SWIFT ENERGY REPORTS 20% PRODUCTION INCREASE RESULTING IN SECOND QUARTER CASH FLOW GROWTH -- 7/31/98

Company Contact

Bruce H. Vincent
President
(281) 874-2700
(800) 777-2412

2006 News Releases

2000 News Releases

1998 News Releases

1996 News Releases

SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS 20% PRODUCTION INCREASE RESULTING IN SECOND QUARTER CASH FLOW GROWTH

HOUSTON, July 31, 1998 - Swift Energy Company (NYSE, PCX: SFY) today reported that its equivalent production of natural gas and oil for the three months ended June 30, 1998, increased 20% as net cash provided by operating activities advanced to $12.5 million, a 16% increase over the $10.7 million registered in the second quarter of 1997. This production growth was more than offset by a 34% decrease in the average price received from sales of crude oil from $17.08 per barrel to $11.20 per barrel. Net income for the three month period ended June 30, 1998 was $2.9 million ($0.18 per share) compared to $4.1 million ($0.24 per share, diluted) during the same period last year. Revenues during this year’s second quarter rose 4% to $16.3 million from $15.7 million a year ago. The increase in production is particularly significant since it includes none of the production from the recently announced Sonat purchase.

For the six months ended June 30, 1998, production of natural gas and oil increased 20% and 18%, respectively, over production in the same period of 1997, while the average price received from sales of natural gas and crude oil decreased 15% and 36%, respectively. Swift recorded net income of $6.1 million ($0.37 per share) on revenues of $32.8 million, compared to earnings of $10.9 million ($0.61 per share, diluted) on revenues of $35.7 million during the first half of 1997.

Swift’s production for the first half of 1998 was a record high, an achievement that was largely due to the Company’s continued South Texas exploitation programs in the AWP Olmos Field in McMullen County, and the Giddings Field portion of the Austin Chalk Trend in Fayette and Washington counties in Texas. Second quarter net oil and gas production from these two areas averaged approximately 67 million equivalent cubic feet per day, 18% above last year’s second quarter levels, and accounted for 83% of total production.

On July 6, 1998, the Company announced its agreement with Sonat Exploration Company for the purchase of 156 oil and gas wells in Texas and Louisiana with current production of approximately 70 million cubic feet of natural gas equivalent per day. The effective date of this agreement was April 1, 1998. Cash flow from the properties for the second quarter of 1998 will be treated as a reduction in the purchase price. These prolific properties will have a significant impact on Swift’s production and revenues, with production estimated to increase approximately 80% on a daily basis at the beginning of the third quarter.

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 44% per year during the last five years, with reserves growth of 40% in 1997.

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			Six Months
	Ended June 30,			Ended June 30,

	1998	1997	Percent Change	1998	1997	Percent Change
Revenues
Oil & Gas Sales	$15,681	$14,072	11%	$31,483	$32,441	(3)%
Other	660	1,581	(58)%	1,333	3,210	(58)%
	---------	---------		---------	---------
	$16,341	$15,653	4%	$32,816	$35,651	(8)%

Net Income	$ 2,896	$ 4,114	(30)%	$6,126	$10,883	(44)%

Per Share Amounts
Basic	$ 0.18	$ 0.25	(28%)	$ 0.37	$ 0.66	(44)%
Diluted	$ 0.18	$ 0.24	(25%)	$ 0.37	$ 0.61	(39)%

Net Cash Provided by Operating Activities	$12,471	$10,746	16%	$25,491	$30,285	(16)%

Weighted Average Shares Outstanding	16,525	16,402	(1)%	16,513	16,552	--%

Production
Oil & Natural Gas Equivalent (Mcfe)	7,301	6,105	20%	14,330	12,006	19%
Natural Gas (Mcf)	6,159	5,143	20%	12,018	10,046	20%
Oil & Condensate (Bbls)	190	160	19%	385	327	18%

Average Prices
Combined Oil & Natural Gas ($/Mcfe)	$ 2.15	$ 2.30	(7%)	$ 2.20	$ 2.70	(19)%
Natural Gas ($/Mcf)	$ 2.20	$ 2.20	--%	$ 2.24	$ 2.62	(15)%
Oil & Condensate ($/Bbl)	$11.20	$17.08	(34%)	$11.91	$18.64	(36)%