HOUSTON, April 27, 2005 – Swift Energy Company (NYSE: SFY) announced today that Swift Energy New Zealand Limited (“SENZ”), a wholly owned subsidiary, has been awarded Petroleum Mining Permit (“PMP”) 38155 by Crown Minerals, of the New Zealand Ministry for Economic Development, for the development of its Kauri Sand and Manutahi Sand discoveries. PMP 38155 is located within Petroleum Exploration Permit (“PEP”) 38719 in the Taranaki Basin on New Zealand’s north island.

The PMP 38155 mining permit covers 8,708-acres and allows Swift Energy to fully develop its Kauri area discoveries for a primary term of 30 years. In addition to the existing A and E pads, Swift Energy plans to place up to two additional multi-well drilling pads on the permit for full development of the Kauri Sand, an intermediate depth gas-condensate reservoir. Also, further wells are needed to exploit the Manutahi Sand, a shallow oil reservoir. Current plans call for the drilling of the remaining scheduled Kauri A and E wells, and Manutahi A-L series of wells by March 2006. After that drilling is completed, the drilling of a total of ten additional wells is planned per the Crown Mineral’s application to be drilled within the mining permit before July 2008, raising the total field count up to thirty-two wells. Capital expenditures required for these additional activities are expected to be approximately $80 million over the course of the development project.

Bruce Vincent, President of Swift Energy and Swift Energy International, commented that, “Swift Energy is extremely pleased to see that our Kauri area discoveries supported the award to SENZ of a Petroleum Mining Permit. This PMP will allow Swift Energy to complete the development phase of this meaningful, long-term project. Kauri gas production from this area will be processed at the Company’s Rimu Production Station. Oil production from the Manutahi Sand will initially be trucked to the Company’s Waihapa Production Station. The awarding of this mining permit signifies another significant step for our Company as we continue to develop our exploration permits in New Zealand. As we move forward with the continued delineation of the Rimu/Kauri area, we hope to be able to expand the area covered by this mining permit. The Company also plans to undertake additional exploration drilling later this year in the PEP 38719 area with the drilling of the Tawa prospect, which is part of the Tarata Thrust exploration program.”

Swift Energy Company, founded in 1979 and headquartered in Houston, 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.