SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS QUARTERLY RESULTS

HOUSTON, August 8, 1995 - Swift Energy Company (NYSE, PSE: SFY) today reported second quarter 1995 earnings of $731,000 or $.11 per share, compared to earnings of $1,076,000 or $.16 per share in the second quarter of 1994. Revenues for the second quarter of 1995 increased 7% to $6,565,000 from $6,107,000 for the same period last year. Natural gas and oil production increased by 11% and 15%, respectively, and crude oil prices increased 13%, the benefits of which were almost fully offset by a 17% decline in natural gas prices. When compared to the first quarter of 1995, earnings increased 38% during the second quarter, from $.08 to $.11 per share.

For the first half of 1995, net income totaled $1,256,000 or $.19 per share, a $2.38 per share increase from the net loss of $14.5 million, or ($2.19) per share reported in the comparable period of 1994. Income before the cumulative effect of change in accounting principle was $1,256,000 for the first half of 1995, compared to $2,287,000 for the same period 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. Revenues in this year's first half were $12,823,000, a 5% increase from the $12,245,000 reported a year ago.

A. Earl Swift, Chairman and Chief Executive Officer of Swift Energy Company, stated, "We are pleased with Swift's financial performance during the second quarter, which continued to be a difficult period for the oil and gas industry from a gas pricing perspective. Although reported earnings for the second quarter of 1995 were approximately two-thirds of that recorded in the same period of 1994, we are optimistic that earnings will improve during the second half of the year due to expected increases in production levels. On July 26, the Company successfully completed the sale of 5,000,000 additional shares of common stock, raising stockholders' equity by approximately $40 million (without consideration of underwriter's option to purchase up to 750,000 shares extending through August 24, 1995). We believe that the strong acceptance of this offering by the investing community not only indicated the market's confidence in the Company's continued growth potential, but obviously provided the capital to accelerate our drilling activity to accomplish this task."

"Swift's solid performance and continued growth in reserves and production reflects the Company's commitment to its long-term strategic plan which has resulted in reserve growth of more than 35% compounded annually during the past five years. In 1995, we have already added reserves in excess of that annual rate, and expect a sizable contribution to additional reserve and production growth to come from Swift's continued drilling activity. The Company now has plans to participate in the drilling of 85 gross wells this year, compared to 44 wells in 1994. Sixteen of the wells planned for drilling in 1995 will be classified as exploratory. Through June 30, the Company has drilled 23 wells. This ambitious drilling program planned for the remainder of this year, combined with our established production, should make this year's second half one of the most exciting periods in our history."

Based in Houston, Swift Energy Company is a 15-year old independent oil and gas company engaged primarily in the exploration, development, acquisition and operation of oil and gas properties, with an emphasis on domestic natural gas.