SWIFT ENERGY REPORTS RECORD FINANCIAL RESULTS FOR THIRD QUARTER

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Bruce H. Vincent
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SWIFT ENERGY COMPANY NEWS

SUCCESSFUL SWIFT ENERGY REPORTS RECORD FINANCIAL RESULTS FOR THIRD QUARTER

HOUSTON, November 1, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that revenues, net income and cash flow from operations reached record levels in the third quarter and first nine months of 2000. Net income in the third quarter rose 123% to $15.8 million or $0.74 per basic share ($0.66 per diluted share), compared to earnings of $7.1 million or $0.37 per basic share ($0.36 per diluted share) in the third quarter of 1999. Revenues in the third quarter 2000 rose 58% to $49.5 million from $31.3 million a year earlier. Net cash provided by operating activities increased 60% to $32.5 million or $1.52 per share, compared to $20.3 million or $1.06 per share in the third quarter of 1999. These gains were primarily due to higher natural gas and oil prices, which rose 54% and 66%, respectively, compared to 1999 prices. Natural gas accounted for 66% of total production during the quarter.

For the first nine months of 2000, net income rose 243% to $39.6 million or $1.88 per basic share ($1.71 per diluted share), compared to $11.5 million or $0.67 per basic and diluted share during the first nine months of 1999. Revenues in the first nine months of 2000 rose 74% to $133.4 million from $76.7 million a year ago. Net cash provided by operating activities rose 81% during the first nine months of 2000 to $87.8 million ($4.17 per share), compared to $48.6 million ($2.84 per share) in the year earlier period.

Production for the third quarter of 2000 was 10.5 Bcfe, which was approximately the same as production during the third quarter of 1999. The average oil price received for the quarter was $30.68 per barrel while the average natural gas price received was $4.39 per thousand cubic feet. This provided a record composite average price for the quarter of $4.63 per Mcfe (thousand cubic feet equivalent).

Terry Swift, President of Swift Energy Company, stated that, “The Company’s ability to continue to achieve record results is indicative of the success of its long term strategy of building reserves and production at low costs while obtaining high cash margins as the production is brought to market. The current commodity price environment has created significant profitability for the Company. Although the tightness in the market for services and supplies has caused timing delays and increased costs, we are now building momentum with our increased capital spending program.”

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.

A conference call and live webcast has been scheduled for Wednesday, November 1st, at 9:00 a.m. CST. You may participate in this conference call by dialing (973) 628-9554 five to ten minutes before the start of the call and indicating that you want to participate in the Swift Energy conference call. This call will be available for digital replay until November 11th by dialing (402) 220-1374. Additionally, the conference call will be available over the Internet by accessing the Company’s website at www.swiftenergy.com and clicking on the event icon (“Vcall”). This webcast will be available online at this site through November 19th.

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, guidance or other statements other than statements of historical fact, are forward-looking statements. These statements are based upon assumptions that are subject to change and to risks, especially volatility in oil or gas prices, and lately availability of services and supplies. 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. Estimates of future financial or operating performance, provided by the Company, are based on existing market conditions and engineering and geologic information available at this time. Actual financial and operating performance may be higher or lower. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions.

SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION
- In Thousands Except Per Share and Price Amounts -

Three Months Ended

Nine Months Ended

September 30,

2000

1999

Percent
Change

2000

1999

Percent
Change

Revenues

Oil & Gas Sales

$48,717

$30,737

58%

$131,403

$75,406

74%

Other

808

$ 542

49%

1,997

$1,290

55%

----------

---------

$ 49,525

$31,279

58%

$133,400

$76,696

74%

Net Income

$ 15,832

$ 7,108

123%

$39,635

$11,541

243%

Per Share Amounts

Basic

$ 0.74

$ 0.37

100%

$1.88

$ 0.67

181%

Diluted

$ 0.66

$0.36

83%

$1.71

$ 0.67

155%

Net Cash Provided by Operating Activities

$ 32,487

$ 20,261

60%

$87,835

$ 48,564

81%

Net Cash Provided by Operating Activities, Per Share

$ 1.52

$ 1.06

43%

$4.17

$ 2.84

47%

Weighted Average Shares Outstanding

21,348

19,070

12%

21,068

17,126

23%

EBITDA

$40,307

$25,088

61%

$108,542

$59,659

82%

Production

Oil & Natural Gas Equivalent (Mcfe)

10,518

10,510

--%

31,847

32,656

(2)%

Natural Gas (Mcf)

6,971

6,839

20,484

20,751

(1)%

Oil & Condensate (Bbls)

591

612

(3)%

1,894

1,984

(5)%

Average Prices

Combined Oil & Natural Gas ($/Mcfe)

$ 4.63

$ 2.92

58%

$ 4.13

$ 2.31

79%

Natural Gas ($/Mcf)

$ 4.39

$ 2.84

54%

$ 3.78

$ 2.23

69%

Oil & Condensate ($/Bbl)

$30.68

$18.46

66%

$28.46

$14.64

94%

	Three Months Ended September 30, 2000		Nine Months Ended September 30, 2000
	Amount	Per Mcfe	Amount	Per Mcfe

Revenues:
Oil & Gas Sales	$ 48,717	$ 4.63	$ 131,403	$ 4.13
Other Revenues	808	0.08	1,997	0.06
Total Revenues	49,525	4.71	133,400	4.19

Costs & Expenses:
General and Administrative, Net	1,649	0.16	4,257	0.13
Depreciation, Depletion & Amortization	11,589	1.10	34,611	1.09
Oil & Gas Production Costs	7,569	0.72	20,601	0.65
Interest Expense, Net	3,970	0.37	12,046	0.38
Total Costs & Expenses	24,777	2.35	71,515	2.25

Income Before Income Taxes	24,748	2.36	61,885	1.94
Provision for Income Taxes	8,916	0.85	22,250	0.70
Net Income	$ 15,832	$ 1.51	$ 39,635	$ 1.24

Additional Information:
Capitalized General & Administrative	$ 2,102		$ 6,052
Capitalized Interest Expense	$ 1,335		$ 3,854
Deferred Income Taxes	$ 8,668		$ 21,679

	As of September 30, 2000	As of December 31, 1999
Assets
Current Assets:
Cash and Cash Equivalents	$ 32,313	$ 22,686
Other Current Assets	39,045	27,919
Total Current Assets	71,358	50,605

Oil and Gas Properties	742,655	631,023
Other Fixed Assets	8,463	7,779
Less-Accumulated DD&A	(277,545)	(242,966)
	473,573	395,836
Other Assets	6,660	7,858
	$ 551,591	$ 454,299

Liabilities
Current Liabilities	$ 67,418	$ 34,070
Long-Term Debt	239,114	239,068
Deferred Income Taxes and Other	30,082	10,757
Stockholders’ Equity	214,977	170,404
	$ 551,591	$ 454,299


Weighted Average Shares Outstanding	21,425,866	20,823,729

	Actual For Third Quarter 2000	Guidance For Fourth Quarter 2000

Production Volumes (Mcfe)	10,518	10,500-11,000
% Gas	66%	66%
% Oil	34%	34%
Oil and Gas Production Costs/Mcfe	$ 0.72	$ 0.70 - $ 0.74
G&A/Mcfe	$ 0.16	$ 0.13 - $ 0.15
Interest Expense/Mcfe	$ 0.37	$ 0.38 - $ 0.39
DD&A/Mcfe	$ 1.10	$ 1.08 - $ 1.12
Pricing:
Henry Hub differential		Flat to +$0.10
WTI differential		-$2.00 to -$1.50

Capital Expenditures	$50,970	$50,000-60,000
Capitalized G&A	$2,102	$2,100
Capitalized Interest	$1,335	$1,400
Basic Weighted Average Shares	21,348	21,400- 21,500
Diluted Computation:
Weighted Average Shares	25,812	25,900- 26,100
Add Back: After Tax Interest	$ 1,215	$ 1,215
Effective Tax Rate	36%	36%
Deferred Tax Percentage	97%	98%