SWIFT ENERGY REPORTS SIGNIFICANT OIL AND GAS PRODUCTION INCREASE -- 8-6-97

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SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS SIGNIFICANT OIL AND GAS PRODUCTION INCREASE

HOUSTON, August 6, 1997 - Swift Energy Company (NYSE, PSX: SFY) today reported that quarterly production of natural gas and oil for the three months ended June 30, 1997 increased 47% and 7%, respectively, over the comparable 1996 quarter, contributing to an increase in net income for the same period. In spite of a decrease in the prices received from sales of both oil and natural gas, net income for the three month period ended June 30, 1997 rose by 12% to $4.1 million ($0.28 per share) compared to $3.7 million ($0.29 per share) during the same period last year. Revenues during this year’s second quarter rose 35% to $16.9 million from $12.6 million a year ago. Net cash provided by operating activities advanced to $10.8 million, a 23% increase over the $8.7 million registered in the second quarter of 1996.

For the six months ended June 30, 1997, Swift recorded net income of $10.9 million ($0.72 per share) on revenues of $38.2 million, a 61% increase when compared to earnings of $6.8 million ($0.54 per share) on revenues of $23.7 million during the first half of 1996. Net cash provided by operating activities more than doubled to $30.3 million from $14.9 million a year earlier. Swift’s revenues, earnings, production and cash flows for the first half of 1997 were all at new record high levels.

Swift’s success is largely due to its continued 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 in Texas. Second quarter net oil and gas production from these two areas averaged 55.7 million equivalent cubic feet per day, 59% above last year’s second quarter levels, and accounted for 83% of total production. Swift’s extensive drilling program (with emphasis on the two core Texas areas) is expected to result in a total of 186 wells drilled for the full year of 1997, compared to the 153 wells drilled during 1996.

The 1997 activity reflects a doubling of wells planned for the Austin Chalk Trend in Texas, where Swift currently has five wells drilling and a sixth about to spud. During the past six months, Swift has acquired an additional 35,000 acres in the Texas Austin Chalk Trend, which gives Swift a total of over 100,000 gross acres in this area.

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.

	Three Months			Six Months
	Ended June 30,			Ended June 30,

	1997	1996	Percent Change	1997	1996	Percent Change
Revenues
Oil & Gas Sales	$14,072	$10,815	30%	$32,441	$20,507	58%
Other	2,854	1,743	64%	5,730	3,240	77%
	---------	----------		---------	---------
	$16,926	$12,558	35%	$38,171	$23,747	61%

Net Income	$ 4,114	$3,678	12%	$10,883	$6,761	61%

Primary Per Share Amounts	$ 0.28	$ 0.29	(3%)	$ 0.72	$0.54	33%

Net Cash Provided by Operating Activities	$10,746	$8,705	23%	$30,285	$ 14,904	103%

Weighted Average Shares Outstanding	14,911	12,631	18%	15,048	12,586	20%

Natural Gas Production (Mcf)	5,143	3,501	47%	10,046	6,674	51%
Oil & Condensate Production (Bbls)	160	150	7%	327	309	6%

Average Prices
Natural Gas ($/Mcf)	$ 2.20	$ 2.29	(4%)	$ 2.62	$ 2.23	17%
Oil & Condensate ($/Bbl)	$17.08	$18.73	(9%)	$18.64	$18.24	2%