SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY POSTS SIGNIFICANT INCREASES IN PRODUCTION AND CASH FLOW AS EARNINGS JUMP NEAR FIVEFOLD

HOUSTON, May 6, 1996 - Swift Energy Company (NYSE: SFY) reported today that net income for the three months ended March 31, 1996 surged 488% to $3.1 million ($.25 per share) from $0.5 million ($.08 per share) recorded during the same period last year. Net cash provided by operating activities more than doubled to $6.2 million from $3.0 million in 1995. The primary factor in these gains came from a 100% increase in oil and gas sales revenues from the comparable quarter of 1995 as a result of an 86% jump in natural gas production, an 18% increase in crude oil production, and product price improvements. The dramatic rise in production volumes stems primarily from new well completions as part of the Company's continuing development projects in South and Central Texas. Oil and natural gas prices increased 14% and 33%, respectively, when compared to the first quarter last year.

During the last half of 1995 and continuing through the first quarter of 1996, Swift drilled and placed on production 43.5 net wells in the AWP Olmos Field located in McMullen County, Texas, which has become a focal point of the Company's accelerated development drilling program. At the end of the first quarter, Swift's net production from this field was approximately 32.3 million cubic feet equivalent per day. In this field, Swift currently plans to drill approximately 50 more wells by year-end, and from 200 to 250 additional wells during the next few years. Development drilling is also expected to continue and accelerate on and in the area of a recent test well on a 19,500 acre tract jointly being developed by Swift Energy and Union Pacific Resources Company in Fayette County, Texas. The Company has additional exploratory and development projects in Central Texas, Northern Louisiana, Central Oklahoma, and Eastern Wyoming, which also contributed to the increased production volumes.

Commenting on these events, A. Earl Swift, President and Chairman, said, "The excellent results posted for the first quarter of 1996 are the direct result of a change in strategy that commenced almost four years ago where rapid reserve and production growth was to come from exploratory and development drilling using state-of-the-art technology versus growth by acquisitions. The increased production levels being realized in 1996 reflect the successful implementation of this transition. Natural gas production was not only up 86% over first quarter of last year but, equally important, up 30% over the fourth quarter of 1995. Based on the success we continue to experience in the AWP Olmos and Giddings Fields, our two primary development areas, we expect similar production increases over the balance of the year. In addition, due to our low cost structures in these areas, production gains translate to enhanced profitability and asset growth."

Based in Houston, Swift Energy Company is a 16-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. Swift has a record of growth that is founded on an ambitious program of disciplined exploration and reserves development, conservative financing and innovative management.