Fourth Quarter Revenues and Expenses

Total revenues for the fourth quarter of 2013 decreased 8% to $146.0 million from the $157.9 million generated in the fourth quarter of 2012. This decrease is primarily attributable to lower oil production volumes, coupled with lower oil prices.

Depreciation, depletion and amortization expense (“DD&A”) of $21.19 per barrel of oil equivalent (“Boe”) in the fourth quarter of 2013 increased 1% from $21.08 per Boe of that measure in the comparable period in 2012 due to a higher depletable base partially offset by the addition of reserves.

Lease operating expenses, excluding transportation and processing expense and before severance and ad valorem taxes, were $7.81 per Boe in the fourth quarter 2013, a 5% decrease on a per unit basis compared to the same period of 2012, primarily due to lower salt water disposal costs in South Texas.

Severance and ad valorem taxes decreased to $3.33 per Boe in the fourth quarter 2013 from $4.19 per Boe in the fourth quarter of 2012.

General and administrative expenses of $3.47 per Boe during the fourth quarter of 2013 were up slightly from $3.46 per Boe in the same period in 2012.

Interest expense increased to $5.85 per Boe in the fourth quarter of 2013 compared to $5.39 per Boe for the same period in 2012 due to higher levels of borrowing.

Reserve Estimates

Swift Energy’s year-end 2013 estimate of proved reserves as of December 31, 2013 was 219.2 MMBoe, 14% higher than 2012 year-end proved reserves of 192.1 MMBoe. These year-end 2013 proved reserves are 38% crude oil and natural gas liquids and 29% proved developed.

Swift Energy’s year-end 2013 proved reserves were valued at approximately $2.4 billion of present value discounted at 10% per year (PV-10), compared to a PV-10 value of $2.3 billion for the Company’s 2012 year-end proved reserves, a 6% increase. Pricing for 2013 reserves and PV-10 calculations utilized $104.38 per barrel for crude oil and $3.41 per thousand cubic feet (“Mcf”) for natural gas, compared to $103.64 per barrel and $2.71 per Mcf used for reserves valuation at year-end 2012. (See page 7 for a reconciliation of PV-10 value at year-end 2013, a non-GAAP measure, to the GAAP standardized measure of discounted future cash flows).

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