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SWIFT ENERGY COMPANY POSTS SIGNIFICANT INCREASE IN SECOND QUARTER EARNINGS

 SWIFT ENERGY COMPANY POSTS SIGNIFICANT
 INCREASE IN SECOND QUARTER EARNINGS
 HOUSTON, Aug. 11 /PRNewswire/ -- Swift Energy Company (NYSE, PSE: SFY) announced today consolidated net income for the second quarter of $1,023,279, more than double 1991's second quarter earnings of $463,984. Earnings per share increased 90 percent to $.19 per share, compared to $.10 in the same quarter a year earlier, as the company completed the sale of 990,000 shares of common stock in June 1992. Revenues for the second quarter of 1992 increased 56 percent to $4,948,329 from $3,170,506 recorded for the same period last year.
 For the first half of 1992, net income totaled $1,600,054, a 34 percent increase over net income of $1,193,678 recorded during the first half of 1991. Net income per share for the first half of the year increased 24 percent from the corresponding period of 1991 to $.31 per share. Revenues for the six month period were up 23 percent in 1992 to $8,400,400 from $6,854,484 for 1991.
 Commenting on these results, A. Earl Swift, president and chief executive officer, said, "The company was able to achieve these results by posting increases in each of our three major lines of business strategic to our continued growth and profitability. When compared to the first six months of 1991, revenues from oil and gas sales increased 28 percent, earned interest and fees from partnerships and joint ventures increased 14 percent and well supervision fees increased 35 percent."
 "Approximately 59 percent of the total revenues for the first six months of 1992 were attributable to oil and gas sales and 18 percent were attributable to earned interest and fees from the acquisition of producing property interests by Swift Energy on behalf of its limited partnerships. The company continues to be the industry leader in the formation of limited partnerships organized for the purpose of acquiring and operating producing oil and gas properties."
 "During the first half of 1992, four partnerships were formed under the company's serialized public offerings with subscriptions totaling approximately $22 million compared to $10 million in the similar 1991 six month period. By comparison, subscriptions for the last half of 1991 were $15 million. The company continues to offer limited partner interests in partnerships to be formed in the future under its Swift Depositary Interests Program."
 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, serving as the operator of 679 of the wells and overseeing operation of the remainder.
 SWIFT ENERGY COMPANY
 (In thousands except per share amounts)
 Second quarter Six months
 Period ended June 30 1992 1991 Pct 1992 1991 Pct
 change change
 Revenues $4,948 $3,171 56 $8,400 $6,854 23
 Net income 1,023 464 121 1,600 1,194 34
 Income per share .19 .10 90 .31 .25 24
 Avg. shares outstg. 5,420 4,866 11 5,187 4,858 7
 -0- 8/11/92
 /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


TS-LR -- NY015 -- 8840 08/11/92 09:12 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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