SWIFT ENERGY COMPANY REPORTS RECORD EARNINGS AND CASH FLOW FOR 1997 -- 2/10/98

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SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY COMPANY REPORTS RECORD EARNINGS AND CASH FLOW FOR 1997

HOUSTON, February 10, 1998 - Swift Energy Company (NYSE, PSE: SFY) today announced that financial and operating results for the full year 1997 reached record levels, largely fueled by a 31% increase in oil and gas production stemming from the Company’s prolific drilling activities in Texas. Swift successfully completed 91% of the 182 oil and gas wells it drilled in 1997, leading to a 40% increase in the Company’s reserves.

Full Year Results

For 1997, Swift Energy recorded net income of $22.3 million ($1.35 per share) on record revenues of $79.9 million. Net income for 1997 represented a 17% increase over 1996’s total of $19.0 million ($1.27 per share). Net cash provided by operating activities increased 49% during 1997 to $55.3 million.

These increases were primarily due to a 31% increase in crude oil and natural gas production. The 1997 average price received for crude oil decreased 11% from 1996 levels to $17.59 per barrel, while the average price of natural gas received increased 4% to $2.68 per Mcf. Natural gas accounted for 84% of the Company’s 1997 production on an equivalent basis.

Swift Energy also achieved higher per-share earnings, despite a 10% increase in the year to year average number of shares outstanding. This increase resulted from the August 1996 issuance of 2.3 million additional shares upon conversion of the Company’s 1993 Convertible Subordinated Debentures issuance.

Fourth Quarter Results

In the fourth quarter of 1997, Swift Energy’s earnings were $6.7 million ($0.41 per share) compared to $7.6 million ($0.46 per share) recorded in the fourth quarter of 1996. The lower earnings were attributable to lower oil and gas prices and increased interest expense. Revenues increased only 4% as the Company’s 17% growth in production was offset by a reduction in average crude oil and natural gas prices received, which were down 25% and 6%, respectively. Net cash provided by operating activities rose 13% in the 1997 fourth quarter to $12.2 million, compared to the $10.8 million recorded a year earlier.

Year-End Reserves at Record Levels

At year-end 1997, Swift Energy’s proved oil and natural gas reserves rose 40% from year-end 1996 reserves to a record 361 billion cubic feet of natural gas equivalent. Swift’s 1997 reserve replacements, which resulted primarily from extensions and discoveries related to drilling activity, were five times the level of the Company’s record 1997 production. During the past five years, the Company’s proved oil and gas reserves have grown at an average compounded annual rate of 44%.

For 1998, Swift has expanded its drilling plans with capital spending budgeted at $155 million, an increase of 18% over 1997.

Founded in 1979, 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.

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.


	Three Months Ended			Year Ended
	December 31,			December 31,

	1997	1996	Percent Change	1997	1996	Percent Change

Revenues
Oil & Gas Sales	$20,162	$19,038	6%	$69,015	$52,771	31%
Other	2,363	2,551	(7%)	10,907	7,997	36%
	----------	---------		---------	---------	-------
	$ 22,525	$21,589	4%	$79,922	$60,768	32%

Net Income	$ 6,742	$7,623	(12%)	$22,310	$19,025	17%

Per Share Amounts
Basic	$ 0.41	$ 0.46	(11%)	$ 1.35	$ 1.27	6%
Diluted	$ 0.37	$ 0.46	(20%)	$ 1.26	$ 1.25	--%

Net Cash Provided by Operating Activities	$12,176	$10,751	13%	$55,256	$ 37,103	49%

Weighted Average Shares Outstanding	16,448	16,643	(1%)	16,493	15,001	10%

Production
Oil & Natural Gas Equivalent (Mcfe)	6,846	5,848	17%	25,394	19,437	31%
Natural Gas (Mcf)	5,753	4,864	18%	21,359	15,697	36%
Oil & Condensate (Bbls)	182	164	11%	672	623	8%

Average Prices
Combined Oil & Natural Gas ($/Mcfe)	$ 2.95	$ 3.26	(10%)	$ 2.72	$ 2.71	--%
Natural Gas ($/Mcf)	$ 2.98	$ 3.16	(6%)	$ 2.68	$ 2.57	4%
Oil & Condensate ($/Bbl)	$16.69	$22.22	(25%)	$17.59	$19.82	(11%)