SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY POSTS RECORD FINANCIAL RESULTS FROM STRONG QUARTERLY AND YEAR TO DATE PRODUCTION GROWTH

HOUSTON, November 5, 1997 - Swift Energy Company (NYSE, PCX: SFY) today reported that for the three month period ended September 30, 1997, production of gas and oil increased 34% and 9%, respectively, over the same period last year, contributing to increased net income and cash flow. Revenues rose 25% to $19,225,000, with net income increasing to $4,686,000 ($0.29 per share) versus $4,642,000 ($0.30 per share) during the third quarter of 1996. Net cash provided by operating activities increased 12% to $12,795,000 from $11,447,000 during the third quarter of 1996. Per share amounts for both years reflect adjustment for the 10% stock dividend declared and distributed in October 1997.

Swift’s production, revenues, earnings and cash flows for the first nine months of 1997 all reached record high levels. For the nine months ended September 30, 1997, net income rose 37% to $15,569,000 ($0.94 per share) versus $11,403,000 ($0.79 per share) reported for the same period last year. Revenues increased 46% to $57,397,000, while cash flow jumped 63% to $43,080,000. Natural gas production for the period increased 44% to 15.6 billion cubic feet, while oil and condensate production rose 7% to 490,000 barrels.

Earl Swift, Chairman and Chief Executive Officer of Swift Energy, stated, "Swift’s record results during the first three quarters of 1997 continue a growth trend that has been underway for many years. During the third quarter of 1997, the Company experienced a decline in product prices, absorbed significant interest costs on capital raised, and yet maintained relatively flat per share earnings. If prices for the third quarter had been equal to the same period last year, earnings would have increased about ten percent. We believe this was excellent performance. The activity now underway, along with the higher oil and gas prices currently being experienced, auger well for a successful fourth quarter. Based on our current project inventory, and assuming stable natural gas and oil prices, we are also optimistic that 1998 will be another year of solid growth.

"Our success in increasing production and sales of oil and gas in 1997 has been largely due to our aggressive development drilling programs in South Texas and our expanded exploration drilling program in Arkansas, Louisiana, Texas and Wyoming. Production increases forecasted for the fourth quarter are anticipated to come from these same programs. In South Texas, Swift has been active in the AWP Olmos and Giddings fields for many years, and it has developed considerable operating expertise and a sizeable technical database in those areas. In addition, the Company has used innovative drilling, completion and production techniques in South Texas to enhance reserves, production and financial returns. The 1997 activity is approximately double the number of wells originally planned for the Austin Chalk trend in Texas, where Swift currently has seven wells drilling. During the past six months, Swift has acquired an additional 55,000 acres in the Texas Austin Chalk trend, which gives the Company a total of over 148,000 gross acres in this prolific 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.

This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission.