2009-08-17-2008-06-01

To acquire remaining NZ assets.

An undisclosed buyer plans to acquire the remaining New Zealand assets of Swift Energy Co., Houston, (NYSE: SFY) for US$15 million. The purchase price will be paid over 30 months after closing. The future payments are secured by unconditional letters of credit. The close of the previously announced sale of the majority of Swift's New Zealand assets to New Zealand electricity provider Contact Energy Ltd., a subsidiary of Origin Energy Ltd., for approximately US$87.8 million is expected to occur during second-quarter 2008. Swift focuses onshore and inland waters of Louisiana and Texas.