Swift Calls for Full Redemption of Outstanding Senior Notes

Swift Energy Company (NYSE:SFY) has issued a notice of full redemption for all of its outstanding 10 1/4% Senior Subordinated Notes due 2009 (the "Notes") (CUSIP No. 870738AC5). The remaining aggregate principal amount outstanding of the Notes is approximately $92.9 million. The redemption date is August 1, 2004 and holders will receive a total of $1,051.25 per $1,000 principal amount of the notes, plus accrued and unpaid interest up to and including July 31, 2004. Payments to holders of the redeemed Notes will be made beginning on August 2, 2004. The Notes will be redeemed with proceeds from the recent 7-5/8% Senior Notes offering and borrowings under the Company's bank credit facility.

In connection with the redemption, Swift Energy will record a third quarter early extinguishment of debt charge of approximately $6.8 million pre-tax ($4.4 million after-tax) for the redemption premium and remaining unamortized debt issuance costs and discounts.