SWIFT ENERGY ANNOUNCES 2003 THIRD QUARTER RESULTS: NET INCOME TRIPLES TO $7.1 MILLION OR $0.26 PER SHARE WITH RECORD TOTAL QUARTERLY PRODUCTION UP 12% TO 13.6 BCFE -- 11-5-03

HOUSTON, November 5, 2003 - Swift Energy Company (NYSE: SFY) announced today that as a result of higher realized prices and increased production net income increased 263% for the third quarter of 2003 to $7.1 million, or $0.26 per diluted share, compared to $1.9 million, or $0.07 per diluted share, in the third quarter of 2002. Total revenue for the third quarter 2003 totaled $51.6 million, an increase of 41% from total revenue of $36.6 million during the third quarter of 2002.

Total quarterly production of 13.6 billion cubic feet equivalent (“Bcfe”) represents a record level for Swift Energy, comprised of 8.7 Bcfe of domestic production and 4.9 Bcfe of production in New Zealand. This is an increase of 12% from the 12.2 Bcfe (8.1 Bcfe domestic and 4.1 Bcfe New Zealand) of production reported in the third quarter of 2002. Production growth in the third quarter of 2003 resulted predominately from additional production at Lake Washington and in New Zealand. Total production in the third quarter of 2003 increased 3% from 13.3 Bcfe of production in the second quarter of 2003. This is the fourth consecutive increase in total quarterly production.

Terry Swift, President and CEO of Swift Energy Company, noted, “We are particularly pleased with our results this quarter as we have continued to show material progress during the year towards achieving the commercial and strategic objectives that we set out to accomplish at the beginning of this year. One of the major accomplishments this year is the completion of significant facility capacity upgrades in the Lake Washington Field, which will expand our facility capacity to more than 20,000 barrels per day. These upgrades in infrastructure, which will be completed during this fourth quarter 2003, will eliminate the current facility constraints and provide the Company with multiple market outlets for our crude oil. This will achieve a two-fold objective of first increasing our productive capabilities in the field and assist in driving down our costs on a per-unit basis. We are on course to achieve approximately 7% – 9% production growth this year. Based upon our current drilling program for 2004, we expect production to grow at a rate of 10% - 15% next year, driven predominately by growth in Lake Washington and New Zealand.”

Nine-Month Results

Through the first nine months of 2003, production totaled 39.8 Bcfe, an increase of 7% from 37.2 Bcfe produced during the same period in 2002. Total revenue for the first nine months of 2003 was $155.8 million, up 42% from $109.5 million of total revenue during the same period last year. During the first three quarters of 2003, net income before accounting change (excluding the effect of SFAS 143 implemented January 1, 2003) increased 190% to $24.8 million ($0.90 per diluted share) from $8.6 million ($0.32 per diluted share) over the same period last year. Net income during this nine-month period was $20.4 million or $0.74 per diluted share, including the cumulative effect of this accounting change. Increased revenues and net income during the first three quarters of 2003 are primarily the result of higher commodity prices and, to a lesser extent, increased production.

Expenses

Lease operating expenses, before severance and ad valorem taxes, were $0.64 per thousand cubic feet equivalent (“Mcfe”) during the third quarter of 2003, an increase of 5% compared to $0.61 per Mcfe in the same quarter of 2002. The increase was predominately due to some of the facility enhancement costs in Lake Washington. General and administrative expenses increased to $0.27 per Mcfe during this quarter compared to $0.20 per Mcfe in the same quarter of 2002. This increase was mainly attributable to front-end costs associated with the increased activity at Lake Washington and corporate governance expenses. Depreciation, depletion and amortization was $1.18 per Mcfe in the third quarter 2003 compared to $1.10 per Mcfe in the comparable quarter last year, and interest expense was $0.49 per Mcfe compared to $0.54 per Mcfe for the same periods. Also, severance and ad valorem taxes were up appreciably due to higher commodity prices and the higher severance rates on crude oil from our increased crude oil production in Louisiana.

Production

Domestic production in the third quarter of 2003 increased 9% to 8.7 Bcfe from the third quarter 2002 production of 8.1 Bcfe, and this was a 3% increase from the 8.5 Bcfe in production in the second quarter of 2003. Crude oil accounted for 52% of domestic volumes in the third quarter of 2003, with 36% coming from natural gas and 12% from natural gas liquids.

In New Zealand, Swift Energy New Zealand Limited (“SENZ”) produced 4.9 Bcfe in the third quarter 2003, an 18% increase over production in the same quarter last year. Approximately 80% of the production for the third quarter was delivered from the TAWN fields, however for the month of September, the Rimu/Kauri area accounted for approximately 28% of the production contrasted against 14% of the production for the month of July. Increased production from Rimu/Kauri during September is attributable to the Kauri E1 & E2 wells, which were brought on production at that time. New Zealand third quarter production was up 2% from second quarter 2003 levels. Natural gas accounted for 72% of these volumes produced during the third quarter 2003.

Combined production volumes for the third quarter 2003 from both domestic and New Zealand activities were 49% natural gas, 40% crude oil and 11% natural gas liquids.

Pricing

For the third quarter of 2003, crude oil prices were up while natural gas prices were down, both as compared to their respective prices in the second quarter of 2003. However, both commodities were up substantially over their respective prices in the third quarter of 2002. Realized average domestic natural gas prices received in the third quarter of 2003 were $4.63 per thousand cubic feet (“Mcf”), down 10% from prices in the second quarter of 2003, but up 52% from the average of $3.06 per Mcf received in the third quarter of 2002. Meanwhile, average domestic crude oil prices in the third quarter 2003 were up 4% to $29.33 per barrel compared to prices in the second quarter of 2003, but 9% higher than prices for the same quarter last year. Domestic prices for natural gas liquids also increased when compared to those in the comparable period last year, with a composite average domestic price of $4.56 per Mcfe for the third quarter of 2003, 29% more than the $3.53 per Mcfe received in the same quarter of 2002.

In New Zealand, SENZ has seen its average composite realized price increase for the seventh straight quarter, in the most recent quarter due to higher crude oil prices, a tightening New Zealand gas market and a beneficial currency exchange rate in the most recent quarter. The composite average price for New Zealand in the third quarter 2003 was $2.48 per Mcfe, a 9% increase over prices received in the second quarter 2003, and a 26% increase over prices received in the third quarter of the previous year. Similar increases over prices received in the same quarter last year were seen on an individual product basis, with SENZ receiving an average price of $1.87 per Mcf for its natural gas in the third quarter of 2003, a 46% increase from $1.28 received in the third quarter of 2002; an average crude oil price of $28.83 per barrel in the third quarter of 2003, up 21% from $23.76 per barrel averaged in the 2002 period; and $13.76 per barrel for natural gas liquids in the third quarter of 2003, a 25% increase from $11.03 per barrel averaged in the third quarter of 2002.

Domestic Operations

Swift Energy has spent considerable time and capital in 2003 on significant facility capacity upgrades in the Lake Washington Field in Plaquemines Parish, Louisiana to increase facility capacity to more than 20,000 barrels per day (“b/d”) for crude oil up from 9,000 b/d capacity in the first quarter 2003. Facility upgrades, most of which have been recently completed, and the commissioning of these upgrades, have led to numerous planned production shut-in periods during the third and fourth quarter of 2003. The Company has upgraded three production platforms, added new compression for the gas lift system, and installed a new oil delivery system (“ODS”) and permanent Barge Loading Facility (“BLF”). This makes multiple crude oil market outlets available to the Company, in addition to eliminating the current capacity constraints. Two production platforms upgrades were completed last month, and work recently commenced on the third platform and the associated compression facilities. This platform should be resuming production this month.

Swift Energy successfully drilled 13 of 17 wells domestically in the third quarter 2003. There were 12 development wells and five exploration wells. In Lake Washington, the Company successfully drilled nine of 11 development wells and with a 100% success rate on three exploration wells. In other operated areas, Swift Energy had a successful development well in the Wilcox sands in South Texas, which is expected to be completed and placed on production during fourth quarter 2003, but had two unsuccessful exploration wells in the Garcia Ranch area. For the first nine months of 2003, the Company has successfully drilled 45 out of 55 domestic wells.

Currently, Swift Energy has two rigs drilling in the Lake Washington area and plans to release one of these late in the fourth quarter. The Company has begun work on a Lake Washington 3-D seismic shoot scheduled in the first half of 2004, the results of which should be available for our 2005 drilling activity. The Company is currently drilling a well in the Brookeland Field in Newton County, Texas and plans to have two rigs in the AWP Olmos area to drill six wells by the end of 2003. The Company also plans to spud a development well in the Masters Creek Field, Vernon Parish, Louisiana by the end of November.

New Zealand Operations

The Kauri-E1 and Kauri-E2 wells were completed and fracture stimulated in the third quarter, as previously announced. Both the Kauri-E1 & E2 wells and the Kauri-A4 well are producing from the Kauri sand. A fourth well targeting the Kauri sand, the Kauri-E3 well, is planned to spud in the fourth quarter. The re-entry of the Tuihu exploration well targeting the Tariki and Kapuni sands was plugged and abandoned in October.

As previously announced, SENZ entered into a new agreement during the third quarter with Genesis Power for the sale to Genesis of up to 8 petajoules of natural gas (approximately 7.2 billion cubic feet) per year over a three-year period that began July 8, 2003. The natural gas deliveries will be used by Genesis Power at its Huntly Power Station, New Zealand's largest thermal power station.

Bank Borrowing Base

After a regular review by its bank group, Swift Energy’s borrowing base was recently increased to $250 million effective November 1, an increase of $55 million from the previous level of $195 million. The Company, however, has maintained the commitment amount at $150 million. Under the terms of its credit facility, the Company can increase the commitment amount up to the new total amount of the borrowing base at its discretion.

Price Risk Management

Swift Energy also announced that since its last update on September 2, it has continued to enter into additional price risk management transactions. The Company recently purchased additional natural gas floors that cover 200,000 million British thermal units (“MMBtu”) per month for the first quarter of 2004, all at a strike price of $4.75 per MMBtu.

Earnings Conference Call

Swift Energy Company will announce third quarter earnings results today, November 5, 2003 at 9:00 a.m. CST via a conference call. The dial-in number is 973-339-3086. Please dial-in five to ten minutes before the start of the earnings call. This call will be available for digital replay until November 12, 2003 by dialing 973-341-3080 (Pin# 4217928). In addition, this call will be webcast 'live' in a listen only mode and archived through our website at http://www.swiftenergy.com for up to 90 days.

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, 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 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.

SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION
(UNAUDITED)
In Thousands Except Per Share and Price Amounts

	Three Months Ended			Nine Months Ended
	September 30,			September 30,
	2003	2002	Percent Change	2003	2002	Percent Change
Revenues
Oil & Gas Sales	$ 52,087	$ 36,592	42%	$ 157,847	$ 101,537	55%
Other	(534)	(21)	NM	(2,077)	7,958	NM
Total Revenue	$ 51,553	$ 36,571	41%	$ 155,770	$ 109,495	42%

Net Income Before Accounting Change¹	$ 7,063	$ 1,947	263%	$ 24,769	$ 8,551	190%

Basic EPS, Before Accounting Change	$ 0.26	$ 0.07	256%	$ 0.91	$ 0.33	177%

Diluted EPS, Before Accounting Change	$ 0.26	$ 0.07	256%	$ 0.90	$ 0.32	179%

SFAS 143 Accounting Change	---	---	---	$ (4,377)	---	NM
Per Share	---	---	---	$ (0.16)	---	NM

Net Income	$ 7,063	$ 1,947	263%	$ 20,392	$ 8,551	138%
Basic EPS	$ 0.26	$ 0.07	256%	$ 0.75	$ 0.33	128%

Diluted EPS	$ 0.26	$ 0.07	256%	$ 0.74	$ 0.32	130%

Net Cash Provided By Operating Activities	$ 30,500	$ 20,109	52%	$ 84,022	$ 55,694	51%

Net Cash Provided By Operating
Activities, Per Diluted Share	$ 1.10	$ 0.74	49%	$ 3.06	$ 2.10	45%

Cash Flow Before Working Capital
Changes² (non-GAAP measure)	$ 27,673	$ 16,555	67%	$ 86,058	$ 48,291	78%
Cash Flow Before Working Capital
Changes, Per Diluted Share	$ 1.00	$ 0.61	64%	$ 3.13	$ 1.82	72%

Weighted Average Shares
Outstanding (WASO)	27,424	26,889	2%	27,326	26,112	5%

EBITDA² (non-GAAP measure)	$ 34,152	$ 23,069	48%	$ 105,813	$ 71,524	48%

Production (Bcfe):	13.6	12.2	12%	39.8	37.2	7%
Domestic	8.7	8.1	9%	25.0	26.6	(6%)
New Zealand	4.9	4.1	18%	14.8	10.5	41%

Realized Price ($/Mcfe):	$3.82	$3.00	27%	$3.97	$2.73	45%
Domestic	$4.56	$3.53	29%	$4.96	$3.09	61%
New Zealand	$2.48	$1.97	26%	$2.30	$1.83	26%

	As of September 30, 2003	As of December 31, 2002
	(Unaudited)

Assets: Current Assets:
Cash and Cash Equivalents	$ 2,678	$ 3,816
Other Current Assets	29,575	25,952
Total Current Assets	32,253	29,768

Oil and Gas Properties	1,330,561	1,220,237
Other Fixed Assets	10,205	9,596
Less-Accumulated DD&A	(551,096)	(504,324)
	789,670	725,509
Other Assets	8,714	11,729
	$ 830,637	$ 767,006

Liabilities:
Current Liabilities	$ 57,723	$ 46,884
Long-Term Debt	336,233	324,272
Deferred Income Taxes	39,248	30,777
Asset Retirement Obligation	9,835	---
Stockholders’ Equity	387,598	365,073
	$ 830,637	$ 767,006

	Three Months Ended				Nine Months Ended

	Sept. 30, 2003		Per Mcfe		Sept. 30, 2003		Per Mcfe

Revenues:
Oil & Gas Sales	$	52,087	$	3.82	$	157,847	$	3.97
Other Revenue		(534)		(0.04)		(2,077)		(0.05)
		51,553		3.78		155,770		3.92

Costs and Expenses:
General and administrative, net		3,670		0.27		10,565		0.27
Depreciation, Depletion & Amortization		16,042		1.18		46,631		1.17
Accretion of asset retirement obligation (ARO)		206		0.02		624		0.02
Oil & Gas Production Costs		8,664		0.64		25,149		0.63
Severance & Ad Valorem Taxes/Royalty		5,066		0.37		14,243		0.36
Interest Expense, Net		6,749		0.49		20,107		0.51
Total Costs & Expenses		40,399		2.96		117,319		2.95


Income before Income Taxes & Change in
Accounting Principle		11,153		0.82		38,451		0.97
Provision for Income Taxes		4,091		0.30		13,682		0.34
Income Before Changes in
Accounting Principle	$	7,063	$	0.52	$	24,769	$	0.62
Cumulative Effect of Change in
Accounting Principle (SFAS 143)		---		---		4,377		0.11
Net Income	$	7,063	$	0.52	$	20,392	$	0.51


Additional Information:
Capital Expenditures	$	39,250			$	101,511
Capitalized General & Administrative	$	2,294			$	6,963
Capitalized Interest Expense	$	1,663			$	5,157
Deferred Income Tax	$	3,915			$	13,376

	Nine Months Ended,
	September 30, 2003	September 30, 2002
Cash Flows From Operating Activities:
Net Income	$ 20,392	$ 8,551
Adjustments to reconcile net income to net cash
provided by operating activities -
Cumulative effect of changes in accounting principle	4,377	---
Depreciation, depletion, and amortization	46,631	41,790
Accretion of asset retirement obligation (ARO)	624	---
Deferred income taxes	13,376	4,554
Gain on asset disposition	---	(7,333)
Other	659	729
Change in assets and liabilities -
(Increase) decrease in accounts receivable, excluding
income taxes receivable	(3,896)	1,264
Increase in accounts payable and accrued liabilities	1,860	5,540
Decrease in income taxes receivable	---	600

Net Cash Provided by Operating Activities	84,022	55,694

Cash Flows From Investing Activities:
Additions to property and equipment	(101,511)	(132,522)
Proceeds from the sale of property and equipment	3,840	11,526
Net cash distributed as operator of oil & gas properties	(989)	(4,247)
Net cash received (distributed) as operator of partnerships and joint ventures	472	(26,528)
Other	(90)	_ 68

Net Cash Used in Investing Activities	(98,278)	(151,702)

Cash Flows From Financing Activities:
Proceeds from long-term debt	---	200,000
Net proceeds from (payments of) bank borrowings	11,900	(129,500)
Net proceeds from issuance of common stock	1,218	31,330
Payments of debt issuance costs	---	(6,257)

Net Cash Provided by Financing Activities	13,118	95,573

Net Increase (Decrease) in Cash and Cash Equivalents	(1,138)	(435)

Cash and Cash Equivalents at the Beginning of the Period	3,816	2,149

Cash and Cash Equivalents at the End of the Period	$ 2,678	$ 1,714

	Three Months Ended,
	Sept. 30, 2003	Sept. 30, 2002
NET INCOME TO EBITDA RECONCILIATIONS:

Net Income	$ 7,063	$ 1,947	263%
Provision for Income taxes	4,091	986
Cumulative Effect of Accounting Change	---	---
Interest Expense, Net	6,749	6,648
Depreciation, Depletion & Amortization & ARO	16,249	13,487
EBITDA	$ 34,152	$ 23,069	48%

	Three Months Ended ,			Three Months Ended,
	Sept. 30, 2003	June 30, 2003	Percent Change	Sept. 30, 2002	Percent Change

Total Company Production:
Oil & Natural Gas Equivalent (Bcfe)	13.64	13.27	3%	12.21	12%
Natural Gas (Bcf)	6.65	7.08	(6%)	6.76	(2%)
Crude Oil (MBbl)	917	822	12%	683	34%
NGLs (MBbl)	247	211	17%	225	10%

Domestic Production:
Oil & Natural Gas Equivalent (Bcfe)	8.76	8.48	3%	8.07	9%
Natural Gas (Bcf)	3.14	3.59	(12%)	3.95	(20%)
Crude Oil (MBbl)	756	676	12%	517	46%
NGLs (MBbl)	179	140	28%	170	6%

New Zealand Production:
Oil & Natural Gas Equivalent (Bcfe)	4.88	4.79	2%	4.14	18%
Natural Gas (Bcf)	3.51	3.48	1%	2.81	25%
Crude Oil (MBbl)	160	146	10%	166	(3%)
NGLs (MBbl)	68	72	(5%)	56	22%


Total Company Average Prices:
Combined Oil & Natural Gas ($/Mcfe)	$ 3.82	$ 3.84	(1%)	$ 3.00	27%
Natural Gas ($/Mcf)	$ 3.17	$ 3.47	(9%)	$ 2.32	37%
Crude Oil ($/Bbl)	$ 29.24	$ 27.97	5%	$ 26.17	12%
NGLs ($/Bbl)	$ 16.81	$ 15.81	6%	$ 13.58	24%