Offshore staff

HOUSTON -- Swift Energy has executed definitive agreements with subsidiaries of Origin Energy to sell some of its New Zealand assets for $87.8 million. This represents a major portion of the assets held by the company.

Additional agreements for the sale of the remainder of Swift Energy's New Zealand assets are being negotiated and are anticipated to be in place in early 2008.

"After a thorough review of the opportunities open to Swift Energy in its domestic and foreign core operating areas, the board of directors, and Swift Energy's management have decided to exit our New Zealand operations," says Terry Swift, Swift chairman and CEO.

"We believe this decision, which will result in a non-cash book loss, is in the best interest of our shareholders moving forward, allowing Swift Energy to concentrate our human and financial resources domestically where we have developed significant opportunities in Louisiana and Texas."

Assuming all transactions are completed, Swift Energy expects to realize total cash of between $100 and $110 million from its New Zealand asset disposition effort. As part of the agreement, Origin Energy will be taking over the Swift Energy New Zealand office space leases in Wellington and New Plymouth and will be extending offers of employment to the current New Zealand staff.

12/20/2007