Latest Fundamentals - Swift Energy

Three Months Ended

Six Months Ended

June 30,

June 30,

2008 2007 Percent Change 2008 2007 Percent Change

Revenues:

Oil & Gas Sales
$263,184

$156,311

68%

$463,157

$286,533

62%

Other
(503)

99

NM%

(1,516)

(44)

NM%

------------ -------------- ------------ ------------

Total Revenue
$262,681

$156,410

68%

$461,641

$286,489

61%

Income From Continuing Operations
$83,245

$30,523

173%

$133,080

$56,968

134%

Basic EPS – Continuing Operations
$2.72

$1.02

167%

$4.37

$1.91

129%

Diluted EPS – Continuing Operations
$2.66

$1.00

166%

$4.27

$1.86

129%

Net Cash Provided By Operating Activities – Continuing Operations
$155,053

$114,808

35%

$294,743

$193,383

52%

Net Cash Provided By Operating Activities, Per Diluted Share – Continuing Operations
$4.95

$3.75

32%

$9.46

$6.33

50%

Cash Flow Before Working Capital Changes(1) (non-GAAP measure) – Continuing Operations
$184,385

$107,817

71%

$320,637

$192,023

67%

Cash Flow Before Working Capital Changes, Per Diluted Share – Continuing Operations
$5.88

$3.52

67%

$10.29

$6.28

64%

Weighted Average Shares Outstanding (Diluted)
$31,341

30,613

(2)%

31,149

30,554

(2)%

EBITDA(1) (non-GAAP measure)
$196,950

$100,056

97%

$337,430

$190,782

77%

Production (MBoe) – Continuing Operations:
2,694

2,589

4%

5,264

5,123

3%

Realized Price ($/Boe) – Continuing Operations:
$97.70

$60.37

62%

$87.98

$55.93

57%

(1) See reconciliation on page 6. Management believes that the non-GAAP measures EBITDA and cash flow before working capital changes are useful information to investors because they are widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. Many investors use the published research of these analysts in making their investment decisions.

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SWIFT ENERGY COMPANY
SUMMARY INCOME STATEMENT INFORMATION (Unaudited)
- In Thousands Except Per BOE Amounts -

	Three Months Ended		Six Months Ended
	June 30, 2008	Per Boe	June 30, 2008	Per Boe

Revenues:
Oil & Gas Sales	$263,184	$97.70	$463,157	$87.98
Other Revenue	(503)	(0.18)	(1,516)	(0.28)
	-----------------	-----------------	-----------------	-----------------
	262,681	97.52	461,641	87.70
	-----------------	-----------------	-----------------	-----------------
Costs and Expenses:
General and Administrative, net	10,291	3.82	20,210	3.84
Depreciation, Depletion & Amortization	57,280	21.26	109,774	20.85
Accretion of Asset Retirement Obligation (ARO)	467	0.17	921	0.17
Lease Operating Costs	28,584	10.61	55,009	10.45
Severance & Other Taxes	26,856	9.97	48,992	9.31
Interest Expense, Net	8,231	3.06	16,921	3.21
	-----------------	-----------------	-----------------	-----------------
Total Costs & Expenses	$131,709	$48.90	$251,827	$47.84
	-----------------	-----------------	-----------------	-----------------

Income from Continuing Operations Before Income Taxes	130,972	48.62	209,814	39.86
Provision for Income Taxes	47,727	17.72	76,734	14.58
	-----------------	-----------------	-----------------	-----------------
Income from Continuing Operations	$83,245	$30.90	$133,080	$25.28
Loss from Discontinued Operations, Net of Taxes	(1,326)	NM	(2,800)	NM
	=========	=========	=========	=========
Net Income	$81,919	NM	$130,280	NM
	=========	=========	=========	=========

Additional Information:
Capital Expenditures	$142,560		$318,962
Capitalized Geological & Geophysical	$7,350		$13,761
Capitalized Interest Expense	$1,960		$3,921
Deferred Income Tax	$45,302		$73,730

Note: Items may not total due to rounding.

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SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)
- In Thousands -

	Six Months Ended
	June 30, 2008		June 30, 2007
Cash Flows From Operating Activities:
Net Income		$130,280		$59,098
Plus (Income) Loss From Discontinued Operations, Net of Taxes		2,800		(2,130)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities -
Depreciation, Depletion, and Amortization		109,774		85,576
Accretion of Asset Retirement Obligation (ARO)		921		690
Deferred Income Taxes		73,730		33,473
Stock Based Compensation Expense		5,965		5,147
Debt Retirement Cost – Cash and Non-Cash		---		12,765
Other		(2,833)		(2,596)
Change in Assets and Liabilities -
(Increase)/Decrease in Accounts Receivable		(31,948)		5,762
Increase/(Decrease) in Accounts Payable and Accrued Liabilities		6,493		(1,531)
Decrease in Income Taxes Payable		(79)		(974)
Decrease in Accrued Interest		(360)		(1,897)
		-----------------		-----------------
Cash Provided by Operating Activities – Continuing Operations		294,743		193,383
Cash Provided by Operating Activities – Discontinued Operations		6,690		12,672
		-----------------		-----------------
Net Cash Provided by Operating Activities		301,433		206,055
		-----------------		-----------------
Cash Flows From Investing Activities:
Additions to Property and Equipment		(318,962)		(199,373)
Proceeds from the Sale of Property and Equipment		113		215
Net Cash Received as Operator of Partnerships and Joint Ventures		---		485
		-----------------		-----------------
Cash Used in Investing Activities – Continuing Operations		(318,849)		(198,673)
Cash Provided by (Used) in Investing Activities – Discontinued Operations		80,731		(7,536)
		-----------------		-----------------
Net Cash Used in Investing Activities		(238,118)		(206,209)
		-----------------		-----------------
Cash Flows From Financing Activities:
Proceeds From Long-Term Debt		---		250,000
Payments of Long-Term Debt		---		(200,000)
Net Payments of Bank Borrowings		(62,800)		(31,400)
Net Proceeds From Issuance of Common Stock		7,313		2,244
Excess Tax Benefits From Stock-Based Awards		1,083		---
Purchase of Treasury Shares		(1,387)		(955)
Payments of Debt Retirement Costs		---		(9,376)
Payments of Debt Issuance Costs		---		(4,201)
		-----------------		-----------------
Cash Provided by (Used) in Financing Activities – Continuing Operations		(55,791)		6,312
Cash Provided by Financing Activities – Discontinued Operations		---		---
		-----------------		-----------------
Net Cash Provided by Financing Activities		(55,791)		6,312
		-----------------		-----------------
Net Increase in Cash and Cash Equivalents		7,524		6,158
Cash and Cash Equivalents at the Beginning of the Period		5,623		1,058
		-----------------		-----------------
Cash and Cash Equivalents at the End of the Period		$13,147		$7,216
		=========		=========

Note: Items may not total due to rounding.

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SWIFT ENERGY COMPANY
Reconciliation of GAAP(a) to non-GAAP Measures
(UNAUDITED)
In Thousands

Three Months Ended

June 30, 2008

June 30, 2007

INCOME TO EBITDA RECONCILIATIONS:

   Income from Continuing Operations

$83,245

$30,523

173%

   Provision for Income Taxes

47,727

18,034

   Interest Expense, Net

8,231

7,296

   Depreciation, Depletion & Amortization & ARO (b)
57,747

44,203

------------------ ------------------

EBITDA
$196,950

$100,056

97%

========= =========

Six Months Ended

June 30, 2008

June 30, 2007

   Income from Continuing Operations

$133,080

$56,968

134%

   Provision for Income Taxes

76,734

33,506

   Interest Expense, Net

16,921

14,042

   Depreciation, Depletion & Amortization & ARO (b)
110,695

86,266

------------------ ------------------

EBITDA
$337,430

$190,782

77%

========= =========

Three Months Ended

June 30, 2008

June 30, 2007

CASH FLOW RECONCILIATIONS:

Net Cash Provided by Operating Activities – Continuing Operations

$155,053

$114,808

35%

   Increases and Decreases In:

      Accounts Receivable

34,220

(5,176)

      Accounts Payable and Accrued Liabilities
(7,443)

(5,730)

      Income Taxes Payable
658

90

      Accrued Interest
1,897

3,825

------------------ ------------------

Cash Flow Before Working Capital Changes – Continuing Operations
$184,385

107,817
71%

========= =========

Six Months Ended

June 30, 2008

June 30, 2007

Net Cash Provided by Operating Activities – Continuing Operations

$294,743

$193,383

52%

   Increases and Decreases In:

      Accounts Receivable

31,948

(5,762)

      Accounts Payable and Accrued Liabilities
(6,493)

1,531

      Income Taxes Payable
79

974

      Accrued Interest
360

1,897

------------------ ------------------

Cash Flow Before Working Capital Changes – Continuing Operations
$320,637

$192,023
67%

========= =========

(a)GAAP—Generally Accepted Accounting Principles
(b)Includes accretion of asset retirement obligation

Note: Items may not total due to rounding.

This statement should be read in conjunction with the attached press release (also in PDF format).

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SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION(1)
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(UNAUDITED)

Three Months Ended

Three Months Ended

June 31, 2008

Mar. 31, 2008

Percent
Change

June 30, 2007

Percent
Change

Domestic Production :

   Oil & Natural Gas Equivalent (MBoe)
2,694

2,570

5%

2,589

4%

   Natural Gas (Bcf)
5.53

5.01

10%

3.50

58%

   Crude Oil (MBbl)
1,482

1,420

4%

1,872

(21)%

   NGL (MBbl)
290

316

(8)%

134

116%

Domestic Average Prices:

   Combined Oil & Natural Gas ($/Boe)
$97.70

$77.80

26%

$60.37

62%

   Natural Gas ($/Mcf)
$10.49

$7.97

32%

$7.56

39%

   Crude Oil ($/Bbl)
$125.20

$99.43

26%

$66.20

89%

   NGL ($/Bbl)
$67.73

$59.80

13%

$44.22

53%

(1) Does not include production and pricing information for our New Zealand activities, which have been included in discontinued operations in our financial statements.

SWIFT ENERGY COMPANY
SUMMARY BALANCE SHEET INFORMATION (Unaudited)
- In Thousands -

	As of June 30, 2008	As of December 31, 2007

Assets: Current Assets:
Cash and Cash Equivalents	$13,147	$5,623
Other Current Assets	133,096	97,778
Current Assets Held for Sale	564	96,549
	------------------	------------------
Total Current Assets	146,807	199,950

Oil and Gas Properties	3,015,882	2,717,112
Other Fixed Assets	35,169	33,064
Less-Accumulated DD&A	(1,100,632)	(989,981)