SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS A SURGE IN FOURTH QUARTER EARNINGS, CASH FLOW AND PRODUCTION CONTRIBUTING TO RECORD FULL YEAR 1996 RESULTS

HOUSTON, February 10, 1997 - Swift Energy Company (NYSE, PSE: SFY) today announced that financial and operating results for the full year and fourth quarter 1996 reached record levels largely fueled by the Company’s successful drilling program in the AWP Olmos Field and Austin Chalk trend in South Texas. During the year, Swift drilled 153 wells, double the number of wells drilled in 1995.

Full Year Results
For 1996, Swift Energy recorded net income of $19,025,000 ($1.40 per share) on record revenues of $60,768,000. Net income for 1996 represented a 287% increase over 1995’s total of $4,913,000 ($.54 per share). Net cash provided by operating activities increased 158% during 1996 to $37,103,000.

These increases primarily resulted from a 74% increase in crude oil and natural gas production combined with higher average sales prices. The average price of crude oil increased 27% to $19.82 per barrel, while the average price of natural gas increased 45% to $2.57 per Mcf. Natural gas accounted for 81% of Swift Energy’s 1996 production on an equivalent basis.

Swift Energy achieved higher per-share earnings despite a 49% increase in the average number of shares outstanding. The higher number of average outstanding shares resulted both from the Company’s July 1995 sale of 5.8 million additional shares of common stock, shares that were outstanding for the full year in 1996, and from the August 1996 issuance of 2.3 million additional shares upon conversion of the Company’s 1993 issued 6.5% Convertible Subordinated Debentures.

Fourth Quarter Results
In the fourth quarter of 1996, Swift Energy’s earnings increased 219% to $7,623,000 ($.50 per share) compared to $2,392,000 ($.19 per share) recorded in the fourth quarter of 1995. The higher earnings were attributable to increased revenues from oil and gas sales. Sales revenues jumped 138% as a result of the Company’s 75% growth in production (on an equivalent basis) and due to improvement in average crude oil and natural gas prices, which were up 41% and 56%, respectively. Net cash provided by operating activities jumped 84% in the 1996 fourth quarter to a record $10,751,000, compared to the $5,829,000 recorded a year earlier.

Year-End Reserves at Record Levels
By the end of 1996, Swift Energy’s proved oil and natural gas reserves rose 47% from the previous year to a record 259 billion cubic feet of natural gas equivalent. Swift’s 1996 reserve replacements, which resulted primarily from extensions and discoveries related to drilling activity, were 6.2 times the level of the Company’s record 1996 production. During the last five years, the Company’s proved oil and gas reserves have grown at an average compounded annual rate of 40%.

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. Swift’s record growth was 1996 was founded on an ambitious development drilling program and disciplined exploration, primarily in Texas, where the Company more than doubled its undeveloped acreage position in 1996.