Swift Energy Details 2006 Capital Expenditure Plans and Updates Operations at Analyst/Investor Meeting.

HOUSTON -- Swift Energy Company (NYSE:SFY) announced today that the Company currently plans to spend $300 million to $325 million in total capital expenditures in 2006, net of minor non-core dispositions and excluding any potential property acquisitions, which will be further detailed today at their annual Analyst/Investor meeting. Approximately 85% of the budget is targeted for domestic activities, primarily in its South Louisiana region, with about 15% planned for activities in its New Zealand region. For 2006, Swift Energy is targeting total production to increase 14% to 18% and proved reserves to increase 5% to 8% over their respective 2005 levels.

Operational Update

In updating its planned 2006 activity today, Swift Energy reported preliminary results from the drilling of its first well in the Cote Blanche Island field ("CBI") in St. Mary Parish, and part of the Company's South Louisiana region. The CBI development well has been recently logged to a depth of 13,814 feet with pipe set over an estimated 77 feet of net pay in the primary targeted sand and is currently drilling deeper for further evaluation of this area. Also in the South Louisiana region, the Company recently successfully drilled two development wells in the Lake Washington field, (one of which had 335 feet of net pay in five sands) and one well in the Bay de Chene field. In the South Bearhead Creek field, located in the Company's Toledo Bend region that spans east Texas and central Louisiana, Swift Energy has recently logged a well that had hydrocarbon shows in the Wilcox and Cockfield sands and is currently scheduled to be completed in the next several weeks. In the South Texas region, the Company recently has drilled three wells successfully in the region's anchor asset of AWP Olmos field. In New Zealand, the Company's fourth region, Swift Energy has drilled a successful development well and an unsuccessful exploration well, both of which targeted the Manutahi sand.

The Company has finished its 2005 planned facility upgrades in the Lake Washington field and is continuing with the commissioning process. The facility infrastructure in the field now has an effective capacity of 28,000 barrels of crude oil per day.

Planned 2006 Regional Activity

Swift Energy's domestic activity will again be predominately focused in the South Louisiana operating region, with the Lake Washington Field serving as an anchor asset for this region. Swift Energy plans to have at least two rigs operating in this field for most of 2006, which are targeted to drill at least 30 wells with several wells targeting vertical depths to 14,000 feet. At least four of these wells will be exploration wells with targets derived from the 2004 3-D seismic data acquisition. Swift Energy's average 2006 December exit rate at the Lake Washington field is expected to average at least 18,500 barrels of oil equivalent per day, compared to the 14,600 barrels of oil equivalent per day exit rate in December 2005. Swift Energy has begun planning for a fourth production platform in the western part of the field to handle anticipated future production increases. Total capital expenditures in Lake Washington for 2006 are expected to range from $95 million to $115 million. Additionally, the Company plans to drill up to four to eight wells in Bay de Chene and Cote Blanche Island in the South Louisiana region in 2006. This is in addition to the planned acquisition of approximately 77 square miles of new 3-D seismic data over the Cote Blanche Island field.

Swift Energy also plans to drill 12 to 17 wells in the South Texas region, with the majority of these wells focused in the AWP Olmos field. This South Texas drilling program is expected to maintain natural gas production near current levels throughout 2006. In the Toledo Bend region, Swift Energy expects to drill one to two wells in either the Brookeland or Masters Creek fields in Texas and Louisiana. And in its newest field in this region, South Bearhead Creek, the Company plans to drill up to four wells.

In New Zealand, Swift Energy's efforts will focus on further delineation and development of the Kauri and Manutahi Sands. Swift Energy expects to drill two to four wells targeting the intermediate depth Kauri Sand and two to four wells in the shallow Manutahi Sand. Swift Energy plans to continue with its Tarata thrust exploration activity and is currently drilling the Goss and Trapper exploration wells. The Company also plans to drill the Kowhai exploration well in 2006, as well as acquire additional seismic data, both onshore and in the offshore Kaheru block.

2006 Annual Analyst/Investor Meeting

Swift Energy Company will be hosting a meeting with financial analysts, portfolio managers and investors today, February 23, 2006, beginning at 8:00 a.m. CST, at the Marriott Woodlands Waterway Hotel and Convention Center on Lake Robbins Drive in The Woodlands, Texas.

An audio (listen-only) webcast accompanied with the slides of the Houston presentation will be available on the Company's website www.swiftenergy.com by clicking on the event hyperlink commencing on February 23, 2006.

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 and oil and natural gas reserves in New Zealand. Over the Company's 26-year history, Swift Energy has delivered long-term growth of its proved oil and gas reserves and production, with per share growth rates of 22% and 29%, respectively. This was accomplished with 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, guidance, and estimates of future financial and operating performance provided by the Company, or other statements other than statements of historical fact, are forward-looking statements. These statements are based upon assumptions that are subject to change and to risks, especially volatility in oil or gas prices drilling results; availability and cost of labor, services and supplies; and changes in market conditions. 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 other 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.