Starting off 2004 right, Houston-based Swift Energy Co. said Monday that it has set a new company record for quarterly production for 1Q2004, attaining at least 14.1 Bcfe, an increase of 9% over 1Q2003 production of 12.9 Bcfe and at least 5% greater than the 13.4 Bcfe of production in the fourth quarter in 2003.

In the breakdown, Swift found that domestic production increased to at least 10.3 Bcfe, 33% greater than 2003 first quarter production of 7.7 Bcfe and an increase of at least 17% sequentially compared to 2003 fourth quarter production of 8.8 Bcfe. The company attributed the higher number to increased levels of production from the Company’s Lake Washington operations.

New Zealand production totaled approximately 3.8 Bcfe for 1Q2004 and decreased in line with the company’s guidance by 26% from the 5.2 Bcfe produced in 1Q2003 and 17% from 4Q2003 production. The expected production decline was due to increased use of hydroelectricity in New Zealand, which has contributed to a short-term reduction in market demand. Swift Energy said it expects this trend to continue at least through the second quarter of 2004.

The company’s estimated average prices received for natural gas are expected to exceed $4.75/Mcf domestically and $2.20/Mcf in New Zealand, and the prices for natural gas liquids are expected to exceed $19/bbl domestically and $14/bbl in New Zealand. The average oil price received by Swift Energy during the first quarter of 2004 is expected to exceed $33/bbl, both domestically and in New Zealand.

Currently, Swift Energy has four drilling rigs operating domestically, one drilling for oil in the Lake Washington area and three drilling for natural gas in Texas, including one non-operated rig.

The company said it will officially report first quarter 2004 financial results on Wednesday, May 5, at which time it will also conduct a conference call, with live webcast at 9:00 a.m. CDT. Interested parties can call 973-339-3086 five to ten minutes before the scheduled start time or visit www.swiftenergy.com.

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