SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS RECORD THIRD QUARTER EARNINGS AND CASH FLOW

HOUSTON, October 30, 1996 - Swift Energy Company (NYSE, PSE: SFY) reported today that net income for the three months ended September 30, 1996, rose 267% to a record $4.6 million ($0.33 per share) compared to $1.3 million ($0.12 per share) during the same period last year. Revenues in this year's third quarter rose 119% to $15.4 million from $7.0 million a year ago. Net cash provided by operations reached a record level of $11.4 million, a 206% increase over the $3.7 million recorded in the third quarter of 1995. Natural gas production during the quarter more than doubled to 45.2 million cubic feet per day (MMcfd) from 22.0 MMcfd during the same period of 1995, while oil production rose 9% to 1,630 barrels per day.

For the nine months ended September 30, 1996, Swift recorded net income of $11.4 million ($0.87 per share) on revenues of $39.2 million, compared to earnings of $2.5 million ($0.32 per share) on revenues of $19.9 million during the first three quarters of 1995. Net cash provided by operations for the nine months more than tripled to $26.4 million from $8.5 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. Third quarter net oil and gas production from these two fields averaged 41.6 million equivalent cubic feet per day, 137% above last year's levels, and accounted for 76% of total production. During the first three quarters of the year, Swift participated in the drilling of 102 wells, compared to 45 wells during the first three quarters of 1995. Drilling is expected to accelerate further in the fourth quarter of this year, with the Company planning to drill a total of 162 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 where it has developed considerable operating expertise and a sizable database. In addition, the Company has used 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 during the first nine months 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. Over the last nine months, we more than tripled our acreage position in both trends, which will allow us to maintain a high level of activity in this area for the foreseeable future."

Based in Houston, Swift Energy Company is a 17-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.