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SWIFT ENERGY COMPANY REPORTS IMPROVED 1992 EARNINGS AND YEAR END RESERVES

 HOUSTON, Feb. 17 /PRNewswire/ -- A. Earl Swift, chairman and president of Swift Energy Company (NYSE, PSE: SFY), today reported earnings for 1992, during which the company achieved a 64 percent increase in earnings, a 40 percent increase in earnings per share, and a 30 percent increase in revenues. Additionally, 1992 is the eighth consecutive year in which the company increased oil and gas reserves, and the 12th consecutive year of increased oil and gas sales.
 Full year earnings in 1992 were $4.1 million or $.73 per share compared to earnings of $2.5 million, or $.52 per share in 1991. Revenues in 1992 were $19.1 million, an increase of 30 percent from revenues of $14.7 million in 1991. Full year 1992 results include the cumulative effect of adopting Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which increased earnings by $915,000, or $.16 per share. This gain was partly offset by a $628,000 pre-tax fourth quarter impairment of the company's 50 percent investment in Pet-Tech Tools, Inc., which was formed in 1982 to manufacture and lease drilling safety tools. The weighted average number of shares outstanding in 1992 rose to 5.6 million from 4.9 million in 1991, reflecting the sale of 990,000 shares in May 1992.
 Due to the impairment of the Pet-Tech Tools, Inc. investment, fourth quarter 1992 earnings were $224,000 or $.04 per share on revenues of $4,972,000 versus earnings of $817,000 or $.17 per share on revenues of $4,724,000 a year earlier. The gain resulting from the cumulative effect of the change in accounting principle restated first quarter 1992 earnings upward by $.18 per share.
 Swift Energy also reported that proved oil and gas reserves rose to 9.8 million equivalent barrels at year-end 1992, a 21 percent increase over the 8.1 million equivalent barrels reported at year-end 1991. This increase represents a 40 percent compounded growth rate over the last five years.
 Mr. Swift stated, "The largest single source of 1992's revenue increase was from increased oil and gas sales, up 49 percent from a year earlier, as oil and gas sales accounted for 65 percent of total 1992 revenues. Based on our projection of 1993 average prices for natural gas and oil to remain relatively flat in 1993, this segment of the business should continue to show improved results in 1993 as well."
 Based upon this and other factors, in commenting on the outlook for 1993, Mr. Swift said, "The company is anticipating another good year and expects net income to increase more than 25 percent and our reserves to continue to track with our long-term strategic goals."
 Swift Energy Company is an independent oil and gas company primarily engaged in the acquisition, exploration, development and operation of onshore oil and gas properties in the United States, with an emphasis on natural gas. Swift has a record of growth that is founded on an ambitious program of reserve acquisition and enhancement, disciplined exploration, conservative financing and innovative management. Growth is enhanced by the company's unique property management and limited partnership operations.
 SWIFT ENERGY COMPANY
 Selected Fourth Quarter and Year End Amounts
 (In thousands except per share amounts)
 Periods ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 Revenues $4,972 $4,724 $19,133 $14,691
 Net earnings $ 224(A) $ 817 $ 4,085 $ 2,513
 Earnings per share $0.04(A) $0.17 $0.73 $0.52
 Average shares outstanding 5,969 4,907 5,577 4,876
 (A) -- After impairment of investment in drilling tool subsidiary.
 -0- 2/17/93
 /CONTACT: John R. Alden, senior vice president of Swift Energy, 713-874-2700 or 800-777-2412/
 (SFY)


CO: Swift Energy Company ST: Texas IN: OIL SU: ERN

GK-LR -- NY016 -- 7183 02/17/93 09:35 EST
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Date:Feb 17, 1993
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