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Document and Entity Information
6 Months Ended
Jun. 30, 2014
Jul. 31, 2014
Document and Entity Information [Abstract]    
Entity Registrant Name SWIFT ENERGY CO  
Entity Central Index Key 0000351817  
Document Type 10-Q/A  
Current Fiscal Year End Date --12-31  
Document Period End Date Jun. 30, 2014  
Amendment Flag true  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q2  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   43,846,281
Amendment Description Explanatory NoteWe are filing this Amendment No. 1 on Form 10-Q/A (this “Form 10-Q/A”) to amend our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, originally filed with the Securities and Exchange Commission (the “SEC”) on August 1, 2014 (the “Original Filing”), to restate our unaudited condensed consolidated financial statements and related footnote disclosures for the three and six months ended June 30, 2014. This Form 10-Q/A also amends certain other Items in the Original Filing, as listed in “Items Amended in this Form 10-Q/A” below.    Restatement BackgroundOn November 10, 2014, the Audit Committee of our Board of Directors (the “Audit Committee”), after discussion with management and Ernst & Young LLP (“EY”), our independent registered public accounting firm, determined that the following financial statements previously filed with the SEC should no longer be relied upon: (1) the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013; (2) the unaudited condensed consolidated financial statements included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013; and (3) the unaudited condensed consolidated financial statements included our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. In connection with the preparation of our financial statements for the quarter ended September 30, 2014, we determined that an error occurred in our model used for the ceiling test calculation we prepared at December 31, 2013, March 31, 2009 and December 31, 2008, to determine whether the net book value of the Company's oil and gas properties exceed the ceiling. Specifically, this error related to incorrectly including the deferred income tax effect of the Company's asset retirement obligations when computing the ceiling test limitation of its oil and natural gas properties under the full-cost method of accounting. The Company determined that the error caused a material overstatement of its full-cost ceiling test write-down of oil and gas properties in periods prior to 2014.As a result of this error, we are restating our unaudited consolidated financial statements for the three and six months ended June 30, 2014 and 2013. As of June 30, 2014, the correction of this error principally increased the Company's net oil and gas property balances by approximately $48 million, increased the net deferred tax liabilities by approximately $18 million, and increased retained earnings by approximately $30 million. The correction of the error also resulted in an increase in our depreciation, depletion and amortization expense for the three months ended June 30, 2014 and 2013 of approximately $0.8 million and $0.3 million, respectively, and decreased net income for the three months ended June 30, 2014 and 2013 by approximately $0.5 million and $0.2 million, respectively (net of a decrease to the income tax provision for the three months ended June 30, 2014 and 2013, of approximately $0.3 million and $0.1 million, respectively). Further, the correction of the error also resulted in an increase in our depreciation, depletion and amortization expense for the six months ended June 30, 2014 and 2013 of approximately $1.4 million and $0.7 million, respectively, and decreased net income for the six months ended June 30, 2014 and 2013 by approximately $0.9 million and $0.4 million, respectively (net of a decrease to the income tax provision for the six months ended June 30, 2014 and 2013, of approximately $0.5 million and $0.3 million, respectively). Please refer to Note 1A - “Restatement of Previously Issued Consolidated Financial Statements” of this Form 10-Q/A for more information regarding the impact of these adjustments.Along with restating our financial statements to correct the error discussed above, we are making adjustments for certain previously identified immaterial accounting errors related to the periods covered by this form 10-Q/A. When these financial statements were originally issued, we assessed the impact of these errors and concluded that they were not material to our financial statements for the three and six months ended June 30, 2014 and 2013. However, in conjunction with our need to restate our financial statements as a result of the error noted above, we have determined that it would be appropriate within this form 10-Q/A to make adjustments for all such previously unrecorded adjustments. Please refer to Note 1A - “Restatement of Previously Issued Consolidated Financial Statements” of this Form 10-Q/A for more information regarding the impact of these adjustments.Because these revisions are treated as corrections of errors to our prior period financial results, the revisions are considered to be a “restatement” under U.S. generally accepted accounting principles. Accordingly, the revised financial information included in this Quarterly Report on Form 10-Q/A has been identified as “restated”.Internal Control ConsiderationOur management has determined that there was a deficiency in our internal control over financial reporting that constitutes a material weakness, as defined by SEC regulations, at June 30, 2014. For a discussion of management’s consideration of our disclosure controls and procedures and the material weakness identified, see Part I, Item 4 included in this Form 10-Q/A.Items Amended in this Form 10-Q/AThis Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement:A.Part I, Item 1. Financial StatementsB.Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsC.Part I, Item 4. Controls and Procedures D.Part II, Item 1A. Risk Factors E.Part II, Item 6. ExhibitsThis report on Form 10-Q/A is presented as of the filing date of the Original Filing and does not reflect events occurring after that date, or modify or update the information contained therein in any way other than as required to correct the error and record the adjustments described above.In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A.