SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS FIRST QUARTER RESULTS AND SIGNING OF SIGNIFICANT JOINT VENTURE

HOUSTON, May 12, 1998 - Swift Energy Company (NYSE: SFY) reported today that, despite a substantial increase in oil and gas production, first quarter net income declined to $3.2 million ($.20 per share, diluted) from $6.8 million ($.37 share, diluted) owing to sharp declines in both crude oil and natural gas prices. Revenues when compared to last year’s first quarter declined 16%, as the average price received for crude oil during the first quarter of 1998 decreased $7.52 per barrel, or 37%, to $12.61, while average natural gas prices decreased $.78 per MCF, or 26%, to $2.28. Offsetting the price decline was a predicted 19% growth in oil and natural gas equivalent production stemming primarily from the Company’s drilling activities in south and central Texas. For the quarter, crude oil and condensate production was 195,000 barrels and natural gas production was 5.9 billion cubic feet, representing the eleventh consecutive quarter of production growth posted by the Company.

Also reported today was the signing of a joint development agreement with Chevron USA Production Company, a subsidiary of Chevron Corporation (NYSE: CHV), encompassing 144,000 gross (64,000 net) acres in central Texas where Swift and Chevron will participate together in the drilling of a number of wells targeted for the Edwards Limestone, Sligo, Austin Chalk and other formations in Fayette, Colorado and Austin counties. Swift and Chevron will each own an undivided 50% working interest within the area of mutual interest (AMI), with Swift serving as the operator. The initial test well within the AMI will be the Swift-Coufal #1-H well, which is targeted as a horizontal Austin Chalk completion.

Terry E. Swift, President and Chief Operating Officer, stated, "Independent producers such as Swift Energy find themselves in a particularly difficult pricing environment. While natural gas prices currently being received in 1998 are down from 1997 levels, gas prices remain at or above previous year averages, with consensus forecasts of continued strong prices. Oil prices, however, are at record lows with no consensus as to future direction. With 83% of its production from natural gas, Swift is in an excellent position to pursue acquisition opportunities created by the current pricing environment. Swift announced on April 2, 1998, of Swift’s proposal to purchase up to $75 million of producing properties from its managed partnerships this year. The Company is reviewing other transactions of this size or larger to complement the Company’s asset base. We are in a good financial position to take advantage of this shift in the property acquisition market, and we remain confident in our drilling programs. This new joint development agreement with one of the industry’s leaders is a significant step for Swift Energy. Chevron’s sizeable acreage inventory and exploration expertise will add important synergies to Swift’s drilling program. We believe this agreement substantiates Swift’s technical acumen in this area and displays a strong confidence level in the Company’s drilling activities."

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 additions in 1997 replacing the Company’s production by more than 500%.

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.