SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS INCREASED THIRD QUARTER EARNINGS AND CASH FLOW

HOUSTON, November 7, 1995 - Swift Energy Company (NYSE, PSE: SFY) reported today that net income for the third quarter of 1995 of $1,265,000 and net cash provided by operations of $3,737,000 rose 12% and 5%, respectively, over the same quarter of 1994. Revenues from increased production were offset by a decrease in the average price received for the Company's natural gas and crude oil sales. Natural gas prices averaged 12% lower than during the same period in 1994, while oil prices were down 7%. Net income per share was $.12 per share, down from $.17 the previous year. The decrease is due to lower product prices and the expected 59% increase in the weighted average shares outstanding, attributable to the Company's successful equity offering completed in July of this year. As previously announced, with the funds now available, the Company has launched a major development drilling program expected to materially increase oil and gas production and associated revenues.

For the nine months ended September 30, 1995, oil and gas production increased approximately 11% as compared to the same nine months in 1994. The combination of increased production and a decrease of product prices of about 9% resulted in a revenue increase of 3% to $19,872,000. Net income for the first nine months of 1995 was $2,520,000, recovering from a loss in 1994. The loss in 1994 resulted from the cumulative effect of an accounting change made as the Company completed a change in strategic direction to emphasize drilling and production.

Swift recently accelerated its drilling activity in two core areas, facilitated by the same $49 million July equity offering, and has yet to see the full results of that effort reflected in its oil and gas sales figures. In the AWP Olmos Field, where Swift has identified over 100 proven drilling locations, daily production has more than tripled in the past three months. Plans call for 12 more wells to be drilled in this field before year-end and approximately 64 wells to be drilled in 1996.

In the Giddings Field, Swift's second major area of drilling activity, the Company has another development program underway. In this field Swift recently accelerated its activity and now has under contract three rigs drilling prolific horizontal wells. During the third quarter the net production from this field has increased by more than 23% as new wells have been brought on production. Swift plans to drill up to 25 wells in this area through year-end 1996.

During the first three quarters of 1995, Swift has participated in drilling six exploratory and 39 development wells with three exploratory successes and 38 development successes. In all of its areas of interest Swift's current plans are to drill a total of 15 exploratory and 64 development wells for all of 1995. Seven wells are currently drilling, indicating the increased level of fourth quarter activity taking place.

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.