HOUSTON, May 17, 2007 – Swift Energy Company (NYSE: SFY) today announced that it has priced its public offering of $250 million of Senior Notes due 2017 at par, with a coupon of 7.125%. The offering of the Senior Notes is expected to close on June 1, 2007, subject to normal closing conditions. The new Senior Notes received ratings of BB- from Standard & Poor’s and B1 from Moody’s. Swift Energy also announced that today it has called for redemption all of its $200 million outstanding 9-3/8% Senior Subordinated Notes due 2012 (CUSIP #870738AD3), in accordance with the terms of those notes.

The largest portion of the proceeds of the new Senior Notes offering will be used to redeem all of the outstanding 9 3/8% Senior Subordinated Notes at a redemption price of 104.688% of their principal amount, plus accrued and unpaid interest from April 15, 2007 to the redemption date. The Senior Subordinated Notes will be automatically redeemed on June 18, 2007, and no further interest will accrue on these notes after that date. A Notice of Redemption is being mailed to all registered holders of the Senior Subordinated Notes.

The remainder of the net proceeds of the new Senior Notes offering will be used to repay indebtedness on the Company’s bank credit facility and for general corporate purposes.

Terry Swift, Chairman and CEO of Swift Energy Company, noted, “This new public debt issuance emphasizes one of our key financial tenets, the strength of our balance sheet. This financing provides financial flexibility by reducing our cost of borrowing and helps provide liquidity to aid in the execution of our tandem strategy of drilling and acquisitions.”

The offering is led by J.P. Morgan and Credit Suisse serving as joint book runners, with Jefferies & Company, Inc., UBS Investment Bank, Inc., Natexis Bleichroeder Inc., BNP Paribas, Calyon Securities, Comerica Securities, Societe Generale and Wells Fargo Securities serving as co-managers of the underwriting syndicate. When available, a prospectus relating to the offering described herein can be obtained from J.P. Morgan Securities Inc. at 270 Park Avenue, 8th Floor, New York, NY 10017 or from Credit Suisse at Eleven Madison Avenue, New York, NY 10010.

This press release does not constitute an offer to sell or a solicitation of an offer to buy Swift Energy’s Senior Notes. Such an offer can only be made by delivery of a prospectus that has been filed with the Securities and Exchange Commission.

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, Texas, as well as oil and natural gas reserves in New Zealand. Over the Company’s 27-year history, Swift Energy has 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