership sharing ratio will continue to be 85:15.
II-2
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Item 8. Financial Statements and Supplementary Data
See Part IV, Item 14(a) for index to financial statements.
Item 9. Disagreements on Accounting and Financial Disclosure
None.
II-3
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
PART III
Item 10. Directors and Executive Officers of the Registrant
As a limited partnership, the Registrant has no directors or executive
officers. The business and affairs of the Registrant are managed by Swift as
Managing General Partner. Set forth below is certain information as of March 17,
1997, regarding the directors and executive officers of Swift.
<TABLE>
<CAPTION>
Position(s) with
Name Age Swift and Other Companies
---- --- -------------------------
<S> <C> <C>
DIRECTORS
A. Earl Swift 63 President, Chief Executive Officer and
Chairman of the Board
Virgil N. Swift 68 Executive Vice President - Business
Development, Vice Chairman of the Board
G. Robert Evans 65 Director of Swift; Chairman of the Board,
Material Sciences Corporation;
Director, Consolidated Freightways, Inc.,
Fibreboard Corporation, Elco Industries,
and Old Second Bancorp
Raymond O. Loen 72 Director of Swift; President, R. O. Loen
Company
Henry C. Montgomery 61 Director of Swift; Chairman of the Board,
Montgomery Financial Services Corporation;
Director, Southwall Technology Corporation
Clyde W. Smith, Jr. 48 Director of Swift; President, Somerset
Properties, Inc.
Harold J. Withrow 69 Director of Swift
EXECUTIVE OFFICERS
Terry E. Swift 41 Executive Vice President, Chief
Operating Officer
John R. Alden 51 Senior Vice President - Finance,
Chief Financial Officer and Secretary
Bruce H. Vincent 49 Senior Vice President - Funds Management
James M. Kitterman 52 Senior Vice President - Operations
Alton D. Heckaman, Jr. 39 Vice President - Finance and Controller
</TABLE>
III-1
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
From time to time, Swift as Managing General Partner of the Partnership
purchases Units in the Partnership from investors who offer the Units pursuant
to their right of presentment, which purchases are made pursuant to terms set
out in the Partnership's original Limited Partnership Agreement. Due to the
frequency and large number of these transactions, Swift reports these
transactions under Section 16 of the Securities Exchange Act of 1934 on an
annual rather than a monthly basis. In some cases such annual reporting may
constitute a late filing of the required Section 16 reports under the applicable
Section 16 rules.
Item 11. Executive Compensation
As noted in Item 10, "Directors and Executive Officers of the
Registrant," above, the Partnership has no executive officers. The executive
officers of Swift and VJM are not compensated by the Partnership.
Certain fees and allowances contemplated by the Limited Partnership
Agreement were paid by the Partnership to Swift and VJM. See Note (4) in Notes
To Financial Statements (Related-Party Transactions) for further discussion.
Item 12. Security Ownership of Certain Beneficial Owners and Management
No single Interest Holder is known to the Partnership to be the
beneficial owner of more than five percent of the Partnership's SDIs.
Swift and VJM are not aware of any arrangement, the operation of which
may at a subsequent date result in a change in control of the Partnership.
Item 13. Certain Relationships and Related Transactions
As noted in Item 10, "Directors and Executive Officers of the
Registrant," above, the Partnership has no executive officers or directors, and
thus has not engaged in any transactions in which any such person had an
interest. The Partnership is permitted to engage in certain transactions with
Swift as Managing General Partner and VJM as Special General Partner, subject to
extensive guidelines and restrictions described in the "Conflicts of Interest"
section of the Prospectus contained in the Registration Statement, which is
incorporated herein by reference.
Summarized below are the principal transactions that have occurred
between the Partnership and Swift, VJM and their affiliates.
1. The oil and gas properties acquired by the Partnership, as described
in Item 2, "Properties" above, were typically acquired initially by Swift from
the seller thereof and subsequently transferred to the Partnership. Such
transfers were made by Swift at its Property Acquisition Costs or Fair Market
Value (as provided in the Limited Partnership Agreement), less any amounts
received from sale of production between the time of acquisition by Swift and
the time of sale to the Partnership.
2. Swift acts as operator for many of the wells in which the
Partnership has acquired interests and during 1995 received compensation for
such activities in accordance with standard industry operating agreements.
3. The Partnership paid to Swift and VJM certain fees as contemplated
by the Limited Partnership Agreement. See Note (4) in Notes To Financial
Statements (Related-Party Transactions) for further discussion.
III-2
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
PART IV
<TABLE>
<CAPTION>
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
a(1) FINANCIAL STATEMENTS PAGE NO.
--------
<S> <C>
Report of Independent Public Accountants IV-3
Balance Sheets as of December 31, 1996 and
1995 IV-4
Statements of Operations for the year ended
1996 and the period from inception (April
28, 1995) through December 31, 1995 V-5
Statements of Partners' Capital for the year
ended 1996 and the period from inception
(April 28, 1995) through December 31, 1995 IV-6
Statements of Cash Flows for the year ended
1996 and the period from inception (April
28, 1995) through December 31, 1995 IV-7
Notes to Financial Statements IV-8
</TABLE>
a(2) FINANCIAL STATEMENT SCHEDULES
All schedules required by the SEC are either inapplicable or the
required information is included in the Financial Statements, the
Notes thereto, or in other information included elsewhere in this
report.
a(3) EXHIBITS
3.1 Limited Partnership Agreement of Swift Energy Operating
Partners 1995-A, Ltd., dated April 28, 1995. (Form 10-K
for year ended December 31, 1995, Exhibit 3.1)
3.2 Certificate of Limited Partnership of Swift Energy
Operating Partners 1995-A, Ltd., as filed April 28, 1995,
with the Texas Secretary of State. (Form 10-K for year
ended December 31, 1995, Exhibit 3.2)
10.1 Net Profits and Overriding Royalty Interest Agreement
between Swift Energy Operating Partners 1995-A, Ltd. and
Swift Energy Pension Partners 1995-A, Ltd. dated April
28, 1995. (Form 10-K for year ended December 31, 1995,
Exhibit 10.1)
10.2 Purchase and Sale Agreement dated May 31, 1994 between
Swift Energy Company ("Swift") and Parker and Parsley
Development Company and P&P Producing, Inc. ("Parker and
Parsley") covering working interests in properties in
Mobile County, Alabama and Cameron Parish, Louisiana.
(Form 10-K for year ended December 31, 1995, Exhibit
10.2)
10.3 Letter Agreement dated May 31, 1995 between Swift Energy
Company ("Swift") and Swift Energy Operating Partners
1995-A Ltd. covering the purchase and sale of certain
working interests in properties acquired from Parker and
Parsley in Mobile County, Alabama and Cameron Parish,
Louisiana. (Form 10-K for year ended December 31, 1995,
Exhibit 10.3)
IV-1
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
99.1 A copy of the following section of the Prospectus dated
May 9, 1995, contained in Post-Effective Amendment No. 4
to Registration Statement No. 33-37983 on Form S-1 for
Swift Energy Depositary Interests I, as filed on May 9,
1995, which have been incorporated herein by reference:
"Proposed Activities" (pp 25 - 34) and "Conflicts of
Interests" (pp 92 - 96). (Form 10-K for year ended
December 31, 1995, Exhibit 28.1)
b(1) REPORTS ON FORM 8-K
No reports on Form 8-K have been filed during the quarter ended
December 31, 1996.
Supplemental Information to be Furnished with Reports Filed Pursuant to Section
15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to
Section 12 of the Act.
No annual report to security holders covering the Partnership's 1996
fiscal year, or proxy statement, form of proxy or other proxy soliciting
material has been sent to Interest Holders of the Partnership.
IV-2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Swift Energy Operating Partners 1995-A, Ltd.:
We have audited the accompanying balance sheets of Swift Energy
Operating Partners 1995-A, Ltd., (a Texas limited partnership) as of December
31, 1996 and 1995, and the related statements of operations, partners' capital
and cash flows for the year ended December 31, 1996 and the period from
inception (April 28, 1995) through December 31, 1995. These financial statements
are the responsibility of the general partner's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Swift Energy
Operating Partners 1995-A, Ltd., as of December 31, 1996 and 1995, and the
results of its operations and its cash flows for the year ended December 31,
1996 and the period from inception (April 28, 1995) through December 31, 1995,
in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Houston, Texas
February 10, 1997
IV-3
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
BALANCE SHEETS
DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>
1996 1995
-------------- --------------
<S> <C> <C>
ASSETS:
Current Assets:
Cash and cash equivalents $ 837,862 $ 1,171,454
Oil and gas sales receivable 244,981 204,851
--------------- --------------
Total Current Assets 1,082,843 1,376,305
-------------- --------------
Oil and Gas Properties, using full cost
accounting 3,221,030 2,783,396
Less-Accumulated depreciation, depletion
and amortization (362,402) (136,641)
-------------- --------------
2,858,628 2,646,755
-------------- --------------
$ 3,941,471 $ 4,023,060
============== ==============
LIABILITIES AND PARTNERS' CAPITAL:
Current Liabilities:
Accounts payable and accrued liabilities $ 204,721 $ 211,545
Payable related to property acquisitions 48,169 91,834
-------------- --------------
Total Current Liabilities 252,890 303,379
-------------- --------------
Deferred Revenues 7,170 --
Partners' Capital 3,681,411 3,719,681
-------------- --------------
$ 3,941,471 $ 4,023,060
============== ==============
</TABLE>
See accompanying notes to financial statements.
IV-4
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996 AND THE PERIOD
FROM INCEPTION (APRIL 28, 1995) THROUGH DECEMBER 31, 1995
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
REVENUES:
Oil and gas sales $ 861,671 $ 460,797
Interest income 52,116 52,927
Other 13,271 5,096
--------------- ---------------
927,058 518,820
--------------- ---------------
COSTS AND EXPENSES:
Lease operating 175,749 107,303
Production taxes 41,660 32,120
Depreciation, depletion
and amortization 225,760 136,641
General and administrative 84,448 111,400
--------------- ---------------
527,617 387,464
--------------- ---------------
INCOME (LOSS) $ 399,441 $ 131,356
=============== ===============
</TABLE>
See accompanying notes to financial statements.
IV-5
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1996 AND THE PERIOD
FROM INCEPTION (APRIL 28, 1995) THROUGH DECEMBER 31, 1995
<TABLE>
<CAPTION>
Limited General Combining
Partners Partners Adjustment Total
--------------- --------------- --------------- -------------
<S> <C> <C> <C> <C>
Cash Contributions,
net of syndication costs $ 3,692,962 $ -- $ -- $ 3,692,962
Income (Loss) 922 31,980 98,454 131,356
Cash Distributions (96,900) (7,737) -- (104,637)
--------------- --------------- --------------- ---------------
Balance,
December 31, 1995 3,596,984 24,243 98,454 3,719,681
--------------- --------------- --------------- ---------------
Income (Loss) 122,274 84,664 192,503 399,441
Cash Distributions (371,300) (66,411) -- (437,711)
--------------- --------------- --------------- ---------------
Balance,
December 31, 1996 $ 3,347,958 $ 42,496 $ 290,957 $ 3,681,411
=============== =============== =============== ==============
Limited Partners' net income (loss)
per unit
1995 $ --
===============
1996 $ .03
===============
</TABLE>
See accompanying notes to financial statements.
IV-6
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 1996 AND THE PERIOD
FROM INCEPTION (APRIL 28, 1995) THROUGH DECEMBER 31, 1995
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (Loss) $ 399,441 $ 131,356
Adjustments to reconcile income (loss) to
net cash provided by operations:
Depreciation, depletion and amortization 225,760 136,641
Change in gas imbalance receivable
and deferred revenues 7,171 --
Change in assets and liabilities:
(Increase) decrease in oil and gas sales receivable (40,130) (204,851)
Increase (decrease) in accounts payable and accrued liabilities (163,376) 211,545
--------------- ---------------
Net cash provided by (used in) operating activities 428,866 274,691
--------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties (324,747) (2,691,562)
--------------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributions from Interest Holders -- 4,431,554
Payments of syndication costs -- (738,592)
Cash distributions to Interest Holders (437,711) (104,637)
--------------- ---------------
Net cash provided by (used in) financing activities (437,711) 3,588,325
--------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (333,592) 1,171,454
--------------- ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,171,454 --
--------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 837,862 $ 1,171,454
=============== ===============
Supplemental disclosure of non-cash investing and financing activities:
Oil and gas properties acquired which were paid for in a
subsequent period $ 204,721 $ 91,834
=============== ===============
</TABLE>
See accompanying notes to financial statements.
IV-7
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
NOTES TO FINANCIAL STATEMENTS
(1) Organization and Terms of Partnership Agreement -
Swift Energy Operating Partners 1995-A, Ltd., a Texas limited
partnership (the Partnership), was formed on April 28, 1995, for the purpose of
purchasing and operating producing oil and gas properties within the continental
United States and Canada. Swift Energy Company ("Swift"), a Texas corporation,
and VJM Corporation ("VJM"), a California corporation, serve as Managing General
Partner and Special General Partner of the Partnership, respectively. The sole
limited partner of the Partnership is Swift Depositary Company, which has
assigned all of its beneficial (but not of record) rights and interests as
limited partner to the investors in the Partnership ("Interest Holders"), in the
form of Swift Depositary Interests ("SDIs").
The Managing General Partner has paid or will pay out of its own
corporate funds (as a capital contribution to the Partnership) $738,592, which
includes all selling commissions, offering expenses, printing, legal and
accounting fees and other formation costs incurred in connection with the
offering of SDIs and the formation of the Partnership, for which the Managing
General Partner will receive an interest in continuing costs and revenues of the
Partnership. The 239 interest holders made total capital contributions of
$3,692,962.
Generally, all continuing costs (including development costs, operating
costs, general and administrative reimbursements and direct expenses) and
revenues are allocated 85 percent to the Interest Holders and 15 percent to the
general partners. After partnership payout, as defined in the Partnership
Agreement, continuing costs and revenues will be shared 75 percent by the
Interest Holders, and 25 percent by the general partners. Payout had not
occurred as of December 31, 1996.
(2) Significant Accounting Policies -
Use of Estimates --
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
estimates.
Oil and Gas Properties --
For financial reporting purposes, the Partnership follows the
"full-cost" method of accounting for oil and gas property costs. Under this
method of accounting, all productive and nonproductive costs incurred in the
acquisition and development of oil and gas reserves are capitalized. Such costs
include lease acquisitions, geological and geophysical services, drilling,
completion, equipment and certain general and administrative costs directly
associated with acquisition and development activities. General and
administrative costs related to production and general overhead are expensed as
incurred. No general and administrative costs were capitalized during the years
ended December 31, 1996 and 1995.
Future development, site restoration, dismantlement and abandonment
costs, net of salvage values, are estimated on a property-by-property basis
based on current economic conditions and are amortized to expense as the
Partnership's capitalized oil and gas property costs are amortized.
The unamortized cost of oil and gas properties is limited to the
"ceiling limitation", (calculated separately for the Partnership, limited
partners, and general partners). The "ceiling limitation" is calculated on a
quarterly basis and represents the estimated future net revenues from proved
properties using current prices, discounted at ten percent, and the lower of
cost or fair value of unproved properties. Proceeds from the sale or disposition
of oil and gas properties are treated as a reduction of oil and gas property
costs with no gains or losses being recognized except in significant
transactions.
IV-8
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Partnership computes the provision for depreciation, depletion and
amortization of oil and gas properties on the units-of-production method. Under
this method, the provision is calculated by multiplying the total unamortized
cost of oil and gas properties, including future development, site restoration,
dismantlement and abandonment costs, by an overall amortization rate that is
determined by dividing the physical units of oil and gas produced during the
period by the total estimated units of proved oil and gas reserves at the
beginning of the period.
The calculation of the "ceiling limitation" and the provision for
depreciation, depletion, and amortization is based on estimates of proved
reserves. There are numerous uncertainties inherent in estimating quantities of
proved reserves and in projecting the future rates of production, timing and
plan of development. The accuracy of any reserve estimate is a function of the
quality of available data and of engineering and geological interpretation and
judgment. Results of drilling, testing and production subsequent to the date of
the estimate may justify revision of such estimate. Accordingly, reserve
estimates are often different from the quantities of oil and gas that are
ultimately recovered.
Statement of Cash Flows --
Highly liquid debt instruments with an initial maturity of three months
or less are considered to be cash equivalents.
(3) Oil and Gas Capitalized Costs -
The following table sets forth capital expenditures related to the
Partnership's oil and gas operations:
<TABLE>
<CAPTION>
Inception
Year Ended (April 28, 1995)
December 31, through
1996 December 31, 1995
------------ -----------------
<S> <C> <C>
Acquisition of
proved properties $ 396,838 $2,701,170
Development 40,796 82,226
--------- ----------
$ 437,634 $2,783,396
--------- ----------
</TABLE>
All oil and gas property acquisitions are made by Swift on behalf of
the Partnership. The costs of the properties include the purchase price plus any
costs incurred by Swift in the evaluation and acquisition of properties.
In 1996 and 1995, the Partnership acquired interests in producing oil
and gas properties for $396,838 and $2,701,170, which included $32,705 and
$200,051, respectively, of costs incurred by Swift in the evaluation and
acquisition effort, including costs related to properties not acquired.
During 1996 and 1995, the limited partners' share of unamortized oil
and gas property costs exceeded their "ceiling limitation", resulting in a
valuation allowance of $156,420 and $69,919, respectively. These amounts are
included in the income (loss) attributable to the limited partners shown in the
statement of partners' capital together with a "combining adjustment" for the
difference between the limited partners' valuation allowance and the
Partnership's valuation allowance. The "combining adjustment" changes quarterly
as the Partnership's total depreciation, depletion and amortization provision is
more or less than the combined depreciation, depletion and amortization
provision attributable to general and limited partners.
IV-9
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(4) Related-Party Transactions -
During 1996 and 1995, the Partnership paid Swift $55,394 and $46,175,
respectively, as a general and administrative overhead allowance.
During 1996 and 1995, the Partnership also paid Swift an incentive
amount, as defined in the Partnership Agreement, for services rendered to the
Partnership. Such amounts totaled $7,084 in 1996 and $55,394 in 1995 and are
included in general and administrative expenses.
Effective April 28, 1995, the Partnership entered into a Net Profits
and Overriding Royalty Interest Agreement ("NP/OR Agreement") with Swift Energy
Pension Partners 1995-A, Ltd. (Pension Partnership), managed by Swift for the
purpose of acquiring interests in producing oil and gas properties. Under the
terms of the NP/OR Agreement, the Partnership has conveyed to the Pension
Partnership a nonoperating interest in the aggregate net profits (i.e., oil and
gas sales net of related operating costs) of the properties acquired equal to
its proportionate share of the property acquisition costs.
(5) Federal Income Taxes -
The Partnership is not a tax-paying entity. No provision is made in the
accounts of the Partnership for federal or state income taxes, since such taxes
are liabilities of the individual partners, and the amounts thereof depend upon
their respective tax situations.
The tax returns and the amount of distributable Partnership income are
subject to examination by the federal and state taxing authorities. If the
Partnership's ordinary income for federal income tax purposes is ultimately
changed by the taxing authorities, the tax liability of the Interest Holders
could be changed accordingly. Ordinary income reported on the Partnership's
federal return of income for the year ended December 31, 1996 and the period
from inception (April 28, 1995) through December 31, 1995 was $520,686 and
$256,995, respectively. The difference between ordinary income for federal
income tax purposes reported by the Partnership and net income or loss reported
herein primarily results from the exclusion of depletion (as described below)
from ordinary income reported in the Partnership's federal return of income.
For federal income tax purposes, depletion with respect to production
of oil and gas is computed separately by the partners and not by the
Partnership. Since the amount of depletion on the production of oil and gas is
not computed at the Partnership level, depletion is not included in the
Partnership's income for federal income tax purposes but is charged directly to
the partners' capital accounts to the extent of the cost of the leasehold
interests, and thus is treated as a separate item on the partners' Schedule K-1.
Depletion for federal income tax purposes may vary from that computed for
financial reporting purposes in cases where a ceiling adjustment is recorded, as
such amount is not recognized for tax purposes.
(6) Gas Imbalances -
The gas imbalance receivable and deferred revenues represent imbalances
assumed as part of property acquisitions. The imbalances are accounted for on
the entitlements method, whereby the Partnership records its share of revenue,
based on its entitled amount. Any amounts over or under the entitled amount are
recorded as an increase or decrease to the gas imbalance receivable or deferred
revenues as applicable.
(7) Vulnerability Due to Certain Concentrations -
The Partnership's revenues are primarily the result of sales of its oil
and natural gas production. Market prices of oil and natural gas may fluctuate
and adversely affect operating results.
IV-10
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Partnership extends credit to various companies in the oil and gas
industry which results in a concentration of credit risk. This concentration of
credit risk may be affected by changes in economic or other conditions and may
accordingly impact the Partnership's overall credit risk. However, the Managing
General Partner believes that the risk is mitigated by the size, reputation, and
nature of the companies to which the Partnership extends credit. In addition,
the Partnership generally does not require collateral or other security to
support customer receivables.
(8) Fair Value of Financial Instruments -
The Partnership's financial instruments consist of cash and cash
equivalents and short-term receivables and payables. The carrying amounts
approximate fair value due to the highly liquid nature of the short-term
instruments.
IV-11
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
SWIFT ENERGY OPERATING
PARTNERS 1995-A, LTD.
(Registrant)
By: SWIFT ENERGY COMPANY
General Partner
Date: March 17, 1997 By: s/b A. Earl Swift
-------------- ----------------------------------
A. Earl Swift
President
Date: March 17, 1997 By: s/b John R. Alden
-------------- ----------------------------------
John R. Alden
Principal Financial Officer
Date: March 17, 1997 By: s/b Alton D. Heckaman, Jr.
-------------- ----------------------------------
Alton D. Heckaman, Jr.
Principal Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.
SWIFT ENERGY OPERATING
PARTNERS 1995-A, LTD.
(Registrant)
By: SWIFT ENERGY COMPANY
General Partner
Date: March 17, 1997 By: s/b A. Earl Swift
-------------- ----------------------------------
A. Earl Swift
Director and Principal
Executive Officer
Date: March 17, 1997 By: s/b Virgil N. Swift
-------------- ----------------------------------
Virgil N. Swift
Director and Executive
Vice President - Business
Development
IV-12
<PAGE>
SWIFT ENERGY OPERATING PARTNERS 1995-A, LTD.
Date: March 17, 1997 By: s/b G. Robert Evans
-------------- ---------------------------------
G. Robert Evans
Director
Date: March 17, 1997 By: s/b Raymond O. Loen
-------------- ---------------------------------
Raymond O. Loen
Director
Date: March 17, 1997 By: s/b Henry C. Montgomery
-------------- ---------------------------------
Henry C. Montgomery
Director
Date: March 17, 1997 By: s/b Clyde W. Smith, Jr.
-------------- ---------------------------------
Clyde W. Smith, Jr.
Director
Date: March 17, 1997 By: s/b Harold J. Withrow
-------------- ---------------------------------
Harold J. Withrow
Director
IV-13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Swift Energy
Operating Partners 1995-A, Ltd's balance sheet and statement of operations con-
tained in its Form 10-K for the year ended December 31, 1996 and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<CASH> 837,862
<SECURITIES> 0
<RECEIVABLES> 244,981
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,082,843
<PP&E> 3,221,030
<DEPRECIATION> (362,402)
<TOTAL-ASSETS> 3,941,471
<CURRENT-LIABILITIES> 252,890
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,681,411
<TOTAL-LIABILITY-AND-EQUITY> 3,941,471
<SALES> 861,671
<TOTAL-REVENUES> 927,058
<CGS> 0
<TOTAL-COSTS> 443,169<F1>
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 399,441
<INCOME-TAX> 0
<INCOME-CONTINUING> 399,441
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 399,441
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Includes lease operating expenses, production taxes and depreciation,
depletion and amortization expense. Excludes general and administrative and
interest expense.
</FN>
</TABLE>
