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SALES OF SWIFT ENERGY'S UNIQUE NO-LOAD PROGRAM HITS RECORD LEVEL

SALES OF SWIFT ENERGY'S UNIQUE NO-LOAD PROGRAM HITS RECORD LEVEL
 HOUSTON, July 21 /PRNewswire/ -- A. Earl Swift, chairman and president of Swift Energy Company (NYSE: SFY), today reported second quarter sales of approximately $13.6 million of its unique oil and gas income program, Swift Depositary Interests (SDI). This represented a 55 percent increase over first quarter SDI sales, and 126 percent over comparable second quarter sales last year. This sales level is the highest recorded by the company since its introduction in March of last year of the new no-load oil and gas income fund to both individual investors and pension funds. Acceptance of the market's first energy income fund to apply 100 percent of the investor's contributions to the purchase of interests in producing oil and gas properties continues to gain momentum.
 Swift said, "The growing success of SDI can be attributed to a number of factors, primarily its innovative structure which has been designed to meet today's market needs. We believe that the fundamental economics of oil and gas property acquisitions have improved so that an investor in our program can expect a rate of return well above most other financial products available in the market today and still have good upside potential for even higher return should oil and gas prices increase to higher levels."
 "Many forecasters are projecting that, over the next several years, America will increasingly turn to natural gas to meet its growing energy needs. Swift Energy has and continues to emphasize on the purchase of low risk gas reserves by the SDI partnerships. Due to recent property acquisitions, substantially all of the SDI funds raised in the second quarter of 1992 will be immediately invested in producing properties. Likewise, it is anticipated that most of the subscriptions under the company's third quarter SDI offering will also be immediately invested in producing properties upon closing at the end of September."
 "As Managing General Partner of its SDI partnerships, Swift Energy receives approximately 14 percent to 25 percent of the net revenues of each partnership from any properties acquired. For financial statement purposes, Swift recognizes as income its pro rata interest earned in the properties, in excess of its contribution to the partnerships, upon purchase by the limited partnerships. We expect the company's oil and gas sales and earned interest revenues to continue to grow in future periods, along with increases in SDI sales as growing investor acceptance of our no-load income purchase program is realized."
 Swift Energy Company is an independent oil and gas company primarily engaged in the acquisition, exploration, development and operation of oil and gas properties through partnerships and joint ventures. The company has an established track record in proven property acquisitions. Swift has purchased over $350 million of producing oil and gas properties on behalf of public limited partnerships and joint ventures. It has interests in approximately 2,900 oil and gas wells located in 18 states of which it operates 679 wells and oversees the operation of the remainder.
 -0- 7/21/92
 /CONTACT: John R. Alden, senior vice president of Swift Energy, 713-874-2700/
 (SFY) CO: Swift Energy Company ST: Texas IN: OIL SU:


CH -- NY019 -- 1154 07/21/92 09:28 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
Words:535
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