Swift Energy Retains Lazard to Advise as to Strategic Alternatives Related to Its Capital Structure

HOUSTON--(BUSINESS WIRE)--

Swift Energy Company SFY announced today that it has retained Lazard Freres & Co. LLC to advise the Company's management and Board of Directors with respect to capital structure, financing alternatives and related strategic opportunities.

Terry Swift, CEO and Chairman of the Board, said, "We believe the underlying assets that Swift Energy has developed have meaningful value, much of which can be realized even in today's challenging environment. Consequently, we have retained Lazard to explore alternatives with respect to realigning our balance sheet including our senior notes which trade at levels significantly below face value, addressing certain maturities, and enhancing our liquidity profile. We believe this will better position the Company to execute our forward drilling program which will benefit all constituencies."

Swift Energy's Board of Directors is in the process of evaluating this strategic and financial review and no assurance can be given as to its outcome or timing. The Company does not intend to make any further announcements concerning this process unless and until the Company otherwise determines that disclosures are necessary or appropriate.

Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.

About Forward Looking Statements

This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, no assurances can be given that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the company's business are set forth in the filings of Swift Energy Company with the Securities and Exchange Commission.

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