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Gold/Mining/Energy : Swift Energy (SFY) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (778)	4/25/1999 9:54:00 PM
From: Robert T. Quasius	Respond to of 1602

Repricing of stock options is happening all over the oil patch. My employer, Campbell Soup, took a big hit on its stock price, and ever since then executives who are eligible for stock options have been leaving the company, causing a loss in talent. I wouldn't be too concerned about that part. As for the salary, perhaps he should consider taking a temporary pay cut, or receiving stock in lieu of salary.

To: Ed Ajootian who wrote (778)	4/26/1999 1:42:00 PM
From: The Ox	Respond to of 1602

Ed, I think I understand some of your concerns but I don't agree with your presentation. The Swift family is running a 100 million dollar business at a very difficult time. We all know that this company lives and dies with the price of oil and gas. We all know that those prices have seriously hurt this company in the short term. To blame the Swifts for the stock's price falling is a bit unfair, IMO. I think if you direct your criticism toward the way in which the company has managed itself lately, I am willing to listen. To simply say the stock has fallen from 20 to 6 and lay all the blame on the Swifts isn't very fair, the way I see it. I'm interested in your comments, Michael

To: Ed Ajootian who wrote (778)	4/26/1999 5:51:00 PM
From: Mark	Read Replies (2) \| Respond to of 1602

Ed, I think if you wanted to make a "hate list" of the executives of all small cap O&G company's who's stock price has tanked in the last year you would need a very long piece of paper. A loo-roll might afford a suitable length, but it would also afford an appropriate value..... i.e. it would be a worthless exercise. Were SFY to be the only O&G company to have tanked in the last year then I might agree that you had a case...... Presumably it is the fact that the share price dropped that got you interested in the first place? As for there being three generations of Swift in the company, well since the company is called "Swift Energy", I'd kind of expect that. I hope that it isn't a case of nepotism over quality, but since SFY has been given high rankings in various "best run company" lists I assume that the Swift clan know what they are doing. (Just be thankful they aren't called Hvide!) As for Earl getting a big bonus, well, I'd assume that this is performance related, and looking at the reserve and output growth, I'd assume that he probably earned it. As for the stock options being revalued, I'd sincerely hope that ALL members of the scheme were being re-incentivised in this way. I further hope that if you bought into this stock recently at around the $9 level that you would want all the employees (especially the CEO) to be just as interested as you are in having the stock price go back into the $30's (and hopefully a lot higher). Of course this is substantially supposition on my part, but nothing you've said worries me. If you want to check things out, then I suggest you phone the company. They have proven themselves to be very open in the past. Finally, if you are so easily worried by what you found in the SEC filings, wouldn't it have made sense to read these BEFORE you made the investment? In case you are worrying about being stitched-up here, I can assure you that there are a lot of people here who are very comfortable that SFY is a good long term investment. We could all be wrong of course, but sometimes you have to make your own decisions in this world and not let your heart rule your head. As for the recent decline in the price, 5 of my 7 O&G investments have moved downwards by a similar amount in the last 2 trading days. It might just afford me an opportunity to buy two other O&G stocks that I have my eyes on! Actually it is possible that we might have a couple of weeks of volatility as the last of the worst (hopefully!) earnings reports come out. Provided commodity prices stay up, the O&G companies should have improved earnings from the next quarter (i.e. the one just started), and the service companies from the quarter after that - possibly even later). Mark