SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS RECORD FIRST QUARTER REVENUES AND EARNINGS

HOUSTON, May 3, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that revenues and earnings reached record levels in the first quarter of 2000. Earnings in the quarter rose 648% to $9.6 million, or $0.46 per share ($0.43 per share diluted), compared to $1.3 million, or $0.08 per share ($0.08 per share diluted), in the first quarter of 1999. Revenues for the first quarter 2000 rose 76% to $37.7 million, up from $21.5 million a year earlier. Net cash provided by operating activities increased 58% to $23.5 million, or $1.13 per share, up from $14.8 million, or $0.92 per share, for the same period last year.

Swift’s record performance in the first quarter was primarily the result of improved natural gas and oil prices. Average natural gas prices in the quarter were $2.93 per thousand cubic feet (Mcf), a 60% increase over the $1.82 per Mcf received a year earlier. Oil prices averaged $27.35 per barrel, a 151% year-to-year gain.

From the fourth quarter of 1999 to the first quarter of 2000, oil and gas production rose 3% to more than 10.5 billion cubic feet equivalent (Bcfe). First quarter production for 2000 showed a 9% decrease from a year earlier due to the first quarter of 1999 reflecting the continuing benefits of flush production from the Toledo Bend acquisition, while the remainder of the year was impacted by the Company’s significantly reduced drilling activity in response to low commodity prices.

President Terry E. Swift stated, “Our performance in the first quarter is gratifying and underscores our focus on achieving growth and creating value for shareholders. The combination of improved product prices along with significant exploitation opportunities with our core properties leaves the Company positioned for continued success. First-quarter production gains were in line with our budget, and we expect both quarter-to-quarter and year-to-year gains over the balance of 2000.

“As a result, full-year production from our domestic operations should be in the range of 46 to 50 Bcfe versus 42.9 Bcfe last year. This would represent the highest level of production in the Company’s history. At the same time, with natural gas accounting for 73% of our reserves, we should benefit significantly from the continuing strength in natural gas prices. Internationally, our current New Zealand seismic acquisition activity has been focused on the Rimu discovery and the larger Kauri Prospect to the south. Beginning in the third quarter we expect to spud the first of two delineation wells approximately 7,700 feet south of our successful Rimu-A1 discovery test well. An exploratory test of the Kauri Prospect could also commence before year-end. All in all, it should be a very exciting year for the Company.”

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 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.