HOUSTON, January 15, 2004 – Swift Energy Company (NYSE: SFY) announced today that December production from its Lake Washington Field averaged over 11,000 gross barrels of oil equivalent per day (boe/d) (at least 9,000 boe/d net). This level of production for December in Lake Washington surpassed the Company’s stated year-end goal of a production exit rate of 10,000 boe/d (8,000 net boe/d) in the field, which makes it Swift’s largest producing property at year-end 2003.

Swift Energy has successfully drilled 14 of 18 domestic wells since its last drilling activity update on November 5, 2003. In the Lake Washington Field in Plaquemines Parish, Louisiana, the Company has drilled eight of ten development wells successfully and was unsuccessful on two exploration wells in the field. The majority of these wells have been connected and are producing. One rig is currently drilling in Lake Washington. Swift Energy spent considerable time and capital in 2003 on significant facility capacity upgrades in the Lake Washington Field to increase facility capacity from approximately 9,000 barrels per day to approximately 20,000 barrels per day. The majority of the facility expansion work was completed during the fourth quarter of 2003.

Swift Energy has also successfully drilled five wells in the AWP Olmos Field in McMullen County, Texas, two of which have been fractured stimulated and brought on production. The other completed wells will be fracture stimulated later in January 2004. Two rigs are currently drilling in the AWP Olmos area. Additionally, Swift has drilled and placed on production a development well in the Brookeland field in Newton County, Texas. Swift Energy is now drilling a dual-horizontal well in the Masters Creek Field targeting the Austin Chalk formation in Vernon Parish, Louisiana.

In New Zealand, Swift Energy has successfully drilled the Kauri-E3 well, and it is currently undergoing a completion procedure in the Kauri Sand. Swift Energy expects to begin drilling the Kauri-E4 well during January, targeting the same horizon. The Kauri-E3 well, along with the Kauri-E4 well, if successful, will be fracture stimulated later in the first quarter of 2004.

Hedging Activity

Swift Energy also announced that since its November update it has continued to enter into additional price risk management transactions. The Company recently purchased additional natural gas floors that cover 400,000 million British thermal units (MMBtu) per month for the first quarter of 2004, all at a strike price of $4.75 per MMBtu. Also for the first quarter, the Company purchased floors that cover 150,000 MMBtu per month for February and March 2004, all at a strike price of $5.00 per MMBtu. For the second quarter of 2004, the Company purchased natural gas floors that cover 400,000 MMBtu per month, all at a strike price of $4.75 per MMBtu. With regard to crude oil, the Company executed a fixed price physical sale for February 2004 of 3,700 barrels per day at an average NYMEX strike price of $34.29 per barrel and 3,000 barrels per day of crude oil for March 2004 at an average NYMEX strike price of $34.31 per barrel. These NYMEX crude oil strike prices do not take into account transportation charges or crude oil quality differentials that could result in deductions ranging from $2.00 and $3.00 per barrel.

Analyst/ Investor Meetings

Swift Energy will be hosting a series of meetings with financial analysts, portfolio managers and investors on January 26 in Houston, January 27 in New York City and January 28 in Boston. At each meeting, Swift’s management will provide an annual briefing that will include an update on certain 2003 results as well as covering the operational and financial plans and guidance for certain first quarter and full year 2004 financial estimates. This operational and financial briefing will also be covered by a news release on the morning of January 26. An audio (listen-only) webcast accompanied with the slides of the Houston presentation will be available on the Company’s website www.swiftenergy.com by clicking on the event hyperlink commencing on January 26.

The meeting in Houston begins at 8:00 a.m. CST on Monday, January 26, and is being held at the Marriott Woodlands Waterway Hotel and Convention Center, on Lake Robbins Drive in The Woodlands, Texas. The meeting in New York City begins at 8:00 a.m. EST on Tuesday, January 27, at the Intercontinental Hotel on 48th Street. The meeting in Boston will begin at 10:00 a.m. EST on Wednesday, January 28, at the Langham Hotel (formerly Le Meridien) on Franklin Street. Anyone interested in attending any of these meetings should contact the Company’s Investor Relation Department at 1-800-777-2412.

Earnings Release

The Company will report fourth quarter and full year 2003 financial results on Wednesday, February 11 and conduct a conference call, with live webcast, on that date at 9:00 a.m. CST. To participate in this conference call, dial 973-339-3086 five to ten minutes before the scheduled start time and indicate your intention to participate in the Swift Energy conference call. A digital replay of the call will be available later on February 11 until February 17, by dialing 973-341-3080 and using pin #4430167. Additionally, the conference call will be available over the Internet by accessing the Company’s website at www.swiftenergy.com by clicking on the event hyperlink. This webcast will be available online at the Company’s website through February 26, 2003.

Celebrating our 25th Anniversary this year, Swift Energy Company was founded in 1979 with its headquarters in Houston, Texas. Swift Energy 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. 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.