Profile: Swift Energy Company (SFY.N)

Swift Energy Company is engaged in developing, exploring, acquiring, and operating oil and natural gas properties, with a focus on oil and natural gas reserves onshore and in the inland waters of Louisiana and Texas. During the year ended December 31, 2008, the Company completed the selling of its New Zealand-based operations. In 2008, the total proved reserves for the Company was comprised of approximately 43% crude oil, 42% natural gas, and 15% natural gas liquids (NGLs); and 53% of the total proved reserves were proved developed. The proved reserves are concentrated with 61% of the total in Louisiana, 38% in Texas, and 1% in other states. The Company focuses its development and exploration in four areas: Southeast Louisiana, South Texas, Central Louisiana/East Texas and South Louisiana.

Southeast Louisiana

In 2008, the Company owned drilling and production rights in 37,825 net acres in the Lake Washington field located in Southeast Louisiana nearshore waters within Plaquemines Parish. The field has produced over 300 million barrels of oil equivalent (Boe) from multiple stacked Miocene sand layers radiating outward from a central salt dome and ranging in depth from 2,000 feet to 13,000 feet. The area around the dome is faulted, thereby creating a number of potential hydrocarbon traps. Approximately, 92% of the proved reserves of 31.8 MMBoe in this field consisted of oil and NGLs in 2008. Oil and natural gas from approximately 124 producing wells is gathered to four platforms located in water depths from 2 to 12 feet, with drilling and workover operations performed with rigs on barges. In 2008, the Company drilled and completed 23 development wells in Lake Washington. The Bay de Chene field is located along the border of Jefferson Parish and Lafourche Parish in nearshore waters approximately 25 miles WNW of the Lake Washington field. In 2008, the Company had four proved undeveloped locations in the Bay de Chene field.

South Louisiana

The Cote Blanche Island field is located in nearshore waters within St. Mary Parish. In 2008, the Company owned drilling drilling and production rights in 14,699 net acres in the Cote Blanche Island field. Like Lake Washington and Bay de Chene, it produces from Miocene sands surrounding a central salt dome. During 2008, the Company completed one exploratory well in the Cote Blanche Island field. In 2008, the Company had 10 proved undeveloped locations in the field.

In 2008, the Company owned drilling and production rights in a total of 24,416 net acres in these fields (5,700 in Bayou Sale, 10,512 in Horseshoe Bayou, 5,207 in Jeanerette, and 2,997 in Bayou Penchant). Bayou Sale and Horseshoe Bayou fields are adjacent to each other and located 13 miles southeast of our Cote Blanche Island field. In 2008, the Company drilled and completed one development well in each of the Bayou Sale and Horseshoe Bayou fields, and completed one out of three development wells drilled in the Jeanerette field.

Central Louisiana/East Texas

The Brookeland field area is located in Newton County and Jasper County, Texas, and Vernon Parish, Louisiana. In 2008, the Company owned drilling and production rights in 79,063 net acres and 63,894 fee mineral acres in this field. The field consists of opposing dual lateral horizontal wells completed in the Austin Chalk formation. Oil and natural gas are produced from natural fractures encountered within the lateral borehole sections from depths of 11,500 to 13,500 feet. The reserves are approximately 63% oil and natural gas liquids. In 2008, the Company had nine proved undeveloped locations in the field.

In 2008, the Company owned drilling and production rights in 40,080 net acres and 31,200 fee mineral acres in the Masters Creek field. The Masters Creek field, located in Vernon Parish and Rapides Parish, Louisiana, consists of opposing dual lateral horizontal wells completed in the Austin Chalk formation. Oil and natural gas are produced from natural fractures encountered within the lateral borehole sections from depths of 11,500 to 13,500 feet. The reserves are approximately 72% oil and NGLs. In 2008, the Company drilled one unsuccessful development well in this field.

In 2008, the Company owned drilling and production rights in 9,185 net acres in the South Bearhead Creek. Wells drilled in this field are completed in a multiple set of separate sands: Lower Wilcox - 12,500 to 14,500 fee; Middle and Upper Wilcox – 9,000 to 12,000 feet; and Cockfield – 8,000 to 9,000 feet. In 2008, the Company drilled and completed five development wells in this field. In 2008, the Company had 16 proved undeveloped locations in this field.

The AWP field is located in McMullen County, Texas. In 2008, the Company owned drilling and production rights in 46,608 net acres in the field and were operating 565 wells producing oil and natural gas from the Olmos sand formation at depths from 9,000 to 11,500 feet. Field reserves are approximately 62% natural gas and the reservoir has provided Swift Energy an opportunity to develop extensive experience with low-permeability, tight-sand formations. It owns nearly 100% of the working interests in all these operated wells. In 2008, the Company completed 41 out of 44 development wells drilled in the AWP field in South Texas and performed 32 fracture improvements. In 2008, the Company had 102 proved undeveloped locations in the field.

In October 2007, the Company acquired operating interests in three additional Olmos sand reservoirs producing in the Maverick Basin. These properties are in the Sun TSH field located in La Salle County, Briscoe Ranch field located in Dimmitt County and the Las Tiendas field located in Webb County. The fields produce primarily natural gas from depths of 4,500 to 7,500 feet. As of December 31, 2008, we owned drilling and production rights in 88,652 net acres in these fields (12,552 in Sun TSH, 67,478 in Briscoe Ranch, and 8,622 in Las Tiendas). In 2008, the Company completed 30 of 39 development wells drilled in these fields. In 2008, the Company were operating 257 wells in these fields and had 71 proved undeveloped locations.

Strategic Growth/Other

In 2008, the Company owned drilling and production rights in 2,041 net acres in this field. The Company had approximately 17,000 net acres leased in the Four Corners area of southwest Colorado in 2008.