HOUSTON, June 8, 2005 – Swift Energy Company (NYSE: SFY) announced today, in conjunction with Mighty River Power Limited, a state-owned New Zealand utility, that its wholly owned subsidiary, Swift Energy New Zealand Limited (“SENZ”), has entered into a farm-out agreement with Mighty River Power for a 50% participating interest in a joint geologic study in SENZ’s new offshore permit, Petroleum Exploration Permit (“PEP”) 38495. After analyzing current geologic and geophysical data relating to the offshore permit, the joint venture provides for the acquisition of additional three-dimensional seismic data in the area. SENZ will continue as the operator of the permit.

Terry Swift, CEO of Swift Energy commented, "The strategic partnership with Mighty River Power provides for further expansion of our activities in New Zealand. Our oil and gas professionals will utilize current exploration technologies to identify and evaluate the potential of this permit. It is our hope that this joint venture will develop additional meaningful exploration targets in New Zealand’s most prolific oil and gas basin."

Dr. Doug Heffernan, CEO of Mighty River Power, noted “Mighty River Power is pleased to further progress its excellent relationship with Swift Energy and add this permit to the portfolio of opportunities it is pursuing to advance the range of potential fuel options available to the company.”

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 oil and natural gas reserves in New Zealand. Over the Company’s 25-year history, Swift Energy 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.