SWIFT ENERGY REPORTS ANNUAL 1994 RESULTS - REVENUES, PRODUCTION, CASH FLOW, AND RESERVES AT RECORD LEVELS -- 2-17-95

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SWIFT ENERGY REPORTS ANNUAL 1994 RESULTS - REVENUES, PRODUCTION, CASH FLOW, AND RESERVES AT RECORD LEVELS

HOUSTON, February 17, 1995 - Swift Energy Company (NYSE, PSE: SFY) today announced financial and operating results for the fourth quarter and full year 1994.

Full Year Results

For the year 1994, Swift Energy recorded net income (before the effect of an accounting change) of $3.7 million ($.56 per share) on revenues of $25.4 million. As previously reported, the Company recorded a one-time charge of $16.8 million to reflect the cumulative effect of a change in accounting for non-cash earned interests from limited partnerships and joint ventures, effective to January 1, 1994. Including this non-cash charge, the Company recorded a net loss of $13 million ($1.96 per share) compared to net income in 1993 of $4.9 million ($.74 per share) on revenues of $24.1 million.

Oil and gas revenues in 1994 rose 27%, reflecting record levels of oil and natural gas production, which rose 44% and 25%, respectively. These gains were partially offset by lower price realizations, particularly for natural gas.

Net cash provided by operating activities rose 44% to $10.4 million in 1994 from $7.2 million in 1993.

Fourth Quarter Results

In the fourth quarter of 1994, Swift recorded net income of $.3 million ($.05 per share) compared to 1993 net income of $1.2 million. Revenues for both periods were $6.2 million; however, oil and gas revenues were up 20% during the 1994 period due to increased production volumes, offset by lower prices. The decline in 1994 fourth quarter net income results reflected increased expenses, primarily oil and gas operating expenses associated with the higher production volumes and interest costs.

Year-End Reserves At Record Levels

Swift's reserves at year-end 1994 were a record 104 billion equivalent cubic feet of natural gas, 15% higher than at year-end 1993. Natural gas reserves rose 18%, while crude oil reserves rose 7%. Swift has increased its reserves for ten consecutive years and has achieved a 35% per year compounded growth rate in reserves over the last five years.

Accounting Change

Swift recently announced its decision to change its accounting policy for non-cash earned interests from limited partnership and joint ventures, effective January 1, 1994. As a result of this change, non-cash earned interests will no longer be reported as revenues, thereby reducing the Company's investment in oil and gas property. This accounting change will have no impact on cash flow, although in 1994 the cumulative effect of the accounting change resulted in a non-cash charge and a corresponding reduction of the Company's recorded oil and gas property cost and will continue to reduce the Company's depreciation, depletion and amortization rate in future years. After the change, year-end stockholder's equity was $42.1 million versus $54.5 million at the end of 1993. The Company's long-term debt to total capitalization rose modestly to 41 percent at year-end 1994 from 35 percent a year earlier.

Swift Energy Company is an independent oil and gas company engaged primarily in the acquisition, exploration, development and operation of oil and gas properties, with an emphasis on domestic onshore operations. Swift has a record of growth that is founded on an ambitious program of reserves acquisition and enhancement, disciplined exploration, conservative financing and innovative management.

	Year ended		3 months ended

	December 31,		December 31,
	(Thousands)		(Thousands)


	1994	1993	1994	1993
Revenues:
Oil and Gas Sales	$ 19,802	$ 15,536	$ 4,788	$ 3,974
Earned Interest and Fees from Limited Partnerships and Joint Ventures	702	4,072	155	1,054
Supervision Fees	3,751	3,719	909	983
Other	1,120	806	315	181
	--------	--------	--------	--------
	25,375	24,133	6,167	6,192
Costs, Expenses and Taxes:
General and Administrative	5,198	5,065	1,429	1,138
Depreciation, Depletion and Amortization	7,905	7,301	2,270	1,978
Oil and Gas Production	5,639	4,540	1,701	1,184
Interest Expense	1,795	598	585	325
Income Taxes	1,112	1,733	(126)	321
	--------	--------	--------	--------
	21,649	19,237	5,859	4,946
	--------	--------	--------	--------
Income Before Cumulative Effect of Change in Accounting Principle	3,726	4,896	308	1,246

Cumulative Effect of Change in Accounting Principle	(16,773)	--	--	--
	--------	--------	--------	--------
Net Income (Loss)	$ (13,047)	$ 4,896	$ 308	$ 1,246
	--------	--------	--------	--------
Per Share Amounts:
Income Before Cumulative Effect of Change in Accounting Principle	$ 0.56	$ 0.74	$ 0.05	$ 0.19
Net Income (Loss)	$ (1.96)	$ 0.74	$ 0.05	$ 0.19

Average shares outstanding	6,644	6,588	6,682	6,601

	Year ended
	December 31,
	(Thousands)


	1994	1993

Net Cash Provided By Operating Activities	$ 10,395	$ 7,238

Production Volumes
Natural Gas (Mcf)	6,799	5,422
Crude Oil and Condensate (Bbls)	467	324

Average Prices
Natural Gas ($/Mcf)	$ 1.93	$ 1.96
Crude Oil and Condensate ($/Bbl)	$ 14.35	$ 15.10

Reserves
Natural Gas (Mcf)	76,264	64,463
Crude Oil and Condensate (Bbl)	4,553	4,271
Total Reserves (Mcf equivalent)	103,584	90,089