Latest Fundamentals - Swift Energy

	Three Months Ended
	March 31,
	2008		2007		Percent Change
Revenues:
Oil & Gas Sales		$199,973		$130,222		54%
Other		(1,013)		(143)	NM%
		----------------		----------------	----------------
Total Revenue		$198,960		$130,079		53%

Income From Continuing Operations		$49,835		$26,445		88%
Basic EPS – Continuing Operations		$1.64		$0.89		85%
Diluted EPS – Continuing Operations		$1.61		$0.87		86%
Net Cash Provided By Operating Activities – Continuing Operations		$139,690		$78,575		78%
Net Cash Provided By Operating Activities, Per Diluted Share – Continuing Operations		$4.52		$2.58		75%
Cash Flow Before Working Capital Changes(1) (non-GAAP measure) – Continuing Operations		$136,252		$84,206		62%
Cash Flow Before Working Capital Changes, Per Diluted Share – Continuing Operations		$4.41		$2.76		60%
Weighted Average Shares Outstanding (Diluted)		30,925		30,497		(1)%

EBITDA(1) (non-GAAP measure)		$140,480		$90,726		55%

Production (MBoe) – Continuing Operations:		2,570		2,534		1%

Realized Price ($/Boe) – Continuing Operations:		$77.80		$51.38		51%

(1) See reconciliation on page 6. Management believes that the non-GAAP measures EBITDA and cash flow before working capital changes are useful information to investors because they are widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. Many investors use the published research of these analysts in making their investment decisions.

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SWIFT ENERGY COMPANY
SUMMARY INCOME STATEMENT INFORMATION (Unaudited)
- In Thousands Except Per BOE Amounts -

	Three Months Ended				Three Months Ended
	Mar. 31, 2008		Per Boe		Mar. 31, 2007		Per Boe

Revenues:
Oil & Gas Sales		$199,973		$77.81		$130,222		$51.39
Other Revenue		(1,013)		(0.39)		(143)		(0.06)
		------------		--------------		--------------		--------------
		198,960		77.42		130,079		51.33
		------------		--------------		--------------		--------------
Costs and Expenses:
General and Administrative, net		9,919		3.86		7,589		2.99
Depreciation, Depletion & Amortization		52,494		20.43		41,722		16.46
Accretion of Asset Retirement Obligation (ARO)		454		0.18		341		0.13
Lease Operating Costs		26,425		10.28		15,714		6.20
Severance & Other Taxes		22,136		8.61		16,050		6.33
Interest Expense, Net		8,690		3.38		6,746		2.66
		------------		--------------		--------------		--------------
Total Costs & Expenses		$120,118		$46.74		$88,162		$34.79
		------------		--------------		--------------		--------------

Income from Continuing Operations Before Income Taxes		78,842		30.68		41,917		16.54
Provision for Income Taxes		29,007		11.29		15,472		6.11
		------------		--------------		--------------		--------------
Income from Continuing Operations		$49,835		$19.39		$26,445		$10.44
Income (Loss) from Discontinued Operations, Net of Taxes		(1,474)		NM		1,143		NM
		=========		========		=========		========
Net Income		$48,361		NM		$27,588		NM
		=========		========		=========		========

Additional Information:
Capital Expenditures		$176,402				$110,340
Capitalized Geological & Geophysical		$6,411				$6,371
Capitalized Interest Expense		$1,961				$2,505
Deferred Income Tax		$28,428				$15,446

Note: Items may not total due to rounding.

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SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)
- In Thousands -

	Three Months Ended
	Mar. 31, 2008		Mar. 31, 2007
Cash Flows From Operating Activities:
Net Income		$48,361		$27,588
Plus (Income) Loss From Discontinued Operations, Net of Taxes		1,474		(1,143)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities -
Depreciation, Depletion, and Amortization		52,494		41,722
Accretion of Asset Retirement Obligation (ARO)		454		341
Deferred Income Taxes		28,428		15,446
Stock Based Compensation Expense		2,632		2,431
Other		2,409		(2,179)
Change in Assets and Liabilities -
Decrease in Accounts Receivable		2,272		586
Decrease in Accounts Payable and Accrued Liabilities		(950)		(7,261)
Increase/(Decrease) in Income Taxes Payable		579		(884)
Increase in Accrued Interest		1,537		1,928
		----------------		----------------
Cash Provided by Operating Activities – Continuing Operations		139,690		78,575
Cash Provided by Operating Activities – Discontinued Operations		2,822		7,392
		----------------		----------------
Net Cash Provided by Operating Activities		142,512		85,967
		----------------		----------------
Cash Flows From Investing Activities:
Additions to Property and Equipment		(176,402)		(110,340)
Proceeds from the Sale of Property and Equipment		79		89
Net Cash Received as Operator of Partnerships and Joint Ventures		---		467
		----------------		----------------
Cash Used in Investing Activities – Continuing Operations		(176,323)		(109,784)
Cash Used in Investing Activities – Discontinued Operations		(1,023)		(6,979)
		----------------		----------------
Net Cash Used in Investing Activities		(177,346)		(116,763)
		----------------		----------------
Cash Flows From Financing Activities:
Net Proceeds From of Bank Borrowings		36,400		32,600
Net Proceeds From Issuance of Common Stock		3,887		1,029
Excess Tax Benefits From Stock-Based Awards		467		---
Purchase of Treasury Shares		(1,387)		(928)
		----------------		----------------
Cash Provided by Financing Activities – Continuing Operations		39,367		32,701
Cash Provided by Financing Activities – Discontinued Operations		---		---
		----------------		----------------
Net Cash Provided by Financing Activities		39,367		32,701
		----------------		----------------
Net Increase in Cash and Cash Equivalents		4,533		1,905

Cash and Cash Equivalents at the Beginning of the Period		5,623		1,058
		----------------		----------------
Cash and Cash Equivalents at the End of the Period		$10,156		$2,963
		=========		=========

Note: Items may not total due to rounding.

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SWIFT ENERGY COMPANY
Reconciliation of GAAP(a) to non-GAAP Measures
(UNAUDITED)
In Thousands

Three Months Ended

Mar. 31, 2008

Mar. 31, 2007

INCOME TO EBITDA RECONCILIATIONS:

   Income from Continuing Operations

$49,835

$26,445

88%

   Provision for Income Taxes

29,007

15,472

   Interest Expense, Net

8,690

6,746

   Depreciation, Depletion & Amortization & ARO (b)
52,948

42,063

-----------------

-----------------

EBITDA
$140,480

$90,726

55%

===========

===========

Three Months Ended

Mar. 31, 2008

Mar. 31, 2007

CASH FLOW RECONCILIATIONS:

Net Cash Provided by Operating Activities – Continuing Operations

$139,690

$78,575

78%

     Increases and Decreases In:

          Accounts Receivable
(2,272)

(586)

          Accounts Payable and Accrued Liabilities
950

7,261

          Income Taxes Payable
(579)

884

          Accrued Interest
(1,537)

(1,928)

-----------------

-----------------

Cash Flow Before Working Capital Changes – Continuing Operations
$136,252

$84,206

62%

===========

===========

(a) GAAP—Generally Accepted Accounting Principles

(b) Includes accretion of asset retirement obligation

Note: Items may not total due to rounding.

This statement should be read in conjunction with the attached press release (also in PDF format).

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SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION(1)
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(UNAUDITED)

Three Months Ended

Three Months Ended

Mar. 31, 2008

Dec. 31, 2007

Percent
Change

Mar. 31, 2007

Percent
Change

Domestic Production :

   Oil & Natural Gas Equivalent (MBoe)
2,570

2,791

(8)%

2,534

1%

   Natural Gas (Bcf)
5.01

5.14

(3)%

3.77

33%

   Crude Oil (MBbl)
1,420

1,617

(12)%

1,773

(20)%

   NGL (MBbl)
316

318

(1)%

133

138%

Domestic Average Prices:

   Combined Oil & Natural Gas ($/Boe)
$77.80

$70.33

11%

$51.38

51%

   Natural Gas ($/Mcf)
$7.97

$6.62

20%

$ 5.92

35%

   Crude Oil ($/Bbl)
$99.43

$89.23

11%

$57.87

72%

   NGL ($/Bbl)
$59.80

$ 56.65

6%

$39.90

50%

&nb