HOUSTON, June 13, 2008 – Swift Energy Company (NYSE: SFY) closed the previously announced disposition of certain of Swift Energy’s New Zealand assets with subsidiaries of Origin Energy Limited (“Origin Energy”) effective as of December 1, 2007, representing the major portion of the New Zealand assets held by Swift Energy subsidiaries. The final sales price of the property interests, which were sold, was $82.7 million and is subject to post closing adjustments. These proceeds will be utilized to pay down a portion of the outstanding balance on the Company’s bank line.

The close of the previously announced sale of Swift Energy Company’s remaining New Zealand assets is expected to occur in the next several months.

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. 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 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.