SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS SIGNIFICANT INCREASE IN QUARTERLY RESULTS

HOUSTON, August 6, 1996 - Swift Energy Company (NYSE, PSE: SFY) today reported that net income for the three months ended June 30, 1996, rose 403% to a record $3.7 million ($0.29 per share) compared to $0.7 million ($0.11 per share) during the same period last year. Revenues during this year's second quarter rose 91% to $12.6 million from $6.6 million a year ago. Net cash provided by operating activities advanced to $8.7 million, a 372% increase over the $1.8 million registered in the second quarter of 1995. Natural gas production during the quarter doubled to 38.5 million cubic feet per day (MMcfd) from 19.2 mmcfd during the same period of 1995, while oil production rose 24% to 1,650 barrels per day.

For the six months ended June 30, 1996, Swift recorded net income of $6.8 million ($0.54 per share) on revenues of $23.7 million, compared to earnings of $1.3 million ($0.19 per share) on revenues of $12.8 million during the first half of 1995. Net cash provided by operating activities more than tripled to $14.9 million from $4.8 million a year earlier.

Swift's continuing success is largely due to its aggressive South Texas drilling programs at the AWP Olmos Field in McMullen County and the Giddings Field portion of the Austin Chalk Trend in Fayette and adjacent counties. Second quarter net oil and gas production from these two fields averaged 34 million equivalent cubic feet per day, 295% above last year's levels, and accounted for 74% of total production. During the first half of the year, Swift participated in the drilling of 66 wells, compared to 24 wells during the first half of 1995. Drilling is expected to accelerate in the second half of this year, with the Company planning to participate in a total of 145 wells during 1996 as a whole. In 1995, the Company participated in 76 wells.

Swift has been active in the AWP Olmos and Giddings fields for many years and has developed considerable operating expertise and a sizable database. In addition, the Company has pioneered innovative drilling, completion and production techniques that have enhanced reserves, production and financial returns from these projects. Swift has also built a large inventory of acreage containing many future drilling locations.

A. Earl Swift, President and Chairman of Swift Energy Company, stated, "The record financial and operating results posted in the first half of 1996 reflect Swift's commitment to a strategic plan that leverages its technical, operating and financial strengths. Utilizing leading edge technology, the Company has amassed a sizable position in two productive trends in the onshore Gulf Coast area. In fact, over the last six months, we more than doubled our acreage position in both trends, which will allow us to maintain a high level of activity in this area for the foreseeable future."

"It is particularly gratifying that the Company has been able to accomplish these record gains while maintaining a conservative financial position. As a result of the recent redemption of our debentures, Swift has no conventional Long-Term Debt. This strong financial position gives the Company the flexibility to capitalize on new opportunities that can further contribute to its long-range 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 reserve development, conservative financing and innovative management.