HOUSTON, July 1, 2004 – Swift Energy Company (NYSE: SFY) today announced that it has issued a notice of full redemption for all of its outstanding 10¼% Senior Subordinated Notes due 2009 (the “Notes”) (CUSIP No. 870738AC5). The remaining aggregate principal amount outstanding of the Notes is approximately $92.9 million. The redemption date is August 1, 2004 and holders will receive a total of $1,051.25 per $1,000 principal amount of the notes, plus accrued and unpaid interest up to and including July 31, 2004. Payments to holders of the redeemed Notes will be made beginning on August 2, 2004. The Notes will be redeemed with proceeds from the recent 7-5/8% Senior Notes offering and borrowings under the Company’s bank credit facility.

In connection with the redemption, Swift Energy will record a third quarter early extinguishment of debt charge of approximately $6.8 million pre-tax ($4.4 million after-tax) for the redemption premium and remaining unamortized debt issuance costs and discounts.

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.