Effective May 1, 2009, Swift Energy Company (the "Company") and its wholly owned subsidiary, Swift Energy Operating, LLC ("Operating"), entered into the Fifth Amendment to First Amended and Restated Credit Agreement (the "Credit Agreement") with a syndicate of ten lenders to decrease the borrowing base and commitment amount to $300 million from the previous borrowing base of $400 million and commitment amount of $350 million. The amendment also establishes Eurodollar Rate borrowing margins at escalating rates of between 200 and 350 basis points and the Alternative Base Rate borrowing margins at escalating rates of between 100 and 250 basis points. The Commitment Fee associated with the unfunded portion of the borrowing base was also set at 50 basis points.

The facility was arranged by JP Morgan Securities, Inc. as Sole Lead Arranger and Sole Book Runner. The syndicate of lenders 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.

The full text of the press release, dated April 29, 2009, announcing the amendment of the Credit Agreement, is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.

(d) Exhibit.

Exhibit
Number                          Description

  99      Swift Energy Company press release dated April 29, 2009