SWIFT ENERGY REPORTS 45% PRODUCTION INCREASE FOR SECOND QUARTER -- 7/12/99

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SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS 45% PRODUCTION INCREASE FOR SECOND QUARTER

HOUSTON, July 12, 1999 - Swift Energy Company (NYSE, PCX: SFY) today reported that its equivalent production of natural gas and oil for the three months ended June 30, 1999 increased 45%, resulting in earnings of $3.2 million, or $0.20 per share for the quarter, which is up 11% from the same quarter last year. Net cash provided by operating activities advanced to $13.5 million, an 8% increase over the $12.5 million registered in the second quarter of 1998. Contributing to the favorable comparisons in the second quarter was a modest 4% improvement in prices received, the first quarter-to-quarter increase since the third quarter of 1997. Although natural gas prices were 7% lower than last year, oil and condensate prices rose 36%. Revenues during this year’s second quarter rose 46% to $23.9 million from $16.3 million a year ago. The increase in production is primarily the result of the third quarter 1998 acquisition of producing properties in Texas and Louisiana in the Brookeland and Masters Creek fields.

For the six months ended June 30, 1999, equivalent production of natural gas and oil increased 55% over the same period of 1998, while the average prices received from sales of natural gas decreased 14% and oil increased 9%. Swift recorded net income of $4.4 million ($0.27 per share) on revenues of $45.4 million, compared to earnings of $6.1 million ($0.37 per share) on revenues of $32.8 million during the first half of 1998. Net cash provided by operating activities rose to $28.3 million, up 11% over the $25.5 million for the first six months of 1998.

Increases in costs and expenses reflected the addition of the Brookeland and Masters Creek properties. Depreciation, depletion and amortization increasing 45%, and production costs 75%, when compared to last year’s second quarter. Additionally, interest expense increased $1.8 million due to the increased level of bank borrowings to fund the property acquisition.

Terry E. Swift, President and COO, stated, "Significant improvement in oil prices during the second quarter of 1999 has renewed our optimism for our industry. We believe that last year’s strategic acquisition of the Brookeland and Masters Creek properties is providing excellent results for the Company. The production growth realized in both the second quarter and six month periods of 1999 is evidence of that fact. We are working diligently to improve the margins and feel we will be able to accomplish this not only from improved oil and gas prices but also from reducing costs and expenses."

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			Six Months Ended
	June 30,			June 30,

	1999	1998	Percent Change	1999	1998	Percent Change

Revenues
Oil & Natural Gas Sales	$23,573	$15,681	50%	$44,668	$31,483	42%
Other	356	660	(46%)	749	1,333	(44%)
	----------	----------		---------	---------
	$ 23,929	$ 16,341	46%	$45,417	$32,816	38%

Net Income	$ 3,152	$ 2,896	9%	$4,434	$6,126	(28%)

Per Share Amounts
Basic	$ 0.20	$ 0.18	11%	$0.27	$0.37	(27%)
Diluted	$ 0.20	$ 0.18	11%	$0.27	$0.37	(27%)

Net Cash Provided by Operating Activities	$13,466	$12,471	8%	$28,303	$25,491	11%

Net Cash Provided by Operating Activities, Per Share	$ 0.83	$ 0.75	10%	$1.75	$1.54	13%

Weighted Average Shares Outstanding	16,152	16,525	(2%)	16,154	16,513	(2%)

EBITDA	18,613	13,106	42%	34,572	26,061	33%

Production
Oil & Natural Gas Equivalent (Mcfe)	10,554	7,301	45%	22,145	14,330	55%
Natural Gas (Mcf)	6,688	6,159	9%	13,913	12,018	16%
Oil & Condensate (Bbls)	644	190	239%	1,372	385	256%

Average Prices
Combined Oil & Natural Gas ($/Mcfe)	$ 2.23	$ 2.15	4%	$ 2.02	$ 2.20	(8%)
Natural Gas ($/Mcf)	$ 2.05	$ 2.20	(7%)	$ 1.94	$ 2.24	(14%)
Oil & Condensate ($/Bbl)	$15.25	$11.20	36%	$12.93	$11.91	9%