SWIFT ENERGY ANNOUNCES:

Production Increase of at Least 9% in First Quarter 2004;
Updates in Operating and Hedging Activity;
First Quarter Earnings Call; and
Annual Shareholder Meeting

Domestic production increased to at least 10.3 Bcfe, 33% greater than 2003 first quarter production of 7.7 Bcfe and an increase of at least 17% sequentially compared to 2003 fourth quarter production of 8.8 Bcfe. The increase in domestic production has been driven primarily by increased levels of production from the Company’s Lake Washington operations. New Zealand production totaled approximately 3.8 Bcfe for the first quarter of 2004 and decreased in line with the Company’s guidance by 26% from the 5.2 Bcfe produced in the first quarter of 2003 and 17% from the fourth quarter of 2003 production. Production in New Zealand was expected to decline as increased use of hydroelectricity in New Zealand has contributed to a short-term reduction in market demand, which is expected to continue at least through the second quarter of this year.

The average oil price received by Swift Energy during the first quarter of 2004 is expected to exceed $33.00 per barrel, both domestically and in New Zealand. The Company’s estimated average prices received for natural gas are expected to exceed $4.75 per thousand cubic feet (“Mcf”) domestically and $2.20 per Mcf in New Zealand, and the prices for natural gas liquids are expected to exceed $19.00 per barrel domestically and $14.00 per barrel in New Zealand.

Swift Energy has four drilling rigs operating domestically, one drilling for oil in the Lake Washington area and three drilling for natural gas in Texas, including one non-operated rig.

Domestic Activity

Swift Energy successfully drilled 12 of 14 domestic wells during the first quarter of 2004. In the Lake Washington Field in Plaquemines Parish, Louisiana, the Company drilled six of seven development wells successfully. The majority of these wells have been connected and are now producing. One exploration well was drilled but was unsuccessful. One rig is currently drilling in Lake Washington. The Lake Washington processing facilities are located in three distinctly separate areas of the field. These facilities currently utilize field-wide gas compression, common water injection and centralized oil sales delivery systems. One of the field processing facilities, the CM3 platform, is designed to handle heavier gravity crude oil and natural gas with hydrogen sulfide. Swift Energy is developing plans to optimize the operating performance of all theses facilities, which will include additions to existing facilities and may include the addition of a fourth field processing facility.

Swift Energy also successfully drilled five wells in the AWP Olmos Field in McMullen County, Texas, four of which have been fracture stimulated and brought on production in the first quarter 2004. The other completed well will be fracture stimulated later in the second quarter 2004. One rig is currently drilling in the AWP Olmos area.

Additionally, Swift Energy has drilled a development well in the Masters Creek area in Vernon Parish, Louisiana, which is currently being placed on production. Swift Energy also has a 25% working interest in a successful non-operated exploration well in the Guadalupe Pasture acreage adjacent to the Garcia Ranch area in Kenedy and Willacy Counties, Texas, which is currently undergoing completion procedures. Swift Energy has two rigs working in South Texas, drilling a development well in the Garcia Ranch area and another non-operated exploration well in the Guadalupe Pasture area.

New Zealand Activity

In New Zealand, Swift Energy has successfully drilled the Kauri-E4 well, encountering both the Kauri Sand and the Tariki Sand. This well is currently undergoing a completion procedure in the Tariki Sand. The first well in the 2004 Manutahi Sand drilling program, which is targeting this shallow oil-bearing sand, will begin drilling later in the second quarter.

Price Risk Management

Swift Energy also announced that since its February update it has continued to enter into additional price risk management transactions. For the second quarter, the Company executed a fixed price physical sale of crude oil for April 2004 of 4,500 barrels per day at an average NYMEX strike price of $35.07 per barrel, 3,000 barrels per day of crude oil for May 2004 at an average NYMEX strike price of $37.25 per barrel and 1,500 barrels per day of crude oil for June 2004 at average NYMEX strike price of $37.08 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. Details of all of Swift Energy’s price risk management activities can be found on the Company’s website.

Earnings Conference Call

Swift Energy will report first quarter 2004 financial results on Wednesday, May 5, and conduct a conference call, with live webcast, on that date at 9:00 a.m. CDT. 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 May 5 until May 12, by dialing 973-341-3080 and using pin #4682645. 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 and archived at the Company’s website.

Annual Shareholder Meeting

Swift Energy’s Annual Meeting of Shareholders will be held on Tuesday, May 11, 2004, at the Wyndham Greenspoint Hotel in Salon A, 12400 Greenspoint Drive, Houston Texas 77060 at 4:00 p.m. CDT. The public is invited to attend to hear management’s review of the Company’s 2003 activities and discuss opportunities for 2004.

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, 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.