SWIFT ENERGY COMPANY NEWS

SWIFT ENERGY REPORTS RECORD FIRST QUARTER EARNINGS OF $0.92, UP 100% OVER PREVIOUS YEAR

HOUSTON, May 2, 2001 - Swift Energy Company (NYSE, PCX: SFY) announced today record revenues, earnings and cash flow from operations for the first quarter of 2001. Earnings for the first quarter (before the change in accounting principle related to SFAS No. 133) rose 137% to $22.7 million or $0.92 per basic share ($0.89 per diluted share), compared to earnings of $9.6 million or $0.46 per basic share ($0.43 per diluted share) in the first quarter of 2000.

Revenues in the first quarter 2001 rose 65% to $62.4 million from $37.7 million a year earlier.

Cash flow from operations, before changes in working capital, increased 83% to $48.0 million or $1.95 per share, compared to $26.2 million or $1.26 per share in the same quarter last year.

Swift’s record performance was primarily the result of higher natural gas prices, which rose 134% compared to 2000 first quarter prices. Average natural gas prices received in the quarter were $6.86 per thousand cubic feet (Mcf), compared to $2.93 per Mcf received a year earlier. Oil prices averaged $27.63 per barrel, up 1% from the previous year period. This provided a record composite average price for the quarter of $6.07 per thousand cubic feet equivalent. Natural gas accounted for 65% of total production during the quarter.

The Company reported first quarter oil and natural gas production of 10.3 billion cubic feet equivalent (Bcfe), compared to 10.5 billion cubic feet equivalent during the first quarter of 2000. This level of production was within the Company’s guideline for the quarter although at the lower end. The Company expects production in the second quarter to increase to between 11.5 and 12.6 Bcfe as a result of its increased activity while the target for the full year is 47.5 to 52 Bcfe.

As a result of the first-time effect of SFAS No. 133, which requires that oil and gas price derivatives be marked-to-market through earnings, in the first quarter the Company recorded a charge for the cumulative effect of this change in accounting principle of $0.4 million or $0.01 per basic and diluted share. Additionally, net income after the charge for the cumulative effect of the accounting change of $22.3 million or $0.91 per basic share ($0.88 per diluted share) includes the effect of a separate charge during the first quarter of $0.6 million as price risk cost.

The Company also reported today that during the first quarter it had participated in 13 development wells, all of which were successful, and one exploration well that is currently being completed.

This activity included five development wells in the Two Rivers Area of the AWP Olmos Field in McMullen County, Texas, three of which are currently on production and the other two awaiting final completion operations. Other operations in this area included 17 fracture enhancements and 11 coiled tubing installations during the quarter. One rig is currently drilling in this field.

The Company reported that it has two rigs currently drilling in the Masters Creek Field in Rapides Parish, Louisiana and two rigs drilling in the Brookeland Field in Newton County, Texas. Three wells were completed during the first quarter in the Masters Creek Field, with two currently on production while the third well is awaiting a pipeline connection. Four wells were drilled and completed in the Brookeland Field during the quarter, with all four now on production. Additionally, the Company completed a well in the South Burr Ferry Field in Vernon Parish, Louisiana during the first part of the second quarter, which is waiting on production facilities to be completed.

Additionally, during the first quarter the Company drilled and completed one development well in the Mikeska Field in Live Oak County, Texas.

As previously reported, the Company recently acquired a significant interest in the Lake Washington Field in Plaquemines Parish, Louisiana. A barge rig will be moving into this area in June with plans to drill up to eight wells in this area during 2001.

The Company currently is drilling four operated exploration prospects. These include the Post #1 (Nita Wilcox Prospect), the Kinnally #1 (Falcon Ridge Wilcox Prospect), the Foster Minerals #1 (Lion Woodbine Prospect) and the Mallet #1 (Sienna Frio Prospect). During the quarter, the Company participated in one exploratory well, the Vaughn #1 (Rome Frio Prospect) in the Garcia Ranch area, with pipe set and completion operations currently underway. A non-operated exploratory well in South Louisiana will begin drilling in early May.

As recently announced, in New Zealand the Company encountered the Upper Tariki sandstone and Upper Rimu limestone in the Rimu-A3 well and has set pipe over these intervals. The Kauri-A1 exploratory well has begun drilling and is expected to take approximately 60 days to drill and evaluate. A completion/workover rig has moved to the Rimu-A pad to prepare the Rimu-A1 well for extended production testing and begin completion operations on the Rimu-A2 and A3 wells. Limited production testing is currently underway at the Rimu-B pad. Estimates of production for 2001 have been reduced to between 1.5 and 2.0 Bcfe primarily due to expected constraints of testing equipment, trucking services and offloading facilities.

The Company has begun construction of production and gas processing facilities, which are initially designed to handle 3,500 barrels of oil per day and 10 million cubic feet of processed natural gas per day. The Company and New Zealand electricity generator, Genesis Power Limited, recently announced their agreement for the sale by Swift to Genesis of 40 petajoules (approximately 38 billion cubic feet) of natural gas over a 10-year period. Natural gas deliveries from Swift’s Rimu discovery in New Zealand will begin under this contract once production and gas processing facilities are completed, which is expected by the end of this year. The contract calls for deliveries of up to four petajoules (3.8 billion cubic feet) per year for ten years to be used by Genesis Power at their Huntly Power Station, New Zealand’s largest thermal power station. It is expected that the price under this contract will approximate $0.75 to $1.00 per thousand cubic feet at the wellhead.

Terry Swift, President of Swift Energy Company, noted that, “We are particularly proud to again report record financial results for the quarter. The Company is well positioned to achieve record results for another consecutive full year. We have a substantial inventory of identified development projects and an exciting list of significant exploration prospects along with our new field discovery in New Zealand that will enable the Company to meet its growth targets over the next few years.”

The Company will conduct a conference call and live webcast on Wednesday, May 2nd, at 9:00 a.m. Central Daylight Time, in conjunction with this first quarter earnings release. To participate in this conference call dial (973) 628-9554 five to ten minutes before the start of the call and indicate your intention to participate in the Swift Energy conference call. This call will be available for digital replay until May 9, 2001 by dialing (973) 341-3080 using pin # 2537215. Additionally, the conference call will be available by accessing the Company’s website at www.swiftenergy.com and clicking on the event icon (“Vcall”).

Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves as well as onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has achieved outstanding growth rates in proved oil and gas reserves, production, and cash flow over the last five years through a disciplined program of acquisition 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, 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 volatility in oil or gas prices, and lately availability of services and supplies. 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.

Three Months Ended March 31, 2001

Amount

Per Mcfe

Revenues:

    Oil & Gas Sales

$ 6.07

    Other Revenues

(0.03)

        Total Revenues

$ 62,392

$ 6.04

Costs & Expenses:

    General and Administrative, Net

1,884

0.18

    Depreciation, Depletion & Amortization

13,387

1.30

    Oil & Gas Production Costs

0.87

    Interest Expense, Net

0.25

        Total Costs & Expenses

2.60

Income Before Income Taxes and Cumulative Effect

Provision for Income Taxes

Income Before Cumulative Effect

 22,720

 2.20

Additional Information:

    Capital Expenditures

$ 100,015

    Capitalized General & Administrative

$ 2,173

    Capitalized Interest Expense

$ 1,543

    Deferred Income Taxes

$ 12,213