HOUSTON, January 3, 2005 – Swift Energy Company (NYSE: SFY) announced that the Company has closed the acquisition of most of the interests it is acquiring in Cote Blanche Island Field in St. Mary’s Parish, Louisiana and in Bay de Chene Field in Lafourche and Jefferson Parishes, Louisiana with an effective date of November 1, 2004. The final purchase price of this EnerVest Management Partners Limited acquisition is $26.4 million representing over 95% of the value of the acquisition price related to these two fields, and is subject to certain post-closing adjustments. The acquisition was funded by utilizing cash on hand and borrowings under the Company’s bank line of credit. Swift Energy estimates that total debt outstanding at year-end 2004 on its line of credit will be approximately $7.5 million. The second smaller transaction, for the remainder of the interests in the Bay de Chene Field, is expected to close in January.

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.