HOUSTON, June 10, 2004 – Swift Energy Company (NYSE: SFY) today announced that it has priced its public offering of $150 million of senior notes due 2011 at par, with a coupon of 7.625%. Swift Energy intends to use the net proceeds from the notes offering to repurchase the Company’s outstanding $125 million of 10¼% senior subordinated notes due 2009, and use the remainder to repay indebtedness on the Company’s bank credit facility. The offering of the senior notes is expected to close on June 23, 2004, subject to normal closing conditions. The notes received ratings of BB- from Standard & Poor’s and B1 from Moody’s.

The offering was made under the Company’s May 11, 2004 effective registration statement filed with the SEC covering the issuance from time to time of up to $350 million of various securities of the Company. The offering is led by Credit Suisse First Boston, with Goldman, Sachs & Co., Jefferies & Company, Inc., Banc One Capital Markets, Inc., Deutsche Bank Securities, CIBC World Markets and BNP Paribas serving as co-managers of the underwriting syndicate, which are offering the senior notes to the public.

Terry Swift, President and CEO of Swift Energy Company, noted, “This new debt issuance enhances Swift’s financial flexibility in executing our tandem strategy of reserves and production growth through both drilling and acquisitions. It is also another step towards increasing Swift’s margins in 2004. We continue to work to improve our balance sheet, and the recent rating upgrades are a testament towards Swift Energy’s recent progress.”

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 news release does not constitute an offer to sell or a solicitation of an offer to buy the notes. When available, a prospectus supplement and accompanying prospectus relating to the offering described here in can be obtained from Credit Suisse First Boston Corporation at Eleven Madison Avenue, New York, NY 10010.

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.