HOUSTON, June 29, 2004 – Swift Energy Company (NYSE: SFY) announced today that the Company renewed and extended its Revolving Credit Facility with its ten-member bank group, increasing the facility to $400 million from $300 million and extending its expiration to October 1, 2008 from October 1, 2005. The other terms of the credit facility remain largely the same with the borrowing base set at $250 million and Swift Energy maintaining the commitment amount at $150 million. The commitment amount may be increased up to the full amount of the borrowing base at the Company’s discretion.

Swift Energy’s Credit Facility, arranged by Banc One Capital Markets, Inc., was syndicated to a group of banks that includes Bank One, Bank of Scotland, BNP PARIBAS, CALYON, Natexis Banques Populaires, Societe Generale, Southwest Bank of Texas, UFJ Bank Limited, Washington Mutual Bank, FA and Wells Fargo. As of June 29, 2004, the Company had no outstanding balance drawn against this facility, excluding letters of credit.

Commenting on the agreement, Terry E. Swift, President and CEO of Swift Energy Company, said, “This renewal and extension of our bank credit facility along with the May 1, 2004 reaffirmation of our borrowing base provides a vote of confidence in Swift Energy from our bank group. This facility will continue to provide us with the financial liquidity and flexibility to execute our strategy as we move forward with our business plan.”

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.