Swift Energy has closed the previously announced acquisition of interests in South Bearhead Creek Field in Beauregard Parish, Louisiana with an effective date of August 1, 2005. Swift Energy acquired a 100% working interest in the seller's operated wells in the field and a 25% working interest in certain non-operated wells. South Bearhead Creek Field consists of
approximately 5,800 gross acres located in the Toledo Bend area
approximately 50 miles south of Swift Energy's Masters Creek Field and
30 miles north of Lake Charles, Louisiana. The final purchase price of
this acquisition is $24.3 million, subject to post-closing
adjustments, and was funded with cash on hand.