Swift Energy Closes South Texas Acquisition

Swift Energy Company (NYSE:SFY) closed the previously announced acquisition of property interests from Crimson Energy Partners, L.P., a privately held company with an effective date of May 1, 2008. The interests in Crimson’s Briscoe “A” lease and wells are located in Dimmit County, TX on 5,140 acres adjacent to existing Swift Energy production in its Cotulla area. Production is approximately 90% natural gas and natural gas liquids and averaged approximately 3.7 million cubic feet equivalent (“MMcfe”) per day net to the purchased working interests for the first seven months of 2008.

The final purchase price of the property interests closed was $46.4 million, including the initial deposit, and is subject to post-closing adjustments. This acquisition was funded with bank borrowings under the Company’s credit facility.

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. Over the Company’s 28-year history, Swift Energy has 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 material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission.