HOUSTON, February 22, 2005 – Swift Energy Company (NYSE: SFY) will announce today at their annual Analyst/Investor meeting in Houston that the Company currently plans to spend $200 million to $220 million in total capital expenditures in 2005, net of dispositions and excluding any acquisitions. Approximately 80% of the budget is targeted for domestic activities, primarily in the Lake Washington area, with about 20% planned for activities in New Zealand. The budgeted capital expenditures are net of approximately $5 to $15 million of non-core property dispositions that are planned for later in the year. Swift Energy expects that 2005 capital expenditures will be at the low end of the range, but depending on commodity prices and operational performance, spending may increase to the high end of the range during the course of the year. For 2005, the Company is targeting total production and proved reserves to increase 7% to 12% over the 2004 level.

Terry Swift, CEO, commented, “We had significant accomplishments in the building of the Company during 2004. Our margins, cash flow, earnings and production all showed growth. At the same time, the Company materially increased its inventory of developmental and exploratory acreage for our future growth. The oil and gas professionals at Swift Energy are committed to our strategic plan and to delivering the stakeholder value. The Company will be presenting further details of the planned 2005 activity at our annual analyst and investor meetings this week. ”

Swift Energy’s domestic activity will again be predominately focused in the Lake Washington area as the Company integrates its recent three-dimensional seismic shoot to enhance drilling opportunities and productivity in the field over the next several years. Swift Energy plans to have two rigs operating in this field for most of 2005, which are targeted to drill at least 30 wells predominately with vertical depths ranging between 4,000 and 12,000 feet. At least four of these wells will be exploration wells with targets derived from the 3-D seismic data. Additional facility work is planned to further improve the deliverability and efficiency in Lake Washington by nearly doubling capacity for processing sour crude oil at the CM3 platform, adding compression and other improvements to the gas lift system and enhancing fluid handling in order to increase the field’s effective capacity. Total capital expenditures in Lake Washington for 2005 are expected to range from $90 million to $100 million. Swift Energy also plans to drill 12 to 15 wells in the AWP Olmos area in McMullen County, Texas, with a rig entering this area in the first quarter, which is expected to maintain natural gas production near current levels throughout 2005. Additionally, the Company plans to drill up to three wells in both Bay de Chene and Cote Blanche Island in Southern Louisiana the second half of 2005. The Company also expects to drill two to three wells in the Brookeland/Masters Creek area in Texas and Louisiana. Several exploration wells, focused on natural gas, are also scheduled for the Company’s South Texas drilling program.

In New Zealand, Swift Energy’s efforts will focus on further delineation and development of the Kauri and Manutahi Sands. Swift Energy expects to drill three to four wells targeting the intermediate depth Kauri Sand and four to six wells in the shallow Manutahi Sand. The Rimu Production Station is currently being reviewed for further expansion of the facility’s capacity of up to 50% by early 2006. Additionally this year, Swift Energy anticipates beginning its Tarata thrust exploration activity and expects to drill between three and five exploration tests in New Zealand in 2005.

Swift Energy will be hosting a series of meetings with financial analysts, portfolio managers and investors beginning at 8:00 a.m. today in Houston and continuing on Wednesday, February 23, in New York City and Thursday, February 24, in Boston. At each meeting, Swift Energy’s management will provide an annual briefing that will include an update on certain 2004 results and also cover the operational and financial plans and guidance for the first quarter and full year 2005, which was previously released. An audio (listen-only) webcast of the Houston presentation, accompanied by slides, will be broadcast live today with a slight time delay and can be accessed on the Company’s website www.swiftenergy.com by clicking on the event hyperlink.

The meeting in Houston begins at 8:00 a.m. CST today and is being held at the Wyndham Greenspoint Hotel on Greenspoint Drive, Houston, Texas. The meeting in New York City begins at 8:00 a.m. EST on Wednesday, February 23, at the Four Seasons Hotel on 57th Street. The meeting in Boston will begin at 10:00 a.m. EST on Thursday, February 24, at the Langham Hotel on Franklin Street. Anyone interested in attending any of these meetings should contact the Company’s Investor Relation Department at 1-800-777-2412.

Celebrating its 25th Anniversary in 2004, and headquartered 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.