Swift Energy Updates Operations Following Hurricane Ike

Swift Energy Company (NYSE:SFY) announced today it has begun the resumption of production operations at its various fields affected by Hurricanes Gustav and Ike including the Newport area of Lake Washington where crews are working to bring field wide production online. Drilling operations will resume in Lake Washington and the surrounding area once contracted drilling rigs can navigate their return to the field.

Production operations have remained at or returned to pre-storm levels in the Company’s South Texas area, the South Bearhead Creek field in Beauregard Parish, LA and the Jeanerette field in St. Mary Parish, LA. Production in the Brookeland field in Jasper and Newton counties in Texas and the Masters Creek field in Vernon and Rapides Parishes in Louisiana will resume as soon as power is restored to third party processing facilities, which is expected to occur in the next few days.

The Company has also completed initial physical assessments of damage to its facilities and equipment, with repairs underway, in its coastal Louisiana properties, including the Lake Washington Field in Plaquemines Parish, Bay de Chene Field in Jefferson and Lafourche Parishes, and Horseshoe Bayou, Bayou Sale and Cote Blanche Island Fields, in St. Mary Parish.

Swift Energy currently expects that repairs and the resumption of full production in its fields, with the exception of Bay de Chene, will take from one to three weeks, depending on availability and deliverability of supplies, equipment, parts and other logistical items from third party providers, along with the availability of personnel and contractors. Updates to the Company’s guidance for production and costs will be provided in the near future after these fields have largely resumed production.

The Bay de Chene field experienced structural damage to its production facilities, and some production equipment in the field was damaged or destroyed. As a result, resumption of complete production operations in Bay de Chene will take longer than three weeks and could take several months. Bay de Chene production averaged approximately 3,700 Boe per day over the two weeks immediately prior to the hurricane shut-in.

Swift Energy’s Houston headquarters was closed in preparation for Hurricane Ike on Thursday, September 11, and all IT systems were transferred over to the Company’s alternate location and continued working throughout this period. The headquarters building experienced no significant damage and has had electricity restored to it. All IT systems have now been transferred back to Houston and are operational. The Company expects that its headquarters will officially open for business on Thursday, September 18.

On another matter, Swift Energy reported that the Company has no contractual counterparty exposure of any type to Lehman Brothers Holdings Inc. or any of its affiliates and subsidiaries.

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.