HOUSTON, January 21, 2004 – Swift Energy Company (NYSE: SFY) today filed a universal shelf registration statement with the Securities and Exchange Commission to allow Swift Energy to offer up to $350 million of Swift securities in the future. Offered securities may be common stock, debt securities, preferred stock, depositary shares or warrants, or any combination of such securities. Upon effectiveness of the registration statement, Swift may periodically offer one or more of these securities in amounts, prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement at the time of any such offering.

The registration statement relating to these securities has not yet been declared effective by the Securities and Exchange Commission. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective and a prospectus supplement setting forth the specific terms of the applicable offering is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.

Celebrating our 25th Anniversary this year, Swift Energy Company was founded in 1979 with its headquarters in Houston, Texas. Swift Energy 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. 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.