HOUSTON, August 29, 2008 – Swift Energy Company (NYSE: SFY) announced that yesterday it began implementing standard shut-down procedures in its coastal Louisiana properties including the Lake Washington Field in Plaquemines Parish, Bay de Chene Field in Jefferson and Lafourche Parishes, and Horseshoe Bayou Field, Bayou Sale Field and Cote Blanche Island Field, in St. Mary’s Parish, due to the risk of adverse weather conditions currently anticipated from approaching Tropical Storm Gustav. All nonessential personnel and equipment are being evacuated from these fields. Preparations are being made to quickly evacuate all remaining employees and contract personnel and shut down all operational activities in these areas if the Company’s crisis management procedures are activated.

Safety arrangements conducted in these fields currently include preparations to secure the well bores of three drilling rigs in Lake Washington and two drilling rigs in Bay de Chene. Once secured, these rigs will be towed to safe harbor. Securing the well bores and towing the rigs to safe harbor requires approximately three days. One drilling rig, currently under tow to a new location, is being diverted to safe harbor. One completion rig in Lake Washington is being moved to protected waters. Production from Cote Blanche Island will be shut-in today. If storm conditions dictate, Swift Energy’s remaining coastal Louisiana fields will be shut-in and personnel evacuated by Sunday, August 31. Current 2008 production and operational forecasts will be updated if necessary once the impact of Tropical Storm Gustav on Swift Energy’s operations is known.

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.