Domestic Update

Swift Energy also reported that production from its interests in the Lake Washington Field averaged over 8,500 gross (7,000 net) barrels of oil per day for the month of June 2003. The increase in the capital budget will be used in part to increase the facility capacity at Lake Washington to approximately 20,000 gross barrels per day. Facility upgrades are continuing on schedule in the field and are expected to be completed during the fourth quarter. The increased capital budget also enables the Company to drill a total of 60 to 70 wells in Lake Washington during 2003, or approximately 10 more wells than previously reported. Additionally, the Company is considering shooting 3-D seismic over a portion of the field.

Since the last report on June 2, Swift Energy has drilled seven additional wells in Lake Washington, all of which are awaiting completion operations and/or installation of flow lines. The Company has successfully drilled 28 out of 34 wells in the Lake Washington Field this year for an 82% success rate, with a 100% success rate during the second quarter. An exploration well drilled in this area during the second quarter, which reached a total true vertical depth of 3,486 feet in a deviated hole, found approximately 72 feet of net pay (true vertical depth) and had pipe successfully set. Also of note, the CM# 263 well, which was drilled as a deviated hole in this area on the southeast side of the salt dome, encountered approximately 222 feet of net pay (true vertical depth) in seven sands, including the F sand (77 feet net pay true vertical depth).

In the AWP/Olmos area located in McMullen County, Texas, Swift Energy recently finished drilling four natural gas wells of a 10 well 2003 program within the Company’s Entity for Density (“EFD”) permit. The EFD permit effectively allows the Company to further down space well locations and test new infill wells on 20-acre spacing. All four wells have been successfully drilled, two have been successfully completed and fracture stimulated and the other two are awaiting fracture stimulations. A drilling rig is scheduled to return later this year to resume drilling for natural gas in AWP.

New Zealand Update

In New Zealand, the Kauri-A4 well is expected to begin producing into the Rimu Production Station (“RPS”) this month. The Kauri-E1 well was drilled to a depth of approximately 8,777 feet true vertical depth in a deviated hole and encountered about 192 feet of net pay (true vertical depth). As expected, the Kauri Sand was encountered approximately 75 feet high to the penetration point in the Kauri-A4 well. Pipe has been successfully set in the Kauri-E1 well, and this well is being prepared for completion to produce into the RPS. The Kauri-E2 well will also target the Kauri Sand and begin drilling immediately after the Kauri-E1 well is finished with these completion operations. The Kauri-E2 well is expected to be completed by the end of the third quarter of 2003. Following the drilling of these wells, a fracture stimulation program is planned to improve production from the Rimu/Kauri area. The increased capital budget in New Zealand will enable the Company to continue with its successful development program in the Rimu/Kauri area as well as some further exploitation at TAWN.

Price Risk Management

Swift Energy also announced that since its last update on June 2, it has continued to enter into additional price risk management transactions. The Company recently purchased additional crude oil floors, which cover 60,000 barrels for August, at a strike price of $26.00 per barrel.

Earnings Conference Call

Swift Energy Company will announce second quarter earnings results Wednesday, August 6, 2003 at 9:00 a.m. CDT via a conference call, and a news release will be issued before the market opens. The dial-in number is 973-339-3086. Please dial-in five to ten minutes prior to the start of the call. A pass code is not required to participate in this call. The digital replay number is 973-341-3080 (Pin# 4017983) and will be available until August 14, 2003. In addition, this call will be webcast 'live' and archived through our website at http://www.swiftnergy.com.

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.