HOUSTON, August 31, 2005 – Swift Energy Company (NYSE: SFY) announced today that its initial airplane fly-over assessment of its coastal Louisiana properties, including the Lake Washington Field in Plaquemines Parish, Bay de Chene Field in Jefferson and Lafourche Parishes, and Cote Blanche Island Field in St. Mary’s Parish, occurred yesterday, August 30. Based on this visual inspection, the Company reported that the facilities and infrastructure in all three fields was still in place, including three production platforms, two contract drilling rigs, and the shore base in the Lake Washington Field. The surrounding areas do have considerable flooding and material property damage, however. A more detailed damage assessment of our properties will need to be made once personnel can be placed on the facilities and more thorough physical inspections take place.

At Lake Washington Field, located near Port Sulphur, Louisiana, all of the platforms are still standing and the two third-party drilling rigs, which were secured in the field, appear to be unharmed. This field is approximately 12 miles northwest of Buras, where the National Hurricane Center estimates Hurricane Katrina made landfall. Production from this field will remain shut-in until a full inspection determines that it can be returned to operation. A full inspection is planned as soon as personnel can safely re-enter the field and physically inspect all the facilities, including each platform and the drilling rigs. No assessment can be made at this time of actual damages or how long it will take to restart production.

The Bay de Chene Field, approximately 30 miles west of the Lake Washington Field, will also undergo a physical inspection to further assess any potential damage at which time the Company will be in a better position to estimate when production in this field can be restarted.

The Cote Blanche Island Field was inspected by boat yesterday and appears to have no visible damage and may be restarted as early as this week. This field is approximately 120 miles west of Lake Washington.

Based upon wide-spread damage in the region, factors beyond Swift Energy’s control may also affect the production restart. These items may include the condition of pipelines and processing plants operated by third parties, as well as other third party services and infrastructure.

Swift Energy Company carries replacement property insurance for its facilities and shore base, which has standard deductibles and business interruption insurance that has an initial ninety-day deductible period. Swift Energy does not have any obligations related to product warrants, delivery agreements or financial hedges which are triggered or impacted by this temporary shut-in of production. Many of Swift Energy’s personnel have also been personally affected by Hurricane Katrina, and the Company is making arrangements to assist them with the aftermath of the storm as well.

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.