SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY POSTS DRAMATIC FIRST QUARTER GAINS IN EARNINGS AND CASH FLOW

HOUSTON, May 8, 1997 - Swift Energy Company (NYSE: SFY) reported today that net income for the first quarter of 1997 increased 120% to $6.8 million ($.45 per share) on revenues of $21.2 million from $3.1 million ($.25 per share) on revenues of $11.2 million recorded during the first quarter of 1996. Net cash provided by operating activities more than tripled to $19.5 million from $6.2 million a year earlier. The sharp improvement in financial results reflected both increased production of oil and gas as well as higher product prices. Total oil and gas production rose to 5.9 billion cubic feet equivalent (bcfe), a 43% increase over the 4.1 bcfe produced in the first quarter of 1996. Natural gas production rose 55% to 4.9 bcf. Natural gas prices rose to $3.06 per thousand cubic feet (mcf), a 42% period-to-period increase, while oil and condensate prices rose 13% to $20.13 per barrel.

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. During the first quarter of 1997, Swift drilled and placed on production 49 gross (38.8 net) wells in the AWP Olmos Field located in McMullen County, Texas, which has become one of the focal points of the Company's accelerated development drilling program. At the end of the first quarter, Swift's net production from this field was approximately 42 million cubic feet equivalent per day. Swift currently plans to drill approximately 100 more wells in this field by year-end, and 300 to 350 additional wells during the next few years. In the Austin Chalk Trend, development drilling is also expected to continue accelerating in the area of recent test wells in Fayette and Washington Counties, Texas, which are being jointly developed by Swift Energy and Union Pacific Resources Group, Inc. (UPR). Further, Swift has recently begun drilling the Gibbs #1H exploratory horizontal well in Walker County, Texas, where Swift holds a 52,000 acre position, with well completion expected by early June. The Company also has additional exploratory and development projects planned for 1997 in Central Texas, Northern Louisiana, and Eastern Wyoming.

Commenting on these events, A. Earl Swift, President and Chairman, said, "The outlook for Swift has never been brighter. Our favorable position is the result of successfully implementing an ambitious long-term growth strategy based on an aggressive but focused low risk drilling program using advanced technologies. Today, our inventory of development drilling opportunities and risk-balanced exploration projects is larger than at any time in the Company's history. In addition, industry economic conditions remain excellent, despite recent seasonal weakness in oil and gas prices. As a result, Swift expects to register another record year of production, earnings, and cash flow in 1997 and to achieve continued gains in the years ahead."

Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition, and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves. Founded in 1979 with headquarters in Houston, Texas, the Company has achieved an average compounded growth rate in proved oil and gas reserves of approximately 40% per year during the last five years, with reserves growth of 47% in 1996.