HOUSTON, June 23, 2004 – Swift Energy Company (NYSE: SFY) today announced that it has closed its public offering of $150 million of 7 5/8% Senior Notes due 2011 (“Senior Notes”). The new Senior Notes received ratings of BB- from Standard & Poor’s and B1 from Moody’s.

Swift Energy also announced that $32.1 million of its $125 million 10¼% senior subordinated notes due 2009 have been tendered for early repurchase under the Company’s outstanding tender offer. The Company has waived the minimum tender and supplemental indenture conditions to the tender offer and consent solicitation and has accepted such tenders for purchase and payment. The Company will use approximately $35.1 million of the net proceeds from sale of the Senior Notes to repurchase the tendered 10¼% notes at a repurchase price of $1,055 per $1,000 principal amount, which includes a consent payment of $20, plus accrued and unpaid interest to the repurchase date. The consent period for the tender offer closed at 5:00 p.m. New York City time yesterday, June 22, 2004. Swift Energy will record a charge of approximately $2.7 million in the second quarter 2004 for early extinguishment of debt as a result of the early tender of the 10¼% notes.

The tender offer remains open until midnight, New York City time, July 12, 2004. Holders of the 10¼% notes tendering after the consent period will only receive the tender offer consideration of $1,035 per $1,000 principal amount and will not receive the consent payment. Any 10¼% notes not tendered by such date are expected to be called by the Company for redemption on or about August 1, 2004 at a redemption price of $1,051.25 per $1,000 principal amount, the redemption price provided in the indenture governing the 10¼% notes, plus accrued interest to the redemption date. Swift Energy intends to use the remainder of the net proceeds of its Senior Notes offering to repay indebtedness on the Company’s bank credit facility and for other general corporate purposes.

The Senior Notes 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 was 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 offered the Senior Notes to the public. This news release does not constitute an offer to sell or a solicitation of an offer to buy the Senior Notes.

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.