As previously announced in May 2001, SENZ and Genesis are also parties to a gas purchase agreement for the delivery to Genesis of up to 40 petajoules (approximately 38 billion cubic feet) of natural gas over a ten-year period. This new agreement suspends the original agreement during the term of the new agreement.

Under the new agreement, natural gas will be delivered to Genesis from production established through discoveries in New Zealand located within SENZ's Rimu/Kauri exploration permit and its Rimu mining permit. The natural gas deliveries will be used by Genesis Power at its Huntly Power Station, New Zealand's largest thermal power station.

In addition to SENZ’s existing production from the Tariki Sand in the Rimu mining permit, production is expected to begin this month from the Kauri Sand with initial production from the Kauri-A4 well. The Kauri-A4 well was completed in October of last year and successfully fractured stimulated in March 2003. SENZ recently drilled the Kauri-E1 well and plans to complete this well in the Kauri Sand in the next few weeks. Drilling of the Kauri-E2 well, also targeting the Kauri Sand, is scheduled to begin once these completion operations are finished. Production from the Kauri Sand will be delivered to the Rimu Production Station for processing and extraction of condensate and other liquids prior to the delivery of specification gas to Genesis. SENZ is planning a fracture stimulation program late in the third quarter 2003 in its effort to boost production from the Rimu/Kauri area.

Terry Swift, President and CEO of Swift Energy Company, noted that, "This second agreement with Genesis is a positive step toward SENZ’s developing role in supplying New Zealand with natural gas in the coming years. We continue to believe that our recent successes in New Zealand can play an important role in helping to fulfill the natural gas needs for the country as well as create value for the Company’s stakeholders."

Genesis Chief Executive Murray Jackson says the contract with Swift Energy is significant as it further secures the competitive positioning of New Zealand's largest thermal station at Huntly.

"The contract with Swift will result in greater flexibility and greater volumes of gas over our previous contract,” says Mr. Jackson. "This contract is an important addition to Genesis’ fuel portfolio in the coming years.

"Huntly will continue to have the versatility of using either gas or coal, and this new contract with Swift will help to offset reduced gas volumes following the redetermination of Maui reserves."

State-owned, Genesis Power has a diverse generation portfolio, including thermal, hydro, wind and co-generation plants. It is also one of New Zealand’s largest energy retail companies, with approximately 500,000 electricity and 100,000 gas customers.

Swift Energy New Zealand Ltd., as operator, holds a 100% interest in the exploration and mining permits where the Rimu, Kauri and Manutahi discoveries are located, which cover approximately 49,780 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. SENZ is an indirect, wholly owned subsidiary of Swift Energy Company.

Swift Energy Company 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 Texas and Louisiana and onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has consistently grown 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.