SWIFT ENERGY REPORTS 151% INCREASE IN FOURTH QUARTER EARNINGS AS FULL 1999 YEAR FINANCIAL AND OPERATING RESULTS REACH RECORD LEVELS -- 2-9-00

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SWIFT ENERGY REPORTS 151% INCREASE IN FOURTH QUARTER EARNINGS AS FULL 1999 YEAR FINANCIAL AND OPERATING RESULTS REACH RECORD LEVELS

HOUSTON, February 9, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that quarterly oil and gas sales revenues for the three months ended December 31, 1999, reached an all-time record of $33.5 million, a 35% gain over the $24.7 million realized during the fourth quarter of 1998. The primary contributor to the higher revenues was a 65% increase in the combined average price received for oil and natural gas during the quarter, which rose to $3.28 per thousand cubic feet of natural gas equivalent (Mcfe) from $1.99 per Mcfe last year, although equivalent volumes decreased 18%. Because of this strong improvement in sales revenues, net income jumped 151% compared to the year earlier fourth quarter. Net income for the quarter totaled $7.7 million, or $0.36 per share (diluted), in contrast to net income of $3.1 million, or $0.19 per share, recorded in the same quarter last year. Comparative earnings per share rose 89%, even though the weighted average shares outstanding increased 28% as the result of the Company’s stock sale in July 1999. Commensurate with the increases in revenues and net income, net cash provided from operating activities for the quarter rose 55%.

For the full year 1999, oil and gas revenues increased 36% to $108.9 million, exceeding $100 million for the first time in the Company’s 20-year history. This increase fueled a 65% surge in net income for the year, which rose to $19.3 million, or $1.07 per share, from $11.7 million in 1998, or $0.71 per share, before a 1998 non-cash charge necessitated by very low oil and gas prices experienced in September of that year. Net cash provided from operating activities rose 36% to $73.6 million for 1999. These increases for the full year 1999 over the same period last year came from a 10% increase in equivalent production, together with a 24% increase in combined prices. Production for the year 1999 reached a record 42.9 billion cubic feet of natural gas equivalent (Bcfe) up from 39.0 Bcfe last year. The higher production resulted almost entirely from exploitation of properties acquired in 1998 in the Toledo Bend Area of Texas and Louisiana.

Year-End Reserves at Record Level

At year-end 1999, Swift Energy’s proved onshore domestic crude oil and natural gas reserves were estimated by independent engineers to be 20.8 million barrels of oil and 330 billion cubic feet of gas, for an equivalent volume of 454.8 Bcfe. These reserve increases, 60% of which came from development drilling and 40% from producing property acquisitions, replaced approximately one and one half times the Company’s 1999 production. The present value (discounted at 10%) of future net revenues from the oil and gas reserves was estimated to be $564.1 million based on year-end prices. During the past five years, the Company’s proved oil and gas reserves have grown at an average compounded annual rate of 34%.

Commenting on the results, Mr. A. Earl Swift, the Company’s Chairman and Chief Executive Officer, said, “Despite experiencing the lowest crude oil prices in over a decade during the first half of the year, we made significant strides in building our Company during 1999. Income, cash flow, production and reserves all showed growth, and the Company continued to accumulate a large inventory of developmental and exploratory acreage to sustain future growth and build shareholder value consistent with our strategic plan. We already have seen results in 2000, including sustained production tests on our recent discovery in New Zealand, that make us highly confident that we can continue to prosper in the new year. We remain focused on operating plans to achieve that end.”

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 headquarters in Houston, Texas. The Company has achieved average compounded growth rates during the past five years in oil and gas reserves, production and cash flows from operating activities greater than 30% per year.

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,

	1999	1998	Percent Change	1999	1998	Percent Change

Revenues
Oil & Natural Gas Sales	$33,493	$24,726	35%	$108,899	$80,068	36%
Other	482	370	30%	1,772	2,401	(26)%
	----------	----------		---------	---------	-------
	$ 33,975	$ 25,096	35%	$110,671	$82,469	34%

Net Income Before Non-Cash Charge	$ 7,745	$ 3,080	151%	$19,287	$11,685	65%
Net Income (Loss)	$ 7,745	$ 3,080	151%	$19,287	$(48,225)	NA

Per Share Amounts
Basic	$ 0.37	$ 0.19	95%	$1.07	$(2.93)	NA
Diluted	$ 0.36	$ 0.19	89%	$1.07	$(2.93)	NA

Net Cash Provided by Operating Activities	$25,040	$16,176	55%	$73,603	$54,249	36%

Net Cash Provided by Operating Activities, Per Share	$ 1.20	$ 0.99	21%	$4.08	$3.30	24%

Weighted Average Shares Outstanding	20,823	16,304	28%	18,050	16,437	10%

EBITDA	26,869	19,962	35%	86,528	65,476	32%

Production
Oil & Natural Gas Equivalent (Mcfe)	10,218	12,451	(18)%	42,874	39,030	10%
Natural Gas (Mcf)	6,733	8,131	(17)%	27,485	28,226	(3)%
Oil & Condensate (Bbls)	581	720	(19)%	2,565	1,801	42%

Average Prices Received
Combined Oil & Natural Gas ($/Mcfe)	$ 3.28	$ 1.99	65%	$ 2.54	$ 2.05	24%
Natural Gas ($/Mcf)	$ 2.91	$ 2.00	45%	$ 2.40	$ 2.08	15%
Oil & Condensate ($/Bbl)	$23.99	$11.74	104%	$16.75	$11.86	41%