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Swift Energy Company (NYSE: SFY) announced today earnings from continuing operations of $3.1 million for the third quarter of 2012, or $0.07 per diluted share, a decrease of 82% when compared to third quarter 2011 earnings from continuing operations of $17.0 million, or $0.39 per diluted share, and an increase of 3% when compared to earnings of $3.0 million in the second quarter of 2012.
Adjusted cash flow (cash flow before working capital changes, a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) for the third quarter of 2012 decreased 21% to $71.2 million, or $1.66 per diluted share, compared to $90.0 million, or $2.11 per diluted share, for the third quarter 2011, and decreased 2% when compared to adjusted cash flow of $72.7 million, or $1.69 per diluted share, for the second quarter of 2012.
Swift Energy produced 2.87 million barrels of oil equivalent (“MMBoe”) during the third quarter of 2012, a 13% increase over third quarter 2011 production of 2.54 MMBoe, and down 1% compared to second quarter 2012 production of 2.92 MMBoe. The Company previously announced that Hurricane Isaac caused approximately 175,000 barrels of oil equivalent (“Boe”) of primarily crude oil production to be shut-in during the third quarter.
Terry Swift, CEO of Swift Energy commented, “We continue to grow crude oil and natural gas liquids production and reserves and are proud of the results we have achieved across our core assets. Despite the disruptive effects of Hurricane Isaac, our people safely restored shut-in production in Louisiana and brought several meaningful new wells and recompletions on production. We continue to find variations in fluid characteristics, rock properties and operating conditions that present challenges and opportunities in the Eagle Ford development. Recent challenges together with the effects of Hurricane Isaac have led us to adjust our full year 2012 expected production range to 11.6 to 11.7 MMboe.