The Company has successfully drilled two additional wells since the last update April 10, which brings the total wells drilled and completed or awaiting completion in Lake Washington to 17 of 23 during 2003. The CM #222 well encountered 230 feet true vertical depth of continuous net pay in the F Sand with over 30% average porosity and permeabilities ranging from one to two darcies. The SL 212 #139 well encountered two horizons, one of which had approximately 40 feet of net pay in the 8,400 to 8,500 foot series of sands in an untested fault block adjacent to the SL 212 #104 well. Pipe is currently being set on this well.

The Company additionally announced today that its nine-member bank group reaffirmed its Borrowing Base under its Revolving Credit Facility at $195,000,000 during the regularly scheduled borrowing base re-determination. As of March 31, the Company had $5.7 million drawn against this facility, which expires in October 2005.

Swift Energy Company engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on onshore and inland waters oil and natural gas reserves in Texas and Louisiana and onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has consistently grown its proved oil and gas reserves, production, and cash flow 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.