HOUSTON, September 14, 2005 – Swift Energy Company (NYSE: SFY) announced today it has resumed some of its drilling operations in Lake Washington and completed some initial physical assessments of damage to its facilities and equipment, with repairs underway, in its Lake Washington Field in Plaquemines Parish and Bay de Chene Field in Jefferson and Lafourche Parishes. Work crews were mobilized to both fields last week to physically inspect the facilities and infrastructure. Numerous minor repairs are underway and must be completed before production can be resumed in Lake Washington and Bay de Chene. Restoration of production in Bay de Chene may take longer primarily because the Company is focusing on Lake Washington. Logistics and communications in the area have been hampered in the early stages of this repair work but are improving. Swift Energy anticipates that after initially identified repairs are completed, additional repairs may be needed prior to or as the facilities are restarted.

Swift Energy currently expects these repairs and the resumption of production to take three to six weeks, depending on availability and deliverability of supplies, equipment, parts and other logistical items from third party providers, along with the availability of personnel and contractors. Swift Energy has made housing and work-related facilities in the area available to approximately 60 employees and contractors in the Lake Washington Field for repair and maintenance work. The Company believes that the effect of Hurricane Katrina will defer approximately 2.75 to 3.25 billion cubic feet equivalent of production from the third quarter of 2005. The aggregate level of costs for the guided cost categories such as lease operating expenses and general and administrative expenses are expected to remain approximately the same for the quarter, however all costs are expected to increase on a per unit of production basis.

In Lake Washington, Swift Energy has restarted drilling operations with one contract drilling rig and expects to resume operations with a second contract drilling rig and one completion rig this week. The third contract drilling rig that was in the field during the storm sustained some water damage and it is currently undergoing repairs. This rig is not expected to return to Lake Washington until late in the fourth quarter of 2005. Additionally, the Company expects to resume operations with one completion rig in its Bay de Chene Field later this week. Swift Energy expects to defer 10 to 12 wells, mainly in Lake Washington, into the 2006 drilling program due to the impact on drilling operations as a result of Hurricane Katrina.

Facility repair work in Lake Washington is progressing and has been limited to what are considered minor but numerous storm-related repairs. Currently, the most significant repair the Company is aware of is the overhaul required of one of several generators due to water damage. Additional damage is expected to be identified as further inspections and testing continues. Workers are focused on the continued testing of the electrical and instrumentation systems, compressor and generator maintenance, surveying the field, and conducting integrity tests of piping and vessels. All activities are being pursued concurrently with due regard to increased safety and environmental concerns.

Swift Energy expects that even after production has been resumed, it will take some time before pre-hurricane levels of production are reached due to decreased capacity or unavailability of market outlets. Once production is restored, Swift Energy will evaluate the timeline for completion of the additional facility upgrades, which had been planned prior to the hurricane to be completed during the third quarter of 2005, and will then issue fourth quarter guidance. Net production from Lake Washington was averaging approximately 87 million cubic feet equivalent per day (“MMcfe/d” or approximately 14,500 barrels of oil equivalent per day) over the previous two weeks immediately prior to the hurricane shut-in.

Inspections at Bay de Chene have shown the field has incurred damage to a generator, a heater-treater, piping and wiring and some slight building damage. At this time no estimate can be made of total damage costs or a timeline for restoration of production at this field. Bay de Chene production was averaging approximately 2 MMcfe/d over the two weeks immediately prior to the shut-in.

Swift Energy has opened a new shore base in DuLac, Louisiana as well as established office space and housing for its affected employees near Houma, Louisiana. While this new shore base allows Swift Energy to better facilitate repairs in the fields, the new shore base is a considerable distance from the previous shore base in Port Sulphur adding considerable travel time to the fields. Insurance adjusters have been to the fields to make their inspection of the damage. The Company expects to be reimbursed for a portion of the damage, less its deductible, once the claim has been settled. Swift Energy has also been providing support to the local authorities, specifically personnel and equipment as requested to help with levee repairs and the restoration of access and services to the lower Plaquemines Parish area.

Swift Energy continues to monitor the availability of market outlets for its products once production is resumed. Designated barge routes into and out of Lake Washington and Bay de Chene have been resurveyed and staked for passage. Swift Energy has maintained several barges under contract during the production shut down and is ready to begin barging operations when the fields are ready for production operations. The crude oil pipeline Swift Energy accesses in Lake Washington is expected to be able to take crude oil production by the time Lake Washington production is restored, but its availability or its capacity cannot be confirmed at present. The natural gas pipeline that handles Swift Energy’s natural gas production in Lake Washington is still not operating pursuant to force majeure provisions. However, oil production from Lake Washington can be restored at a lower level than prior to the storm without the need for natural gas outlets. Swift Energy will continue to monitor this very dynamic situation and other factors beyond its control.

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.