HOUSTON, December 23, 2005 – Swift Energy Company (NYSE: SFY) announced that effective December 28, 2005, it plans to implement a holding company structure pursuant to Texas law in a manner that does not require action by Swift Energy shareholders and is a nontaxable transaction. No exchange of Swift Energy Company stock certificates will take place. The new parent holding company will assume the Swift Energy Company name and continue to be traded on the New York Stock Exchange under the same ticker symbol “SFY” and its CUSIP number will remain the same. The purposes of this new holding company structure are to separate Swift Energy’s domestic and international operations to better reflect management practices, to improve its economics, and to provide greater administrative and organizational flexibility.

Under the new organizational structure, four new subsidiaries will have been formed with the Texas parent holding company wholly owning three Delaware subsidiaries, which in turn will wholly own Swift Energy’s operating subsidiaries. Swift Energy Operating, LLC will be the operator of record for Swift Energy’s domestic properties. Swift Energy’s name, charter, bylaws, officers, board of directors, authorized shares and shares outstanding will remain substantially identical. The Company’s international operations will continue to be conducted through Swift Energy International, Inc. Swift Energy will be making amendments to its bank credit agreement, debt indentures and various other plans and documents to accommodate the internal reorganization, but the Company’s day-to-day conduct of business will not be impacted.

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 26-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.