Swift Closes Sale of New Zealand Assets

Swift Energy Company closed the previously announced disposition of certain of Swift Energy's New Zealand assets with subsidiaries of Origin Energy Limited effective as of December 1, 2007, representing the major portion of the New Zealand assets held by Swift Energy subsidiaries. The final sales price of the property interests, which were sold, was $82.7 million and is subject to post closing adjustments. These proceeds will be utilized to pay down a portion of the outstanding balance on the Company's bank line.

The close of the previously announced sale of Swift Energy Company's remaining New Zealand assets is expected to occur in the next several months.