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SWIFT ENERGY COMPANY SUBMITS VENEZUELAN BID

    HOUSTON, Aug. 5 /PRNewswire/ -- Swift Energy Company (NYSE, PSE:  SFY) confirmed today that its wholly-owned subsidiary, Swift Energy de Venezuela, C.A., has submitted a bid under the Venezuelan Marginal Oil Field Reactivation Program to Lagoven - an affiliate of Petroleos de Venezuela, S.A., the government-owned oil company.  The bid was submitted for the reactivation of the Quiriquire Unit located in Northeastern Venezuela to contract to Lagoven to reactivate abandoned wells, drill new wells and apply modern operational techniques to fully develop the unit.
    The Quiriquire Unit is one of 13 units put up for bid under the Venezuelan Marginal Oil Field Reactivation Program.  Swift, together with a minor interest holder, was one of six bidders on the Quiriquire Unit.  According to Lagoven, the other five bidders were Mobil, Shell, Pennzoil, Maxus and Elf Aquitaine.  Lagoven is expected to announce the winner of the bid within 45 to 60 days.
    Swift Energy Company has been engaged in the acquisition, exploration, development and operation of domestic oil and gas properties since its organization in 1979.  Should Swift be awarded this contract in Venezuela, it will represent the first application of the company's exploration and development experience to the opportunities for the industry in foreign countries.
    -0-             08/05/93
    CONTACT:  John R. Alden, senior vice president of Swift Energy Company, 713-874-2700 or 800-777-2412
    (SFY) CO:  SWIFT ENERGY COMPANY IN:  OIL ST:  TX


-- NY080 -- X300 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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