Swift Energy Announces: 96% Increase in First Quarter 2013 Net Income to $7.2 Million, or $0.16 Per

Swift Energy Announces: 96% Increase in FirstQuarter 2013 Net Income to $7.2 Million, or $0.16 Per Diluted Share

8% Increase in First Quarter 2013 Revenues to $146 Million;

First Quarter 2013 Adjusted Cash Flow of $72.6 Million, or $1.67 Per Diluted Share;

HOUSTON--(BUSINESS WIRE)-- Swift Energy Company (NYS: SFY) announced today earnings of $7.2 million for the first quarter of 2013, or $0.16 per diluted share, an increase of 96% when compared to first quarter 2012 earnings from net income of $3.6 million, or $0.08 per diluted share, and a decrease of 37% when compared to net income of $11.2 million in the fourth quarter of 2012.

Adjusted cash flow (cash flow before working capital changes, a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) for the first quarter of 2013 increased 5% to $72.6 million, or $1.67 per diluted share, compared to $69.1 million, or $1.61 per diluted share, for the first quarter of 2012, and decreased 21% when compared to adjusted cash flow of $91.4 million, or $2.13 per diluted share, for the fourth quarter of 2012.

Swift Energy produced 2.82 million barrels of oil equivalent ("MMBoe") during the first quarter of 2013, a 1% increase over first quarter 2012 production of 2.80 MMBoe, and down 9% compared to fourth quarter 2012 production of 3.11 MMBoe.

Terry Swift, CEO of Swift Energy commented, "Swift Energy delivered strong operational results during the first quarter. Our refined drilling and completion techniques in the Eagle Ford shale and the strong performance of our base production in Lake Washington resulted in higher than forecast production volumes. We're encouraged by our progress so far this year.

"Near term, our focus remains on improving performance, cost efficiencies and results throughout our active operational areas. We are also taking steps to introduce new, high value opportunities to our operations through horizontal drilling in the Louisiana Wilcox, horizontal drilling in the Southwestern Colorado Niobrara and Subsalt exploration in South Louisiana. Finally, as demonstrated by the sale of our Brookeland field, we will be looking at monetizing assets we control that are not a focus of our operations to bring forward unrecognized value in our portfolio."

First Quarter Revenues and Expenses

Total revenues for the first quarter of 2013 increased 8% to $146.2 million from the $135.9 million generated in the first quarter of 2012. This increase is primarily attributable to higher oil production and higher gas prices in the 2013 period.

Depreciation, depletion and amortization expense ("DD&A") of $21.33 per barrel of oil equivalent ("Boe") in the first quarter of 2013 decreased 3% from $21.92 of DD&A per Boe in the comparable period in 2012 due to higher reserves volumes partially offset by a higher depletable base.

Lease operating costs before severance and ad valorem taxes, were $9.73 per Boe in the first quarter 2013, an approximate 11% increase when compared to $8.80 per Boe incurred in the same period of 2012. These expenses were higher due to activities associated with a well control incident in Lake Washington, coupled with increased salt water disposal, chemical treating, lease operator and compressor rental costs in South Texas, offset partially by lower workover costs.

Transportation and processing expense in the first quarter of 2013 of $2.14 per Boe increased from $1.64 per Boe in the first quarter of 2012 due primarily to a one-time prior period amount recognized in the first quarter of 2013.

Severance and ad valorem taxes decreased to $3.47 per Boe in the first quarter of 2013 from $4.63 per Boe in the first quarter of 2012 primarily due to a higher percentage of revenues associated with production in Texas which carries a lower overall severance tax rate than Louisiana and some prior period retroactive tax credits approved and received during the first quarter of 2013.

General and administrative expenses increased to $4.51 per Boe during the first quarter of 2013, up from $4.25 per Boe in the same period in 2012. Interest expense increased to $5.96 per Boe in the first quarter of 2013 compared to $4.81 per Boe for the same period in 2012 due to new long term debt that was issued during the fourth quarter of 2012.

First Quarter Pricing

The Company realized an aggregate average price of $51.97 per Boe during the quarter, an increase from the $48.64 per Boe average price received in the first quarter of 2012.

In the first quarter of 2013, Swift Energy's average crude oil prices decreased 3% to $108.45 per barrel from $111.99 per barrel realized in the same period in 2012. For the same period, average natural gas prices were $2.96 per thousand cubic feet ("Mcf"), up 36% from the $2.18 per Mcf average price realized a year earlier. Prices for NGLs averaged $29.90 per barrel in the 2013 first quarter, a 34% decrease from first quarter 2012 NGL prices of $45.30 per barrel.

First Quarter Drilling Activity

In the first quarter of 2013, Swift Energy drilled ten operated development wells and one non-operated development well. In the Company's South Texas core area, six horizontal wells were drilled to the Eagle Ford shale, five in La Salle County and one in McMullen County, and three were drilled to the Olmos formation in McMullen County.

In Swift Energy's Southeast Louisiana core area, one well was drilled in the Lake Washington field. In the Company's Central Louisiana/East Texas core area, one non-operated well targeting the Austin Chalk was drilled in the Burr Ferry field.

There are currently four operated rigs drilling in the Company's South Texas core area and one operated barge rig drilling in its Southeast Louisiana area. One non-operated rig is also active in the Central Louisiana area.

Operations Update:

South Texas Operations

In the Company's South Texas core area, nine operated wells were completed during the first quarter. In McMullen County, four Eagle Ford wells and two Olmos wells were completed. In La Salle County, three Eagle Ford wells were completed.

Southeast Louisiana

In the Lake Washington field in Plaquemines Parish, LA, the Company continued its ongoing recompletion and production optimization program, performing one recompletion and twenty-two production optimization projects during the quarter.

In the Lake Washington field, the BLD CM 21, drilled to a measured depth of 6,441 feet and encountering 150 feet of true vertical pay, was recently completed and tested at initial test rates of 667 bbls/d of oil and 0.5 Mmcf/d of natural gas with flowing tubing pressure of 580 psi on a 26/64" choke.

At Bay de Chene, the BDC UA #139, drilled during the fourth quarter to a measured depth of 11,233 feet and encountering 81 feet of true vertical pay, was completed and initially tested at rates of 5.3 Mmcf/d of natural gas and 17 bbls/d of condensate with flow tubing pressure of 3,120 psi on a 16/64" choke.

Central Louisiana

In South Bearhead Creek, the Company has drilled its first upper Wilcox horizontal test well. The James O Dolby H1 has a horizontal length of 3,387 feet and a 12 stage completion will be performed during the second quarter.

The GASRS 29-1-10 well, drilled and completed during the first quarter in the Burr Ferry Field in Vernon Parish, produced hydrocarbons at an initial test rate of 1,042 bbls/d of oil and 3.1 MMcf/d of natural gas with flowing tubing pressure of 5,900 psi on a 16/64" choke. This well experienced a significant mechanical problem shortly after being placed on production and has been shut-in pending further evaluation.

Borrowing Base Reaffirmed

After a regularly scheduled semi-annual review by its 11 member bank group, Swift Energy's borrowing base and commitment amount of $450 million was reaffirmed under its revolving credit facility effective April 26, 2013. The credit facility matures on November 1, 2017.

Divestiture

Swift Energy divested of its interest in the Brookeland field in Louisiana on May 1, 2013 and received sale proceeds of approximately $6.0 million. The sale which has an effective date of April 1, 2013 also included the buyer's assumption of a plugging and abandonment liability, which was carried at a net present value of $11.3 million at March 31, 2013. Swift Energy will use the net cash proceeds from this transaction to fund a portion of its 2013 capital expenditures.

Production attributable to the divested field averaged 359 barrels of oil equivalent per day during the first quarter of 2013 with aggregate proved reserves of approximately 0.8 million barrels of oil equivalent (100% proved developed producing and 30% oil/31% NGL/39% natural gas) at year-end 2012. The disposition sales price is subject to any customary post-closing adjustments, which are not expected to be material.

Price Risk Management

Swift Energy has natural gas floors in place covering approximately 35% - 40% of expected second quarter natural gas production at an average NYMEX strike price of $3.81 per MMBtu. The company also has crude oil floors covering approximately 20-25% of expected second quarter crude oil production at an average NYMEX strike price of $93.60 per barrel. For the third quarter, the Company has also purchased natural gas floors covering 620,000 MMbtu per month at an average NYMEX strike price of $3.95 per MMBtu. Additionally, the Company has entered into a collar transaction for the fourth quarter of 2013 that provides a floor price of $3.75 per MMBtu covering 590,000 MMBtu per month of natural gas production and a ceiling price of $5.08 per MMBtu for 590,000 MMBtu per month, as well as, a three-way collar with a floor price of $4.00 per MMBtu, a ceiling price of $5.00 per MMBtu and a higher call price of $6.00 per MMBtu for 600,000 MMBtu per month during the fourth quarter. On an ongoing basis, details of Swift Energy's complete price risk management activities can be found on the Company's website (www.swiftenergy.com).

Earnings Conference Call

Swift Energy will conduct a live conference call today, May 2, at 10:00 a.m. EDT to discuss first quarter 2013 financial results. To participate in this conference call, dial 973-339-3086 five to ten minutes before the scheduled start time and indicate your intention to participate in the Swift Energy conference call. A digital replay of the call will be available later on May 2 until May 9, by dialing 855-859-2056 and using Conference ID # 30161571. Additionally, the conference call will be available over the Internet by accessing the Company's website at www.swiftenergy.com and by clicking on the event hyperlink. This webcast will be available online and archived at the Company's website.

About Forward Looking Statements

This press release 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, guidance or other statements contained herein, other than statements of historical fact, are forward-looking statements, including targets for 2013 production and reserves growth, estimates of 2013 capital expenditures And guidance estimates for the first quarter of 2013 and full-year 2013. These statements are based upon assumptions that are subject to change and to risks, especially the uncertainty and costs of finding, replacing, developing and acquiring reserves, availability and cost of capital, labor, services, supplies and facility capacity, hurricanes or tropical storms disrupting operations, and, volatility in oil or gas prices, uncertainty and costs of finding, replacing, developing or acquiring reserves, and disruption of operations 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. Estimates of future financial or operating performance provided by the Company are based on existing market conditions and engineering and geologic information available at this time. Actual financial and operating performance may be higher or lower. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions.