SWIFT ENERGY ANNOUNCES: 2003 YEAR-END RESERVES INCREASED 9.5% WITH F&D COST OF $1.23/Mcfe; 2003 PRODUCTION INCREASED 7%; AND 2004 CAPITAL EXPENDITURE BUDGET AND GUIDANCE PROVIDED -- 1-26-04

2003 YEAR-END RESERVES INCREASED 9.5% WITH F&D COST OF $1.23/Mcfe; 2003 PRODUCTION INCREASED 7%; AND 2004 CAPITAL EXPENDITURE BUDGET AND GUIDANCE PROVIDED

HOUSTON, January 26, 2004 - Swift Energy Company (NYSE: SFY) announced today that its 2003 estimated year-end proved reserves increased 9.5% to 820 Billion cubic feet equivalent (“Bcfe”) compared to 749 Bcfe at year-end 2002. For 2003, this growth in proved reserves represents a reserves replacement of 233% of 2003 production at a finding and development (“F&D”) cost of approximately $1.23 per thousand cubic feet equivalent (“Mcfe”) with total capital expenditures in 2003 of approximately $151 million. Swift Energy’s production increased 7% to 53.2 Bcfe in 2003 (33.8 Bcfe domestic, 19.4 Bcfe New Zealand), compared to 49.8 Bcfe in 2002 (34.3 Bcfe domestic, 15.5 Bcfe New Zealand).

Terry Swift, President and CEO of Swift Energy, commented, “We are extremely proud of all that we accomplished in 2003. The success of our Lake Washington exploration and development program has added to the quality of our reserve and production base. We are also pleased with our progress in New Zealand, including our ongoing activities in the Kauri and Manutahi sands. Our marketing strategy yielded benefits in a tight commodity market, which is further reflected in our bottom line for 2003. In 2004, we believe that we can continue to grow and optimize our reserves as we further improve our per unit profit margins.”

2003 Reserves

Swift Energy’s domestic proved reserves increased by nearly 9% to approximately 644 Bcfe with a reserves replacement of 250% of 2003 domestic production at a F&D cost of approximately $1.40 per Mcfe. Swift’s proved reserves in the Lake Washington area in Plaquemines Parish, Louisiana, increased 37% to 43.4 million barrels of oil equivalent (260 Bcfe) from 31.7 million barrels of oil equivalent a year earlier, the largest increase in any of Swift Energy’s core properties and the focus of the majority of the Company’s 2003 capital expenditures, which were approximately $97 million in this area last year.

Swift’s proved reserves in New Zealand increased 13% during 2003 to approximately 176 Bcfe at year-end, replacing 205% of 2003 New Zealand production at an approximate F&D cost of $0.78 per Mcfe. The increase in proved reserves primarily resulted from Swift’s activity in the Kauri and Manutahi sands.

2003 Production

Swift Energy’s total production for 2003 increased 7% to approximately 53.2 Bcfe compared to the 49.8 Bcfe produced in 2002. For the fourth quarter of 2003, our production totaled approximately 13.4 Bcfe with domestic activity contributing approximately 8.8 Bcfe and New Zealand operations contributing approximately 4.6 Bcfe. This represents a 6% increase from the 12.6 Bcfe of production during the same quarter in 2002 and a 2% decrease from the prior quarter in 2003, primarily as a result of fourth quarter facility construction at Lake Washington and lower seasonal gas demand in New Zealand. The average oil price received by the Company during the fourth quarter of 2003 is expected to exceed $30.00 per barrel, both domestically and in New Zealand. Also in the fourth quarter, the Company’s estimated average prices received for natural gas are expected to exceed $4.25 per thousand cubic feet (“Mcf”) domestically and $2.00 per Mcf in New Zealand, and for natural gas liquids the prices are expected to exceed $19.00 per barrel domestically and $13.00 per barrel in New Zealand.

2004 Capital Spending Budget

Swift Energy currently plans to spend $130 to $150 million in total capital expenditures in 2004, net of dispositions but excluding any acquisitions. Approximately 80% of the budget is targeted for domestic activities, primarily in the Lake Washington area, with about 20% planned for activities in New Zealand. The above amount is net of approximately $5 to $15 million of non-core property dispositions that are planned for later in the year. Swift’s 2004 capital expenditures will begin at the low end of the range, and depending on commodity prices and operational performance, they may increase to the high end of the range. The Company currently estimates that total production will increase 11% to 17% over the 2003 level and proved reserves are expected to increase 5% to 8% in 2004.

Planned 2004 Domestic Activity

Swift Energy’s domestic activity will again be predominately focused in the Lake Washington Field as the Company prepares for a three-dimensional seismic shoot to enhance drilling results and productivity in the field for several years to come. Because of this seismic activity, Swift Energy plans to have only one rig operating in this field, targeted to drill 25 – 30 wells in 2004. Additional facility work is planned to further improve the deliverability and reliability in Lake Washington through redundancy and increased efficiency. Total capital expenditures in Lake Washington are expected to range from $60 million to $70 million. Swift Energy also plans to drill 15 – 18 wells in the AWP Olmos area in McMullen County, Texas, and currently has two rigs operating in this area. The Company expects that this activity level will maintain natural gas production at current levels in the AWP Olmos area. The Company also expects to drill at least one additional well in both the Brookeland area in Texas and the Masters Creek area in Louisiana in 2004. Several exploration wells, focused on natural gas, are also scheduled for the Company’s South Texas drilling program, principally in the Garcia Ranch area.

Planned 2004 New Zealand Activity

In New Zealand, Swift Energy’s efforts will focus on further delineation of and development of the Kauri, Manutahi and Tariki Sands. Swift Energy expects to drill three to four wells targeting the intermediate depth Kauri Sand and four to six wells in the Manutahi Sand. The Company also anticipates additional exploitation and exploration drilling activity in the TAWN area, which would target the Tariki Sands and deeper pool tests.

Analyst/ Investor Meetings

Swift Energy will be hosting a series of meetings with financial analysts, portfolio managers and investors beginning today in Houston and continuing on Tuesday, January 27, in New York City and Wednesday, January 28, in Boston. At each meeting, Swift Energy’s management will provide an annual briefing that will include an update on certain 2003 results as well as cover the operational and financial plans and guidance for the first quarter and full year 2004. An audio (listen-only) webcast of the Houston presentation, accompanied by slides, will be broadcast live today with a slight time delay and can be accessed on the Company’s website www.swiftenergy.com by clicking on the event hyperlink.

The meeting in Houston begins at 8:00 a.m. CST today 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 through 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 and clicking on the event hyperlink. This webcast will be available online at the Company’s website through February 26, 2003.

Celebrating its 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 shown long-term growth in 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, 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.

Description	Guidance For First Quarter 2004	Guidance For Full Year 2004

Production Volumes (Bcfe)	13.3 – 14.3	59.0 – 62.0
Domestic Volumes (Bcfe)	9.7 – 10.2	40.0 – 44.0
New Zealand Volumes (Bcfe)	3.5 – 4.0	17.0 – 20.0
Production Mix:
Domestic
Natural Gas (Bcfe)	2.85 – 3.05	12.0 – 13.0
Crude Oil (MBbl)	1,055 – 1,100	4,250 – 4,740
Natural Gas Liquids (MBbl)	87 – 93	420 – 440
New Zealand
Natural Gas (Bcfe)	2.7 – 3.0	12.5 – 15.0
Crude Oil (MBbl)	98 – 108	550 – 610
Natural Gas Liquids (MBbl)	35 – 60	200 – 225
Product Pricing (Note 1):
Domestic Pricing:
Natural Gas (per Mcf)
NYMEX differential (Note 2)	–$0.25 to –$0.35	–$0.25 to –$0.35
Crude Oil (per Bbl)
NYMEX differential (Note 3)	–$1.00 to –$2.00	–$1.00 to –$2.00
NGLs (per Bbl)
Percent of NYMEX Crude	45% – 55%	45% – 55%
New Zealand Pricing:
Natural Gas (per Mcf) (Note 4)	$2.15 to $2.35	$2.20 to $2.40
Crude Oil (per Bbl)
NYMEX differential (Note 3 & 5)	–$1.50 to –$3.00	–$1.50 to –$3.00
NGLs (per Bbl)
Contract Price (Note 6)	$12.00 to $14.00	$12.00 to $14.00
Oil & Gas Production Costs:
Domestic
Lease Operating Costs (per Mcfe)	$0.72 – $0.77	$0.63 – $0.73
Severance & Ad Valorem Taxes
(as % of Revenue dollars)	10.0% – 11.0%	10.0% – 11.0%
New Zealand
Lease Operating Costs (per Mcfe)	$0.60 – $0.65	$0.58 – $0.68
Government Royalty
(as % of Revenue dollars)	8.5% – 9.5%	8.5% – 9.5%

Description	Guidance For First Quarter 2004	Guidance For Full Year 2004
Other Costs:
G&A per Mcfe	$0.25 – $0.29	$0.24 – $0.28
Interest Expense per Mcfe	$0.50 – $0.54	$0.47 – $0.52
DD&A per Mcfe	$1.26 – $1.31	$1.27 – $1.32
Supplemental Information:
Capital Expenditures
Operations	$35,000 – $40,000	$117,400 – $144,600
Acquisition/Dispositions, net	($0,000) – ($1,000)	($3,000) – ($13,000)
Capitalized G&G (Note 7)	$ 2,300 – $ 2,800	$ 9,200 – $ 11,200
Capitalized Interest	$ 1,600 – $ 1,800	$ 6,400 – $ 7,200
Total Capital Expenditures	$38,900 – $43,600	$130,000 – $150,000

Basic Weighted Average Shares	27,500 – 27,900	27,400 – 28,200
Diluted Computation:
Weighted Average Shares	27,700 – 28,500	27,700 – 28,700

Effective Tax Rate	35.5% – 36.5%	35.5% – 36.5%
Deferred Tax Percentage	97% – 99%	97% – 99%