SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS A SURGE IN FOURTH QUARTER EARNINGS, CASH FLOW AND PRODUCTION CONTRIBUTING TO RECORD FULL YEAR 1995 RESULTS

HOUSTON, February 20, 1996 - Swift Energy Company (NYSE, PSE: SFY) today announced that financial and operating results for the fourth quarter and full year 1995 reached record levels largely fueled by the Company's accelerated development drilling program in South Texas.

Fourth Quarter Results

In the fourth quarter of 1995, Swift Energy's earnings increased over sevenfold to $2,400,000 ($.19 per share) compared to $308,000 ($.05 per share) recorded in the fourth quarter of 1994. The higher earnings were attributable to increased revenues from oil and gas sales, as revenues jumped 53% as a result of the Company's 31% growth in production (on an equivalent basis) and due to improvement in crude oil and natural gas prices which were up 9% and 25%, respectively. Net cash provided by operating activities jumped 206% in the 1995 fourth quarter to a record $5,829,000, when compared to the $1,902,000 recorded a year earlier.

Full Year Results

For 1995 as a whole, Swift Energy recorded net income of $4,913,000 ($.54 per share) on record revenues of $28,931,000. Net income for 1995 represented a 32% increase from 1994's total of $3,726,000 ($.56 per share) before the effect of a 1994 change in accounting policy which reflected a shift in emphasis away from the acquisition of producing properties through partnerships toward exploration and development drilling undertaken by the Company directly. Per share earnings were achieved despite the fact that the average number of shares outstanding increased 37% due to the Company's July sale of 5.8 million additional shares of common stock.

Net cash provided by operating activities increased 38% during 1995 to $14,376,000, primarily because of a 17% increase in crude oil and natural gas production. The average 1995 sales price received for crude oil increased 9% to $15.66 per barrel, while the average natural gas price decreased 8% to $1.77 per MCF. Natural gas accounted for 71% of Swift Energy's 1995 production on an equivalent basis.

Year-End Reserves at Record Levels

By the end of 1995, Swift Energy's proved oil and natural gas reserves rose 70% from the previous year to a record 176.1 billion cubic feet of natural gas equivalent. Oil and condensate reserves increased 19% to 5.4 million barrels, while natural gas reserves increased 88% to 143.6 billion cubic feet. Swift's 1995 reserve replacements, which resulted primarily from extensions and discoveries related to drilling activity, were 7.3 times the level of the Company's record 1995 production. During the last five years, the Company's proved oil and gas reserves have grown at an average compounded annual rate of 34%.

A. Earl Swift, President and Chairman of Swift Energy Company, stated, "Our record performance in 1995, and particularly our performance in the fourth quarter, provides a platform from which we expect to reach even stronger results in 1996 and beyond. Swift Energy will continue its increased drilling effort, with current plans to drill over 100 exploratory and development wells during 1996. In conjunction with the Company's other activities, this drilling program should result in continued reserves, production, income and cash flow growth."

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.