Production increased 6% for the first quarter of 2007 to 17.5 billion cubic feet equivalent (“Bcfe”) from the 16.6 Bcfe produced in the first quarter of 2006 due to the recent South Louisiana acquisitions and increased output at Lake Washington. Production decreased sequentially 6% from the 18.6 Bcfe produced in the fourth quarter of 2006, due primarily to natural production declines and maintenance in New Zealand as well as facility downtime from maintenance and repairs in the Lake Washington field. First quarter 2007 production included domestic production of 15.2 Bcfe, a 19% increase, and 2.3 Bcfe produced in New Zealand, a 40% decrease, in both cases when compared to production in the same period in 2006.

Terry Swift, Chairman and CEO of Swift Energy, remarked, "Swift Energy has started 2007 with another exciting exploration discovery in our South Louisiana region. The Faria prospect produced over 17 MMcfe/d in recent production tests from two zones in the Bay de Chene field and is another success achieved through our technology led strategy. We have built an expansive exploration inventory that we will exploit throughout the remainder of the year and over the next several years. Our principal goal for 2007 is to continue the Swift Energy legacy of growth by meeting our production and reserves targets. Swift Energy’s performance in the first quarter puts us on the path for another great year in 2007.”

Total revenues for the first quarter of 2007 increased 4% to $141.1 million from the $136.2 million of revenues generated in the first quarter of 2006. This revenue increase is attributable to Swift Energy’s increased levels of domestic production, offset by lower commodity prices and decreased production in New Zealand.

Depreciation, depletion and amortization expense of $2.72 per thousand cubic feet equivalent (“Mcfe”) in the first quarter 2007 increased from $2.13 per Mcfe in the comparable period in 2006 primarily as a result of increased estimates for future development costs and amortization of increased capital expenditures during the last twelve months. Lease operating expenses, before severance and ad valorem taxes, were $1.05 per Mcfe in the first quarter 2007, an increase of 20% compared to $0.87 per Mcfe for these expenses in the first quarter of 2006. The increase was predominately due to increased processing expenses, insurance expenses and general industry inflation. Also, severance and ad valorem taxes were up appreciably to $0.96 per Mcfe from $0.89 per Mcfe in the comparable period due primarily to Swift Energy’s increased crude oil production in Louisiana, with the commensurate higher severance tax rate on Louisiana crude oil and increased domestic production.

General and administrative expenses increased to $0.49 per Mcfe during the first quarter 2007 from $0.46 per Mcfe in the same period in 2006. This increase was primarily attributable to increased staffing levels and to expensing of stock-based compensation. Interest expense increased 9% to $0.39 per Mcfe in the first quarter 2007 compared to $0.35 per Mcfe for the same period in 2006, due to borrowings under our credit facility to fund a portion of our acquisition of additional properties in our South Louisiana region in October of 2006.

Swift Energy’s first quarter 2007 production totaled 17.5 Bcfe, an increase of 6% from the 16.6 Bcfe produced in the same quarter of 2006. First quarter 2007 domestic production increased 19% to 15.2 Bcfe from the 12.8 Bcfe produced in the same quarter in 2006 primarily due to increased production from our South Louisiana region consisting of Lake Washington, Bay de Chene and Cote Blanche Island fields and the five additional fields purchased in the fourth quarter of 2006. Compared to the fourth quarter 2006, domestic first quarter 2007 production declined 3% from 15.6 Bcfe. First quarter 2007 New Zealand production of 2.3 Bcfe decreased 40% from production in the same quarter in 2006 and decreased 23% from levels in the fourth quarter of 2006 due to natural production declines, several maintenance items and no drilling activity by the Company in this region.

In the first quarter of 2007, Swift Energy realized an aggregate global average price of $8.05 per Mcfe, a decrease of 1% from first quarter 2006 price levels of $8.14 per Mcfe. Domestically, the Company realized an aggregate average price of $8.56 per Mcfe, a decrease of 7% from the $9.25 received in the first quarter of 2006. In the first quarter of 2007, average domestic crude oil prices decreased 4% to $57.87 per barrel from $60.56 per barrel realized in the same period in 2006. For the same periods, average domestic natural gas prices were $5.92 per thousand cubic feet (“Mcf”), a decrease of 20% from the $7.42 per Mcf domestic average a year earlier. Prices for natural gas liquids (“NGL”) domestically averaged $39.90 per barrel in the first quarter for a slight increase over first quarter 2006 NGL prices.

In New Zealand, Swift Energy realized an average price of $4.69 per Mcfe in the first quarter 2007, a 6% increase over the $4.41 average received in the first quarter 2006. The Company’s New Zealand based McKee blend crude oil sold for an average $64.01 per barrel compared to $64.13 per barrel in the same period in 2006. Meanwhile, the Company had an average realized price of $3.36 per Mcf for its New Zealand natural gas in the first quarter of 2007, a 16% increase from the $2.91 per Mcf received in the comparable 2006 period, and its NGL contracts yielded an average price of $26.96 per barrel for the first quarter 2007 compared to $16.68 per barrel in the first quarter of 2006 or a 62% increase. A portion of the higher New Zealand natural gas and NGL prices are a function of being denominated in New Zealand dollars, which strengthened in the first quarter against the U.S. dollar.

Swift Energy completed 14 of 16 wells in the first quarter of 2007, all of which were domestic wells. The Company completed 13 of 15 development wells for a success rate of 87% for the first quarter of 2007. In the Company’s Lake Washington area in Plaquemines Parish, Louisiana, Swift Energy completed 10 of 12 development wells. The Company also completed one development well targeting the Olmos sand in its AWP area in McMullen County, Texas. Swift Energy completed 2 development wells in South Bearhead Creek in Beauregard Parish, Louisiana, and both wells are waiting on fracture stimulation and flowline construction to begin production.

The Faria Prospect in Bay de Chene Field in LaFourche Parish, Louisiana is Swift Energy’s first successful exploration well for 2007. The well was drilled to an approximate depth of 13,000 feet and encountered approximately 136 feet of net pay in two zones. The Faria prospect tested at rates up to 9.8 MMcf per day and 110 barrels of oil per day (“b/d”) in the upper zone with a flowing tubing pressure (“FTP”) of 1,815 psi and up to a rate of 7.6 MMcf per day and 48 b/d of oil at a FTP of 1,692 psi in the lower zone. This well is expected to begin production later this year.

After a regular semi-annual review of its $500 million facility by its bank group, Swift Energy’s borrowing base was increased to $350 million effective May 1, 2007 from its prior level of $250 million. The Company is continuing to maintain its commitment amount at $250 million. Under the terms of its credit facility, the Company can increase the commitment amount up to the total amount of the borrowing base at its discretion.

Swift Energy also announced that since its last price risk management update on February 23, 2007, it has continued to enter into numerous price risk management transactions. The Company now has approximately 40% to 45% of its estimated second quarter domestic natural gas production covered with floors at an average NYMEX strike price of $6.62 per MMbtu. The Company has also purchased floors that cover 750,000 MMBtu of natural gas in the third quarter at a NYMEX strike price of $7.00 per MMbtu.

Swift Energy’s Annual Meeting of Shareholders will be held at 4:00 p.m. CDT on Tuesday, May 8, 2007, at the Wyndham Greenspoint Hotel in the Wedgewood Ballroom on the second floor, 12400 Greenspoint Drive, Houston Texas 77060. The public is invited to attend to hear management’s discussion of 2007 opportunities and operating environment.

Swift Energy Company, founded in 1979 and headquartered in Houston, 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 Louisiana, Texas as well as oil and natural gas reserves in New Zealand. Over the Company’s 27-year history, Swift Energy has shown long-term growth in 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 press release 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 the adequate availability of skilled personnel, services and supplies, volatility in oil or gas prices, hurricanes or tropical storms affecting operations, and the uncertainty of finding, replacing, developing or acquiring reserves. 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.