Swift Energy Announces Public Offering of Senior Notes

Swift Energy Company (NYSE:SFY) intends to offer and sell $150 million of senior notes due 2011 in a public offering. The Company is filing a preliminary prospectus supplement today with the Securities and Exchange Commission relating to the offering under the Company's May 2004 effective registration statement covering the issuance from time to time of up to $350 million of various securities of the Company.

Swift Energy intends to use the net proceeds from the notes offering to repurchase the Company's outstanding $125 million of 10 1/4% senior subordinated notes due 2009, either through a tender offer or redemption or a combination thereof. The offering of the senior notes is expected to be completed in June 2004. Credit Suisse First Boston will act as book-running manager for the offering.

Celebrating its 25th Anniversary this year, Swift Energy Company was founded in 1979 with its headquarters in Houston. 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 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 news release does not constitute an offer to sell or a solicitation of an offer to buy the notes. When available, a prospectus supplement and accompanying prospectus relating to the offering described herein can be obtained from Credit Suisse First Boston Corporation LLC at Eleven Madison Avenue, New York, NY 10010.

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