Exhibit 99.1

SWIFT ENERGY INCREASES AND EXTENDS ITS BANK REVOLVER
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HOUSTON, October 4, 2006 - Swift Energy Company (NYSE: SFY) announced today that
the Company  increased its Revolving  Credit  Facility with its ten-member  bank
group to $500 million from $400 million.  The amended agreement also extends the
expiration date to October 3, 2011,  from the previous  expiration of October 1,
2008. The current commitment amount was increased to $250 million,  which is its
current borrowing base level.

As of October 2, 2006, the Company had $49.3 million  outstanding  drawn against
this  facility,  excluding  letters of  credit,  which was used to fund a recent
acquisition of property interests in South Louisiana.

Swift  Energy's  credit  facility,  arranged by JPMorgan  Securities  Inc.,  was
syndicated  to a group of banks that includes  Amegy Bank National  Association,
Bank of Scotland,  BNP Paribas,  CALYON,  Comerica Bank, Compass Bank,  JPMorgan
Chase Bank, NA, Natexis  Banques  Populaires,  Societe  Generale and Wells Fargo
Bank, National Association.

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 onshore and inland  waters oil and natural gas  reserves in  Louisiana,
Texas and most recently  Alaska,  as well as oil and natural gas reserves in New
Zealand.  Over the Company's  26-year history,  Swift Energy has shown long-term
growth in its proved oil and gas  reserves,  production  and cash flow through a
disciplined  program of acquisitions  and drilling,  while  maintaining a strong
financial position.


Company Contact
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Scott A. Espenshade
Director of Corporate Development
   and Investor Relations
(281) 874-2700, (800) 777-2412

              16825 Northchase Drive, Suite 400, Houston, TX 77060
                              www.swiftenergy.com