SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS RECORD FOURTH QUARTER AND FULL-YEAR EARNINGS AND RESERVE ADDITIONS FOR 2000

HOUSTON, February 7, 2001 - Swift Energy Company (NYSE: SFY; PCX) announced today record revenues, earnings and cash flow from operations for the fourth quarter and full calendar year of 2000. Income before extraordinary items in the fourth quarter rose 161% to $20.2 million or $0.93 per basic share ($0.82 per diluted share), compared to earnings of $7.7 million or $0.37 per basic share ($0.36 per diluted share) in the fourth quarter of 1999. Revenues in the fourth quarter 2000 rose 71% to $58.2 million from $34.0 million a year earlier. Net cash provided by operating activities increased 61% to $40.4 million or $1.85 per share, compared to $25.0 million or $1.20 per share in the fourth quarter of 1999. These increases were primarily due to larger margins received as a result of higher natural gas and oil prices, which rose 91% and 34%, respectively, compared to 1999 prices. Natural gas accounted for 67% of total production during the quarter. The Company also reported that in association with conversion in December 2000 of approximately $100 million of its $115 million convertible notes, it was required to record a non-recurring extraordinary loss on early extinguishment of debt (net of taxes) of $0.6 million or $0.03 per basic share ($0.02 per diluted share) related to the approximate $15 million that was redeemed rather than converted.

For the full twelve months of 2000, income before extraordinary items rose 210% to $59.8 million or $2.82 per basic share ($2.53 per diluted share), compared to $19.3 million or $1.07 per basic and diluted share during the full year 1999. Net income after the extraordinary loss ($0.6 million) on early extinguishment of debt was $2.79 per basic share ($2.51 per diluted share). Revenues for 2000 rose 73% to $191.6 million from $110.7 million in 1999. Net cash provided by operating activities rose 74% during the twelve months of 2000 to $128.2 million ($6.03 per share), compared to $73.6 million ($4.08 per share) in 1999.

The Company also reported an increase in proven reserves of 38% and a reserve replacement rate of 512%. Total reserves reported as of December 31, 2000, were 629 billion cubic feet equivalent ("Bcfe"), up from 455 Bcfe at the end of 1999. These reserves included 419 billion cubic feet of natural gas (67% of total) and 35 million barrels of oil and natural gas liquids. Of the total, 507 Bcfe (or 81%) were domestic reserves, and the remaining reserves of 122 Bcfe (or 19%) were from New Zealand.

Domestic reserves were 55% proved developed and 45% proved undeveloped with 72% of the total being natural gas. These reserves were concentrated in the Company's core areas including the AWP Olmos Field (37% of the total reserves), the Masters Creek area in Louisiana (21%) and the Brookeland area in Texas (11%).

With regard to New Zealand reserves, gross proven reserves for all interest owners in the Rimu area in New Zealand were estimated at 27 million barrels of oil equivalent (net proven reserves recorded to the Company's interest of approximately 20.4 million barrels of oil equivalent). The proven reserves will be initially classified as proven undeveloped reserves, until completion of production facilities, 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 estimated net future development costs of approximately $24.3 million. The Rimu-A2 well, as previously disclosed, is presently still drilling and 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.

Production for the fourth quarter of 2000 was 10.5 Bcfe, a 3% increase from the fourth quarter of 1999 and approximately the same as production in the third quarter of 2000. The average oil price received by the Company for fourth quarter production was $32.26 per barrel, while the average natural gas price was $5.55 per thousand cubic feet. This provided a record composite average price for the quarter of $5.49 per thousand cubic feet equivalent.

Terry Swift, President of Swift Energy Company, stated that, "The recent changes in the natural gas markets have clearly presented Swift Energy Company with exceptional opportunities to enhance profitability and increase shareholder value. Our strategic approach to reserve growth through low risk development and high reward exploration has proven successful. The Company remains committed to grow reserves and production both domestically and internationally."

The Company will conduct a conference call and live webcast on Wednesday, February 7th, at 9:00 a.m. Central Standard Time, to review fourth quarter and full year 2000 financial and operational results, followed by a discussion of ongoing activities. To participate in this conference call dial (973) 628-9554 five to ten minutes before the start of the call 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 by accessing the Company's website at http://www.swiftenergy.com and clicking on the event icon ("Vcall").

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 and 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. Additional information on the Company can be found at its website http://www.swiftenergy.com. 

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.

Three Months Ended
December 31, 2000

Twelve Months Ended
December 31, 2000

Amount

Per Mcfe

Amount

Per Mcfe

Revenues:

    Oil & Gas Sales

$ 57,736

$ 5.49

$ 189,139

$ 4.47

    Other Revenues

489

0.05

2,486

0.06

        Total Revenues

$ 58,225

$ 5.54

$ 191,625

$ 4.53

Costs & Expenses:

    General and Administrative, Net

1,329

0.13

5,586

0.13

    Depreciation, Depletion & Amortization

13,160

1.25

1.13

    Oil & Gas Production Costs

0.82

0.69

    Interest Expense, Net

3,922

0.37

0.38

        Total Costs & Expenses

27,031

2.57

2.33

Income Before Income Taxes and Extraordinary Item

Provision for Income Taxes

0.79

Income Before Extraordinary Item

$ 20,179

$ 1.92

$ 59,814

$ 1.41

Additional Information:

    Capitalized General & Administrative

$ 2,213

$ 8,265

    Capitalized Interest Expense

$ 1,352

$ 5,205

    Deferred Income Taxes

$ 11,015

$ 33,265

Guidance For
First Quarter 2001

Guidance For
Full Year 2001

Production Volumes (Mcfe)

    Domestic

10,300-10,700

---

10,300-10,700

    % Gas

63%-65%

60%-65%

Oil and Gas Production Costs/Mcfe

$ 0.80 - $ 0.84

$ 0.75 - $ 0.85

G&A/Mcfe

$ 0.14 - $ 0.15

$ 0.13 - $ 0.15

Interest Expense/Mcfe

$ 0.19 - $ 0.20

$ 0.16 - $ 0.20

DD&A/Mcfe

$ 1.20 - $ 1.25

$ 1.15 - $ 1.25

Pricing:

    Henry Hub differential (per Mcf)

+$0.10

+$0.10

    WTI differential (per Bbl)

-$2.00

-$2.25

Capital Expenditures

$170,000-$175,000

Capitalized G&A

Capitalized Interest

Basic Weighted Average Shares

24,500- 24,750

24,500- 25,000

Diluted Computation:

    Weighted Average Shares

25,500- 25,750

25,500- 26,000

Effective Tax Rate

36%

36%

Deferred Tax Percentage

98%

98%