For the fourth quarter of 2007, Swift Energy had income of $52.7 million from continuing operations, or $1.71 per diluted share, an increase of 54% compared to $34.3 million ($1.13 per diluted share) earned in the same quarter in 2006 from continuing operations.

Swift Energy produced 10.6 million barrels of oil equivalent (“MMBoe”) from continuing operations (domestically), which is a 12% increase compared to 2006 production of 9.4 MMBoe from continuing operations. Domestic production for the fourth quarter 2007 increased 7% to 2.8 MMBoe compared to the fourth quarter of 2006 domestic production of 2.6 MMBoe. In Swift Energy’s discontinued operations in New Zealand, the Company recorded production of 1.4 MMBoe for 2007 compared to 2.3 MMBoe for 2006, a 38% decline. In the fourth quarter 2007, discontinued operations had production of 0.3 MMBoe, which was a decline of 38% from comparable production in the same quarter in 2006. Swift Energy’s total production in 2007 increased approximately 3% to 12.0 MMBoe, compared to 2006 total production of 11.7 MMBoe.

Adjusted cash flow from continuing operations (cash flow before working capital changes, a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) for 2007 increased 14% to $447.7 million, or $14.61 per diluted share, compared to $391.8 million, or $13.05 per diluted share, for the full year 2006. Fourth quarter 2007 adjusted cash flow from continuing operations of $130.3 million, or $4.23 per diluted share, increased 21% compared to $107.6 million, or $3.54 per diluted share, for the fourth quarter of 2006. Swift Energy also reported record revenues from continuing operations of $654.1 million for the full year 2007, an increase of 19% over 2006 revenue levels from continuing operations. Increased revenues, income and cash flow (all from continuing operations) in 2007 are primarily the result of higher commodity prices and increased levels of production.

Terry Swift, CEO of Swift Energy, commented, “We are proud of our 2007 accomplishments and the 2008 plan should deliver visible growth and value this year.  Production and reserves growth, along with an exceptional crude oil pricing environment, enabled the Company to again set new financial and operational records in 2007 from continuing operations.  For continuing operations, we expect to increase production from 10% to 15% during 2008 and anticipate proved reserves growth of 5% to 9% during the year.  A significant portion of our 2008 investment capital will be focused on expanding our South Louisiana potential in several areas and converting Lake Washington probable and possible reserves to proved reserves in 2008. Additionally, we plan to have at least two rigs operating in our new Cotulla area in South Texas for much of 2008.”

Swift Energy reported record total revenues from continuing operations of $654.1 million for 2007, an increase of 19% over 2006 revenue levels. These increases were primarily attributable to higher commodity prices and to increased levels of production. Total revenues from continuing operations for the fourth quarter of 2007 increased 36% to $196.4 million from the $144.6 million of revenues from continuing operations generated in the fourth quarter of 2006.

Lease operating expenses (“LOE”), before severance and ad valorem taxes, for the full year 2007 averaged $6.68 per barrel of oil equivalent (“Boe”), compared to $5.29 per Boe in 2006, and severance and ad valorem taxes increased to $6.95 per Boe compared to $6.48 in 2006. In the fourth quarter of 2007, LOE averaged $7.56 per Boe, which increased from $5.23 per Boe for these expenses in the fourth quarter of 2006. Severance and ad valorem taxes increased to $7.32 per Boe from $5.87 per Boe in the same comparable fourth quarter periods due the increases in crude oil pricing leading to higher severance tax receipts for Swift Energy’s Louisiana crude oil production.

Depreciation, depletion and amortization (“DD&A”) expenses increased for the full year 2007 to $17.74 per Boe from $14.74 per Boe in 2006. DD&A expenses increased to $19.49 per Boe in the fourth quarter of 2007 from $16.01 per Boe in the comparable period in 2006, primarily as a result of increased estimates for future development costs, changes in reserve estimates and additional capital expenditures during the year. For the full year 2007, net general and administrative expenses increased to $3.22 per Boe from $2.92 per Boe in 2006. Net general and administrative expenses increased to $3.11 per Boe during the fourth quarter 2007 from $2.68 per Boe in the same period in 2006. This increase in expenses on a per-unit basis was primarily attributable to additional salaries and benefits associated with an expanded workforce. For the full year 2007, interest expense averaged $2.65 per Boe for 2007 compared to $2.50 per Boe in 2006. Interest expense increased to $2.99 per Boe in the fourth quarter 2007 compared to $2.36 per Boe for the same period in 2006 due to increased bank debt used to finance a portion of the Escondido acquisition.

Swift Energy’s total fourth quarter 2007 production was 3.1 MMBoe, essentially the same as the 2006 fourth quarter production of 3.1 MMBoe. Sequentially, total production increased 2% from the 3.0 MMBoe produced in the third quarter of 2007 (a 3% sequential increase in domestic production, partially offset by a 5% decrease in New Zealand production). Fourth quarter 2007 total production included 2.8 MMBoe of domestic production, a 7% increase, and 0.3 MMBoe produced in New Zealand, a 38% decrease, in both cases when compared to production in the same period in 2006. Comparative fourth quarter domestic production benefited slightly from the recent acquisitions of 3 fields in South Texas. New Zealand production decreased as a result of natural declines in natural gas production.

Aggregate realized global average prices increased for the full year 2007 to $57.92 per Boe from $51.41 per Boe in 2006. In the fourth quarter of 2007, Swift Energy realized an aggregate global average price of $66.79 per Boe, an increase of 40% from fourth quarter 2006 price levels, which averaged $47.86 per Boe. Domestically, the Company realized an increased aggregate average price for the full year 2007 of $61.49 per Boe from $56.89 per Boe in 2006. Fourth quarter 2007 domestic aggregate average prices rose to $70.33 per Boe, an increase of 36% compared to the $51.66 per Boe received in the fourth quarter of 2006. In New Zealand, the Company realized an increased aggregate average price for the full year 2007 of $30.56 from $28.43 per Boe in 2006, while fourth quarter 2007 New Zealand aggregate average prices rose to $34.71 per Boe, an increase of 24% over the $27.92 per Boe realized in the same period of 2006.

Swift Energy’s average full year 2007 domestic crude oil prices increased to $71.92 per barrel from $64.28 per barrel in 2006. During fourth quarter 2007, domestic crude oil prices increased to $89.23 per barrel from $57.82 per barrel realized in the same period of 2006. Swift Energy’s average full year 2007 domestic natural gas prices decreased slightly to $6.42 per thousand cubic feet (“Mcf”) from $6.44 per Mcf in 2006. Meanwhile, domestic natural gas prices averaged $6.62 per Mcf in the fourth quarter of 2007, an increase of 7% from the $6.20 per Mcf received during the same period in 2006. Prices for natural gas liquids (“NGL”) domestically rose to $49.72 per barrel for the full year 2007 from $38.70 per barrel in 2006, while fourth quarter 2007 NGL prices averaged $56.65 per barrel, a 73% increase over fourth quarter 2006 NGL prices of $32.82.

In New Zealand, the sales price of Swift Energy’s crude oil increased to $75.78 per barrel for the full year 2007 from $67.06 per barrel in 2006. Fourth quarter 2007 average crude oil prices in New Zealand were $91.10 per barrel, a 54% increase over prices for the same period in 2006. Also in New Zealand for the full year 2007, the Company received a higher natural gas price of $3.36 per Mcf from $2.99 per Mcf in 2006. Fourth quarter 2007 average natural gas prices received in New Zealand were $3.40 per Mcf under its current contracts, a 5% increase over the $3.24 per Mcf received in the same 2006 period. Swift Energy’s New Zealand NGL contracts yielded an average price of $30.91 per barrel for the full year 2007, up from $20.22 per barrel in 2006. Fourth quarter 2007 New Zealand NGL contracts yielded an average price of $36.82 per barrel compared to $26.17 in the 2006 quarter. New Zealand natural gas and NGL price contracts are remitted in New Zealand dollars, which had strengthened during the fourth quarter 2007 against the U.S. dollar, compared to the same period in 2006.

In 2007, Swift Energy drilled and completed 61 of 69 wells for an 88% success rate with 58 of 64 development wells completed (91% success rate). During the fourth quarter 2007, Swift Energy completed 25 of 27 wells. In Swift Energy’s South Louisiana Region, a water injection well was drilled in the Newport area located in the Lake Washington field, 1 exploratory well was drilled at Bay de Chene and 1 non-operated well was drilled at Bayou Sale. Additionally, 13 development wells were drilled in the AWP Olmos area and 5 of 7 development wells were completed in the Cotulla area in the Company’s South Texas region. In the South Bearhead Creek area located in the Toledo Bend region, drilling was completed on 4 development wells.

Swift Energy has 4 barge drilling rigs and 9 land rigs currently operating in its fields and 2 non-operated rigs. Three barge rigs are operating in the Lake Washington area and 1 barge rig is operating in the Cote Blanche Island field. In the South Texas region, there are 5 rigs operating with 3 land rigs operating in Swift Energy’s new Cotulla Area and 2 land rigs operating in our AWP Olmos area. Additionally, there are 2 lands rigs in the South Bearhead Creek area, and 1 rig operating in the Jeanerette area and another rig in the Masters Creek area. Non-operated wells are also being drilled in the Horseshoe Bayou area in Southern Louisiana and in the Chunchula area in Alabama.

In South Louisiana, Swift Energy’s Lake Washington average production rate for the fourth quarter of 2007 was 15,900 net barrels of oil equivalent per day (“Boe/d”), a 15% decrease over production there in the same period in 2006.

In Bay de Chene, Swift Energy completed the BDC #U7 exploration well (Pisces prospect), which was tested with production rates up to 2,100 Mcf/d on a 10/64th inch choke with 6,085 pounds flowing tubing pressure (“FTP”). This well is currently shut-in waiting on additional market outlets. Swift Energy production in the Bay de Chene area is currently market constrained and alternative outlets are being pursued by the Company.

Swift Energy currently plans to spend $425 million to $475 million in total capital expenditures in 2008, net of minor non-core dispositions and excluding any property acquisitions. Approximately 75% of the capital budget is targeted for activities in its South Louisiana region, with about 15% planned for activities in its South Texas region. For 2008, Swift Energy is targeting total (domestic) production to increase 10% to 15% and proved reserves to increase 5% to 9% over respective 2007 levels for continuing operations.

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 oil and natural gas reserves in the onshore and inland waters of Louisiana and Texas. Over the Company’s 28-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 press release 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, guidance or other statements other than statements of historical fact, are forward-looking statements. These statements are based upon assumptions that are subject to change and to risks, especially the availability of labor, services, supplies and facility capacity, results of exploratory and development drilling, volatility in oil or gas prices, uncertainty and costs of finding, replacing, developing or acquiring reserves, and disruption of operations 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. Estimates of future financial or operating performance provided by the Company are based on existing market conditions and engineering and geologic information available at this time. Actual financial and operating performance may be higher or lower. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions.