SWIFT ENERGY REPORTS INCREASED EARNINGS AND CASH FLOW FOR THIRD QUARTER -- 11-3-99

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SWIFT ENERGY REPORTS INCREASED EARNINGS AND CASH FLOW FOR THIRD QUARTER

HOUSTON, November 3, 1999 - Swift Energy Company (NYSE, PCX: SFY) reported today that quarterly oil and gas sales revenue for the three months ended September 30, 1999, reached an all-time record of $30.7 million, a 29% increase over the $23.9 million realized during the third quarter of 1998. The higher sales resulted primarily from a 50% increase in the combined average price received for crude oil and natural gas during the quarter, which rose to $2.92 per thousand cubic feet of natural gas equivalent (Mcfe) from $1.95 per Mcfe last year. Because of this strong improvement in sales revenue, net income jumped 187% when compared to last year’s net income before non-cash charges. Net income for the quarter totaled $7.1 million, or $0.37 per share. This contrasts with a net loss of $3.50 per share recorded in the third quarter last year when a non-cash charge was necessitated by the very low oil and gas prices experienced at the end of September. Net cash provided from operating activities for the quarter rose 61% as a result of the improved commodity prices.

For the first nine months of 1999, net income rose 34% to $11.5 million, or $0.67 per share, compared to net income of $8.6 million realized before the non-cash charge taken in the third quarter last year. Oil and gas revenues increased 36%, while net cash provided from operating activities rose 28% to $48.6 million. These increases for the nine months of 1999 over the same period last year came from a 23% increase in equivalent production, together with an 11% increase in combined prices. Production for the first nine months of 1999 was 32.7 billion cubic feet of natural gas equivalent (Bcfe), up from 26.6 Bcfe produced last year. This increase was primarily due to Swift’s large producing property purchase in east Texas and western Louisiana in the third quarter of 1998.

Mr. A. Earl Swift, Chairman and CEO, noted, “As planned, production during the current quarter was less than for the same quarter of 1998. Several new wells with their high initial rates of production were connected during the third and fourth quarter of last year. After our study and analysis of the properties, the Company made a decision to reduce the pace of development drilling and manage the production during the period of low oil and gas prices. The plan called for a 10% increase in 1999 production over 1998. We expect to achieve this plan.

“We think that Swift Energy is well positioned to continue its long history of growth in shareholder value. The results for the third quarter demonstrate our leverage to improved commodity prices with impressive increases in earnings and cash flow. The Company’s development and exploitation drilling inventory is at record levels, and we have a high-quality portfolio of exploration projects. As a result of our successful financing activity at the end of July, Swift has a strong financial position to execute its program with $42 million of cash and an unused revolving credit line of $140 million with our syndicate of banks. Given the expertise and experience of our people and our financial strength, we have every reason to remain confident in our ability to continue our record of growth."

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 outstanding growth rates in proved oil and gas reserves, production, and cash flow over the last five years through a disciplined program of low to medium risk acquisition and drilling, while maintaining a strong financial position.

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			Nine Months
	Ended			Ended
	September 30,			September 30,

	1999	1998	Percent Change	1999	1998	Percent Change

Revenues
Oil & Natural Gas Sales	$30,737	$23,859	29%	$75,406	$55,342	36%
Other	$ 542	$ 699	(22%)	$1,290	$2,032	(36%)
	----------	----------		---------	---------
	$31,279	$24,558	27%	$76,696	$57,374	34%

Net Income Before Non-Cash Charge	$ 7,108	$ 2,479	187%	$11,541	$8,605	34%
Net Income (Loss)	$ 7,108	($ 57,431)	NA	$11,541	($ 51,305)	NA

Per Share Amounts
Basic	$ 0.37	($ 3.50)	NA	$ 0.67	($ 3.11)	NA
Diluted	$0.36	($ 3.50)	NA	$ 0.67	($ 3.11)	NA

Net Cash Provided by Operating
Activities	$ 20,261	$ 12,583	61%	$ 48,564	$ 38,074	28%

Net Cash Provided by Operating
Activities, Per Share	$ 1.06	$ 0.77	39%	$ 2.84	$ 2.31	23%

Weighted Average Shares Outstanding	19,070	16,419	16%	17,126	16,481	4%

EBITDA	$25,088	$19,454	29%	$59,659	45,514	31%

Production
Oil & Natural Gas Equivalent (Mcfe)	10,511	12,250	(14%)	32,656	26,579	23%
Natural Gas (Mcf)	6,839	8,077	(15%)	20,751	20,095	3%
Oil & Condensate (Bbls)	612	695	(12%)	1,984	1,081	84%

Average Prices
Combined Oil & Natural Gas ($/Mcfe)	$ 2.92	$1.95	50%	$ 2.31	$ 2.08	11%
Natural Gas ($/Mcf)	$ 2.84	$1.93	48%	$ 2.23	$ 2.11	6%
Oil & Condensate ($/Bbl)	$18.46	$11.94	55%	$14.64	$11.93	23%