Swift Boosts Proved Reserves by 7%

Swift Energy reported 2006 year-end proved reserves of 817 Billion cubic feet equivalent ("Bcfe"), an increase of 7% from 762 Bcfe of proved reserves at year-end 2005. Year-end 2006 proved reserves were 50% crude oil, 40% natural gas and 10% natural gas liquids. For the full year 2006, Swift Energy replaced 178% of its 2006 production.

Swift Energy's proved reserves are located in South Louisiana (55% of proved reserves), South Texas (18%), Toledo Bend in East Texas and Central Louisiana (14%), and New Zealand (13%). Of the total year-end 2006 proved reserves, 44% were proved developed reserves compared to 50% proved developed at the previous year-end. Approximately 55% of the Company's proved undeveloped ("PUD") reserves at year-end 2006 are located in Swift Energy's South Louisiana region. On a field basis, Swift Energy's two long-life fields contained 48% of the Company's reserves and 36% of the Company's total PUDs -- 25% in the Lake Washington area in South Louisiana and 11% in the AWP Olmos area in South Texas. All of the Company's reserve estimates are audited annually by H.J. Gruy and Associates, Inc., independent petroleum consultants.

Domestic proved reserves increased by 10% to 710 Bcfe compared with 644 Bcfe of domestic proved reserves at year-end 2005. Domestic proved reserves include 78 Bcfe of proved reserves attributable to the recent South Louisiana acquisitions principally in the Bayou Sale, Horseshoe Bayou, Bayou Penchant, High Island, Jeanerette and Lake Washington fields, 75% of which were natural gas and were acquired during the fourth quarter of 2006. Domestic proved reserves made up 87% of total proved reserves at year-end 2006. Swift Energy's two largest core properties, the Lake Washington and AWP Olmos areas, contain approximately 30% and 18% respectively of the Company's total proved reserves.

In New Zealand, year-end 2006 proved reserves declined by 10% to 106 Bcfe from 118 Bcfe at year-end 2005 due to natural production declines and lack of reserve additions from the drilling program. Drilling activity was focused on exploration activity (5 wells), which was unsuccessful and development drilling for the conversion of PUDs.

Terry Swift, Swift Energy Chairman and CEO, stated: "Swift Energy made progress this past year in executing its long-term strategic plan. Reserves growth and technology utilization have always been strategic driving forces for the Company. While our 2006 F&D costs were higher than our objectives, we believe that we will be able to lower our future F&D as we continue to explore for new reserves with 3D-based technologies. Our Newport and Bondi discoveries are recent examples of how we can meet our strategic objectives. Swift Energy has an exceptional staff of talented oil and gas professionals and a significant asset inventory, which we think will lead to reserve additions and lower finding and development costs over the coming years as we execute our strategic plan. Swift Energy expects reserves to grow 4% to 6% in 2007."

Swift Energy's 2006 production was 70.2 Bcfe consisting of 56.7 Bcfe from domestic sources and 13.5 Bcfe from New Zealand. This equates to a Company-wide 2006 reserves replacement ratio of 178%. The Company also disposed of 10 Bcfe of reserves and had revisions during 2006 of 15 Bcfe. The downward revisions came primarily in the Garcia Ranch area in South Texas (about 10 Bcfe), which was sold in 2006, and price sensitive revisions (about 5 Bcfe). Acquisitions contributed 78 Bcfe of proved reserves, and extensions and discoveries totaled 73 Bcfe. Capital expenditures in 2006 totaled $582 million, with $212 million spent on acquisitions, $227 million spent on domestic drilling activities and $86 million spent on prospect, leasehold and facilities and an additional $57 million spent in New Zealand. All-in finding and development costs for the company were $4.29 per Mcfe, which excludes dispositions. Focusing on our domestic operations, the Company had domestic acquisition costs of $2.73/Mcfe and domestic drilling costs were $3.13/Mcfe, excluding our $86 million in non-reserves related investments.

Swift Energy's pre-tax net present value (PV-10) of its proved reserves at year-end 2006 totaled $2.7 billion, with approximately $2.44 billion (90%) representing domestic properties and New Zealand contributing $264 million (10%) to the total. These values were calculated in accordance with SEC guidelines, using a domestic December 31, 2006 crude oil average realized price of $60.07 per barrel and a $5.84 per Mcfe average realized price for domestic natural gas and using $63.51 per barrel and $3.59 per Mcfe prices for New Zealand crude oil and natural gas, respectively.

                         SWIFT ENERGY COMPANY
 Reconciliation of PV-10 Value to Standardized Measure of Discounted
                         Future Net Cash Flows
                          December 31, 2006
                            (In Millions)

                                            Total Domestic New Zealand
PV-10 Value                               $2,708   $2,444  $      264
Future Income Taxes (discounted at 10%)     (800)    (778)        (22)
Asset Retirement Obligation (discounted
 at 10%)                                     (39)     (34)         (5)
                                          ------- -------- -----------
Standardized Measure of Discounted Future
 Net Cash Flows relating to oil and gas
 reserves                                 $1,869   $1,632  $      237
                                          ======= ======== ===========

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 and Texas, as well as oil and natural gas reserves in New Zealand.

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Company: H.J. Gruy and Associates, Inc. more info
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