HOUSTON, December 13, 2004 – Swift Energy Company (NYSE: SFY) in conjunction with Ballance Agri-Nutrients Limited (“Ballance”), announced today that its wholly owned subsidiary, Swift Energy New Zealand Limited (“SENZ”) has entered into a farm-in agreement with Ballance for 60% of Petroleum Exploration Permit 38742 in New Zealand. The 16,794 acre permit was previously held by GeoSphere Exploration Limited and is located onshore in the north-central Taranaki Basin. Under the terms of the contract, SENZ will become operator of the permit and anticipates drilling the Karaka #1 well targeting the shallow Mt. Messenger formation in the first-half of 2005. The farm-in agreement is subject to New Zealand government approval.

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 Louisiana and Texas 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.