SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS FOURTH QUARTER 2000 PRODUCTION AND PRICING, YEAR-END RESERVE EXPECTATIONS, 490% RESERVE REPLACEMENT RATE AND FULL YEAR 2001 BUDGET AND GUIDANCE

HOUSTON, January 23, 2001 - Swift Energy Company (NYSE, PCX: SFY) announced today that it expects to report record revenues, earnings and cash flow from operations for the fourth quarter and full calendar year of 2000. The Company also announced that it expects to report a year-end 2000 proven reserves increase of at least 35% and a reserve replacement rate of 490%. Additionally, the Company reported its 2001 capital budget along with operational and financial guidance for 2001.

Production for the fourth quarter of 2000 was 10.5 billion cubic feet equivalent (“Bcfe”), approximately the same as production in the third quarter of 2000 and in line with previous estimates. The average oil price received by the Company for fourth quarter production is estimated to exceed $32.00 per barrel, while the average natural gas price is expected to be above $5.50 per thousand cubic feet. This should provide a record composite average price for the quarter of at least $5.40 per Mcfe (thousand cubic feet equivalent).

Combined domestic and New Zealand year-end 2000 reserves estimates are expected to be in excess of 620 Bcfe, an increase of over 35% from year-end 1999 reserves of 455 Bcfe solely from domestic sources. This provides a reserve replacement rate of 490%. With regard to New Zealand reserves, the Company also reported that it expects year-end 2000 gross proven reserves for the Rimu area in New Zealand to be estimated at 27 million barrels of oil equivalent (net proven reserves recorded to the Company’s interest of approximately 20 million barrels of oil equivalent). The proven reserves will be initially classified as proven undeveloped reserves with approximately 55% classified as oil and hydrocarbon liquids. These proven undeveloped reserves include the results of three wells drilled, tested and/or completed prior to year-end plus four additional locations with a future development cost of approximately $24.3 million including the production facilities. The Rimu-A2 well that is presently drilling could expand the proven limits of the field which is currently assessed at 1,500 acres. The Company has identified over 8,000 acres in the Rimu area with a gross reserve potential between 40 and 100 million barrels of oil equivalent..

Current 2001 budget plans call for capital expenditures in excess of $170 million for the year. The tables at the end of this release provide guidance as to the operational and financial expectations of the Company for the calendar year 2001.

In New Zealand, the Rimu-A2 well (the fourth Swift operated well in New Zealand) has successfully logged the upper Tariki sandstone and is currently running production casing through this interval. The details of this New Zealand activity have been separately disclosed in the press release dated January 22, 2001.

The Company continues its accelerated drilling activity. Currently, the Company has eight rigs drilling in Texas and Louisiana: two in the Masters Creek area, one in the South Burr Ferry area, two in the Brookeland area, one in the AWP Olmos area and two exploration tests, a Wilcox test in Goliad County (Post #1) and a Frio test in Willacy County (Vaughn #1). An additional rig will be placed in service in the next few weeks.

Terry Swift, President of Swift Energy Company, stated that, “During the year 2000, the Company reached many milestones and positioned itself for the future. We significantly increased shareholder value with the stock price increasing 227% during the year; we achieved record revenues and earnings from our core domestic assets; our New Zealand discovery was successfully delineated; we discovered new producing zones through our exploration program; we made strategic acquisitions; the balance sheet was strengthened; and we completed the transition of our management team that enables future growth. We are extremely proud of these accomplishments last year, but even more importantly, we are particularly excited about the opportunities that we see on the horizon for 2001.”

Swift Energy also reported that it was holding an analyst/investor meeting in Houston today and later this week in New York City and Boston to review the information provided in this release. Additional information to be presented at these meetings can be found in the slide presentation that is to be posted to the Company’s website www.swiftenergy.com. 

The Company will formally report 2000 earnings on Wednesday, February 7th and conduct a conference call, with live web cast, on that date at 9:00 a.m. CST. To participate in this conference call, dial (973) 628-9554 five to ten minutes before the scheduled start time and indicate your intention to participate in the Swift Energy conference call. This call will be available for digital replay until February 17th 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 web cast will be available online at this site through February 17th. The actual text of the 2000 earnings press release can be accessed through the Company’s website.

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 as well as onshore oil and natural gas reserves in New Zealand. 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.