1. DEBTWIRE BROADCAST: SWIFT ENERGY EQUITY & BANK DEBT TREATMENT MERIT SCRUTINY AS DEBTOR POSES HIGH-SPEED PATH TO EMERGENCE 6 January 2016 Debtwire’s team of reporters and analysts host a roundtable discussion to explore Swift Energy’s prearranged plan to get out of bankruptcy in just 110 days. We’ll also scrutinize the generous recovery earmarked for common shareholders, and dive into the plan’s assumption that secured debt can be paid back in full and the company will have enough liquidity at emergence. | 06 January 2016

2. AGENDA  Case Overview: Madalina Iacob, Associate Editor Madalina.Iacob@Debtwire.com Madalina.Iacob@Debtwire.com  First Day Action: Maria Chutchian, Court Reporter Maria.Chutchian@Debtwire.com Maria.Chutchian@Debtwire.com  Valuation Insights: Thomas Rorick, Distressed Analyst Thomas.Rorick@Debtwire.com Thomas.Rorick@Debtwire.com  Legal Issues: Joshua Friedman, Legal Analyst Joshua.Friedman@Debtwire.com Joshua.Friedman@Debtwire.com  Q & A 2

3. CASE OVERVIEW  Swift’s pulled loan deal in June sounds the death knell for the company  Company cuts costs to the bone, slashes capex by 70%  Downfall hastened by lack of hedges  New Year Eve’s bondholder backed RSA 3

4. ADJUSTED CAPITAL STRUCTURE 4 1)The RBL is subject to a springing maturity of 2 March 2017 if a) the maturity on SFY's existing senior notes is not extended to or beyond 1 May 2018 or b) the notes are repurchased, redeemed, refinanced or exchanged into stock. As of the petition date, the revolver was fully drawn. 2)The DIP maturity date is based on the plan effective date in the DIP milestones. The DIP loan will mature on the earliest of a) six months from the closing date, b) the effective date of a plan of reorganization or liquidiation, c) the sale of all or substantially all of SFY's assets under Section 363 or d) an event of default. 3)Based on the cash budget, we assume the company has USD 28m in cash as of 4 January. 4)Estimated market value of equity for the reorganized company is based on market value of the unsecured bonds. Sources; SEC Filings, Markit, MarketAxess.

5. FIRST DAY ACTION  Interim DIP, other administrative matters approved  Conditions still need to be met to secure additional USD 45m DIP  Most important condition to noteholders is RBL treatment  Debtors are hoping for exit facility, talks are ongoing 5

6. ADJUSTED CAPITAL STRUCTURE 6 1)The RBL is subject to a springing maturity of 2 March 2017 if a) the maturity on SFY's existing senior notes is not extended to or beyond 1 May 2018 or b) the notes are repurchased, redeemed, refinanced or exchanged into stock. As of the petition date, the revolver was fully drawn. 2)The DIP maturity date is based on the plan effective date in the DIP milestones. The DIP loan will mature on the earliest of a) six months from the closing date, b) the effective date of a plan of reorganization or liquidiation, c) the sale of all or substantially all of SFY's assets under Section 363 or d) an event of default. 3)Based on the cash budget, we assume the company has USD 28m in cash as of 4 January. 4)Estimated market value of equity for the reorganized company is based on market value of the unsecured bonds. Sources; SEC Filings, Markit, MarketAxess.

7. VALUATION INSIGHTS: CASH BUDGET 7 Source: Court filings.

8. VALUATION INSIGHTS: RESERVES 8 Source: Lender presentation.

9. VALUATION INSIGHTS: MGT. PROJECTIONS 9 Source: Court filings.

10. VALUATION INSIGHTS: ESTIMATED RECOVERIES 10 1)Estimated enterprise value applies a 5x multiple to projected 2017 EBITDA of USD 107m. 2)Projections have USD 316m outstanding under the revolver at 2017 year-end. 3)Assumes rollover of DIP financing into second lien term loan. 4)Discounts estimated equity value of USD 144m at 20% for two periods to estimate the present value of SFY's equity. 5)We assume 96% of the equity is allocated to unsecured noteholders, which includes the 7.5% backstop commitment fee payable in common stock. Sources; Lender presentation, court filings.

11. LEGAL ISSUES  Junior DIP Financing from Unsecured Noteholders  RSA Gives Almost All Restructured Equity to Noteholders  Equity and Management Still Win  NOLs and Other Takeaways 11

12. ADJUSTED CAPITAL STRUCTURE 12 1)The RBL is subject to a springing maturity of 2 March 2017 if a) the maturity on SFY's existing senior notes is not extended to or beyond 1 May 2018 or b) the notes are repurchased, redeemed, refinanced or exchanged into stock. As of the petition date, the revolver was fully drawn. 2)The DIP maturity date is based on the plan effective date in the DIP milestones. The DIP loan will mature on the earliest of a) six months from the closing date, b) the effective date of a plan of reorganization or liquidiation, c) the sale of all or substantially all of SFY's assets under Section 363 or d) an event of default. 3)Based on the cash budget, we assume the company has USD 28m in cash as of 4 January. 4)Estimated market value of equity for the reorganized company is based on market value of the unsecured bonds. Sources; SEC Filings, Markit, MarketAxess.

13. Q & A 13

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