SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS QUARTERLY RESULTS AND HIGHER CASH FLOW

HOUSTON, May 9, 1995 - Swift Energy Company (NYSE, PSE: SFY) today reported first quarter 1995 net income of $524,600, or $.08 per share, a $2.44 per share increase from the net loss of $15.6 million, or ($2.36) per share reported in the comparable quarter of 1994. As previously reported, the Company recorded a one-time charge of $16.8 million during the first quarter of 1994 to reflect the cumulative effect of a change in accounting for non-cash earned interests from limited partnerships and joint ventures. Total revenues rose slightly during the quarter to $6,259,000 from $6,139,000 a year ago, contributing to an 11% increase over last year in net cash provided by operating activities, which rose to $2,964,000. Prior to making the change in accounting policy for earned interests in the fourth quarter of 1994, the Company had reported last year's first quarter net income and income per share as $814,325 and $0.14, respectively.

Earnings for the first quarter of 1995 were unfavorably impacted by a 26% decline in natural gas prices, from an average price of $2.21 per MCF in the first quarter of 1994 to $1.63 per MCF in the first quarter of 1995. Offsetting this precipitous price decline was a four percent increase in natural gas production, a 35% increase in crude oil production and a 32% increase in crude oil prices (natural gas currently accounts for 68% of the Company's combined production calculated on a BTU equivalent basis). Offsetting the slight increase in revenues were increases in depreciation, depletion and amortization and production costs primarily the result of increased oil and gas production.

Commenting on the results at the Company's annual shareholders' meeting, A. Earl Swift, Chairman and President, said that considering the volatility of both crude oil and natural gas prices during the first quarter, he was satisfied with the Company's performance, particularly with the continued growth in cash flow from operations and improvement in oil and natural gas production. On the other hand, he pointed out that income continues to be eroded by higher costs, which the Company has already taken measures to reduce across the board, and that Swift Energy has gained the reputation as a low cost operator and will strive to maintain that position.

Mr. Swift told shareholders that the Company remains on target with its ambitious long term strategy for reserve growth and its shift in focus toward drilling is showing good results, as its 1995 exploratory drilling program, which is almost twice the size of last year's program, has already recorded successes. He concluded by observing that combining an aggressive development drilling program in the Company's core areas with selective acquisitions of producing properties, 1995 should result in continued solid reserve growth.

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.