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Swift Energy Announces Retirement of CEO and CFO

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   |    Wednesday,August 10,2016

Swift Energy Company announced that Terry Earl Swift is retiring from his position as Chief Executive Officer.

Mr. Swift will assist the Company by ensuring a smooth and orderly transition of his duties prior to his formal exit, which is expected to be over the next several months. Mr. Swift, who has served in the CEO role since 2001, will remain a member of the Board of Directors until he exits the CEO role.

Swift commented: "After over 35 years with Swift Energy, 15 as CEO, I believe now is the right time for a transfer in leadership. We have built an incredibly strong team at Swift Energy and I believe the Company is better positioned today to drive long-term value than ever before.

"I would like to express my sincerest gratitude to the hundreds of colleagues, both current and former, that I have had the honor to work alongside and that helped mold Swift Energy into the premier Eagle Ford player that it is today. I’d also like to extend my appreciation to our new Board members; their vision and leadership will help propel the Company to even greater future success."

Peter Kirchof, acting Chairman of the Board, commented, “Terry’s passion and leadership were among the many qualities that were necessary to lead the Company through the recent difficult restructuring process and the successful emergence from bankruptcy. As only the second CEO in Swift Energy’s 36 year history, his distinguished career and innumerable contributions will undoubtedly have a profound and lasting impact on the organization. We are excited for the Company’s next chapter and believe Terry has positioned the Company for future success, allowing us to build upon the Company’s rich history.”

The Company will immediately commence a search for a new Chief Executive Officer and plans to have the role filled prior to Mr. Swift’s departure.

CFO Retirement

Swift also announced that Alton D. Heckaman, Jr., Executive Vice President and Chief Financial Officer, is retiring and has agreed to assist the Company transition his duties over the next several months.

The Company will immediately begin a search for a new Chief Financial Officer and plans to fill the role prior to Mr. Heckaman’s exit.

Mr. Heckaman commented, “It has been a privilege to be a part of one of the leading teams in the oil and gas industry. I am looking forward to taking a step back for a little while from day to day management to enjoy more time with family and friends. I will miss my Swift Energy family after I retire; however, I will remain a loyal shareholder of the Company, which I know will have a very bright future.”

Terry E. Swift, Chief Executive Officer, commented, “I’d like to thank Alton for his 34 years of dedicated service and for the significant contributions he made to Swift Energy. He leaves behind a strong team of accounting, finance, human resources and IT personnel and we wish him the best on his well-deserved retirement. Alton has been an excellent executive to the Company and, more importantly, he is an even better person.”

Pete Kirchof, acting Chairman of the Board, added, “Alton has played a central role in a number of recent initiatives that have helped position Swift Energy for the future. This includes helping navigate the Company through a quick and successful restructuring as well as many post emergence initiatives, including the implementation of fresh start accounting. He will be missed.”