SWIFT ENERGY REPORTS RECORD FINANCIAL RESULTS, HIGHER PRODUCTION IN 2000 SECOND QUARTER -- 8-02-00

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SWIFT ENERGY REPORTS RECORD FINANCIAL RESULTS, HIGHER PRODUCTION IN 2000 SECOND QUARTER

HOUSTON, August 2, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that revenues, net income and cash flow from operations reached record levels in the second quarter and first half of 2000. Earnings in the second quarter rose 351% to $14.2 million or $0.68 per basic share ($0.61 per diluted share), compared to earnings of $3.2 million or $0.20 per basic share ($0.20 per diluted share) in the second quarter of 1999. Revenues in the second quarter 2000 rose 93% to $46.1 million from $23.9 million a year ago. Net cash provided by operating activities increased 136% to $31.8 million or $1.52 per share, compared to $13.5 million or $0.83 per share in the second quarter of 1999. These gains were primarily due to higher natural gas and oil prices, which rose 94% and 81%, respectively compared to 1999 prices. Natural gas accounted for 64% of total production during the quarter.

For the first six months of 2000, net income rose 437% to $23.8 million or $1.14 per basic share ($1.04 per diluted share), compared to $4.4 million or $0.27 per basic share ($0.27 per diluted share) during the first half of 1999. Revenues in the first six months of 2000 rose 85% to $83.9 million from $45.4 million a year ago. Net cash provided by operating activities rose 96% during the first half of 2000 to $55.3 million ($2.64 per share), compared to $28.3 million ($1.75 per share) in the year earlier period.

Terry E. Swift, President of Swift Energy Company, stated, “Swift’s outstanding performance in the second quarter and first half of 2000 reflects the impact of favorable long term industry trends combined with the Company’s successful strategy of aggressively building its natural gas reserves and production. Improved cash flows in 2000 have allowed the Company to accelerate its capital expenditure program while at the same time increasing its cash reserves. As a result of the accelerated program, the Company has resumed its production growth, with production in the second quarter increasing 3% from the first quarter of 2000 and 6% from the fourth quarter of 1999. Compared to the second quarter of 1999, production rose 2%, even though levels in the second quarter of last year were unusually high as a result of flush production from an acquisition made in 1998.

“Our current capital expenditure program combined with what we believe will be an extended period of favorable supply/demand dynamics for natural gas, give us reason for optimism about the outlook for Swift’s production and financial performance going forward,” Mr. Swift continued. “In addition, the Company’s strong cash flows will support development of our Rimu oil and gas project in the Taranaki Basin of New Zealand, where we reported a potentially significant discovery in December 1999 and began drilling our initial delineation well there in July.”

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 acquisitions 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 Ended			Six Months Ended
	June 30,			June 30,

	2000	1999	Percent Change	2000	1999	Percent Change

Revenues
Oil & Gas Sales	$45,503	$23,573	93%	$82,687	$44,668	85%
Other	624	356	76%	1,188	749	59%
	----------	----------		---------	---------
	$ 46,127	$ 23,929	93%	$83,875	$45,417	85%

Net Income	$ 14,213	$ 3,152	351%	$23,803	$4,434	437%

Per Share Amounts
Basic	$ 0.68	$ 0.20	240%	$1.14	$0.27	322%
Diluted	$ 0.61	$ 0.20	205%	$1.04	$0.27	285%

Net Cash Provided by Operating Activities	$31,841	$13,466	136%	$55,349	$28,303	96%

Net Cash Provided by Operating Activities, Per Share	$ 1.52	$ 0.83	82%	$2.64	$1.75	51%

Weighted Average Shares Outstanding	21,008	16,152	30%	20,928	16,154	30%

EBITDA	$37,780	$18,613	103%	$68,235	$34,572	97%

Production
Oil & Natural Gas Equivalent (Mcfe)	10,810	10,554	2%	21,329	22,145	(4)%
Natural Gas (Mcf)	6,911	6,688	3%	13,513	13,913	(3)%
Oil & Condensate (Bbls)	650	644	1%	1,303	1,372	(5)%

Average Prices
Combined Oil & Natural Gas ($/Mcfe)	$ 4.21	$ 2.23	88%	$ 3.88	$ 2.02	92%
Natural Gas ($/Mcf)	$ 3.99	$ 2.05	94%	$ 3.47	$ 1.94	79%
Oil & Condensate ($/Bbl)	$27.55	$15.25	81%	$27.45	$12.93	112%