THIRD AMENDMENT

This THIRD AMENDMENT (“Amendment”) dated as of October 31, 2012 (the “Effective
Date”), is by and among Swift Energy Company, a Texas corporation (“Swift Co”),
and Swift Energy Operating, LLC, a Texas limited liability company (“Swift LLC”;
and together with Swift Co, individually, a “Borrower” and, collectively, the
“Borrowers”), the Lenders party hereto, and JPMorgan Chase Bank, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent”).
WHEREAS, the Borrowers, the lenders from time to time party thereto (the
“Lenders”), and the Administrative Agent are parties to the Second Amended and
Restated Credit Agreement dated as of September 21, 2010, as amended by the
First Amendment and Consent thereto dated as of May 12, 2011 and the Second
Amendment thereto dated as of October 2, 2012 (as so amended, and as further
amended, restated or otherwise modified from time to time, the “Credit
Agreement”); and
WHEREAS, the parties hereto have agreed to make certain amendments to the Credit
Agreement as provided for herein;
NOW THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:
AGREEMENT
Section 1.    Defined Terms. Unless otherwise defined in this Amendment, each
capitalized term used in this Amendment has the meaning given such term in the
Credit Agreement.
Section 2.    Amendments to the Credit Agreement.
(a)    The cover page to the Credit Agreement is hereby amended by replacing
references to the Co-Syndication Agents and Co-Documentation Agents with the
following:
WELLS FARGO BANK, N.A.,
AS SYNDICATION AGENT
COMPASS BANK AND ROYAL BANK OF CANADA,
AS CO-DOCUMENTATION AGENTS
(b)    The introductory paragraph to the Credit Agreement is hereby amended by
replacing “BNP PARIBAS AND WELLS FARGO BANK, N.A., as Co-Syndication Agents, and
BANK OF SCOTLAND PLC AND SOCIETE GENERALE, as Co-Documentation Agents” with
“WELLS FARGO BANK, N.A., as Syndication Agent, and COMPASS BANK AND ROYAL BANK
OF CANADA, as Co-Documentation Agents”.

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(c)    The pricing grid in the definition of “Applicable Margin” in Section 1.1
of the Credit Agreement is hereby restated in its entirety as follows:
Borrowing Base Usage
Eurodollar Rate Loans
Alternate Base Rate Loans
Commitment Fee
>90%
2.50%
1.50%
0.500%
<90% and >75%
2.25%
1.25%
0.500%
<75% and >50%
2.00%
1.00%
0.500%
<50% and >25%
1.75%
0.75%
0.375%
<25%
1.50%
0.50%
0.375%

(d)    The definition of “Final Maturity” in Section 1.1 of the Credit Agreement
is hereby restated in its entirety as follows:
“Final Maturity” shall mean November 1, 2017.
(e)    The definition of “Maximum Commitment Amount” in Section 1.1 of the
Credit Agreement is hereby restated in its entirety as follows:
“Maximum Commitment Amount” shall mean the lesser of (a) the Maximum Facility
Amount and (b) $450,000,000, as it may be increased from time to time pursuant
to Section 2.26(g).
(f)    Section 1.1 of the Credit Agreement is hereby amended by adding the
following new defined term in its appropriate alphabetical order:
“Release Price” shall mean, with respect to any sale by any Borrower or
Guarantor of Oil and Gas Properties which are included in the calculation of the
Borrowing Base, the price determined by the Required Lenders in their discretion
based upon the loan value of such Oil and Gas Properties that the Required
Lenders in their discretion (using such methodology, assumptions and discount
rates as such Lenders customarily use in assigning loan value to Oil and Gas
Properties) assign to such Oil and Gas Properties as of the time in question;
provided that, notwithstanding the foregoing, the Administrative Agent may
determine the Release Price (in lieu of a determination by the Required Lenders)
in connection with any sale or other transfer of Oil and Gas Properties included
in the calculation of the Borrowing Base, the aggregate Release Price of which
is less than 5% of the Borrowing Base between each scheduled Borrowing Base
determination pursuant to Section 2.11. In the event the Required Lenders are
required to determine a Release Price and cannot agree on such Release Price,
the Release Price shall be set on the basis of the weighted (based on the
Percentage Share of each Lender) arithmetic average of the Release Price as
determined by each individual Lender. To assist the Administrative Agent or the

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Required Lenders, as applicable, in making a determination of the Release Price,
the applicable Borrower or Guarantor shall furnish to the Administrative Agent a
breakout from the most recent Reserve Report provided to the Lenders showing the
value given to such Oil and Gas Properties being sold or transferred, together
with any and all other information pertaining thereto as the Administrative
Agent may request.
(g)    Clause (e) of Section 2.11 of the Credit Agreement (Borrowing Base
Determinations) is hereby amended and restated in its entirety as follows:
(e)    In connection with any sale or other transfer by any Borrower or any
Guarantor of Oil and Gas Properties which are included in the calculation of the
Borrowing Base, the aggregate Release Price of which equals or exceeds 5% of the
Borrowing Base between each scheduled Borrowing Base determination pursuant to
Section 2.11, the Borrowing Base shall be automatically reduced by an amount
equal to 100% of the aggregate Release Price of the sold properties.
(h)    Clause (e) of Section 6.4 of the Credit Agreement (Sales of Properties;
Leasebacks) is hereby amended and restated in its entirety as follows:
(e)    the sale or other disposition of Oil and Gas Properties included in the
calculation of the Borrowing Base, the aggregate Release Price of which does not
exceed 10% of the Borrowing Base between each scheduled Borrowing Base
determination pursuant to Section 2.11; provided that (i) no Default or Event of
Default has occurred and is continuing and (ii) the sum of the Loan Balance and
the L/C Exposure does not exceed the Borrowing Base before or after giving
effect to such disposition, any automatic reduction in the Borrowing Base
pursuant to Section 2.11(e) and any mandatory prepayment pursuant to Section
2.12(b); and
(i)    Exhibit V to the Credit Agreement is hereby replaced in its entirety with
Exhibit V attached hereto.
Section 3.    Borrowing Base Redetermination. The Administrative Agent hereby
notifies the Borrowers, and the undersigned Lenders hereby agree and
acknowledge, that the amount of the Borrowing Base has been redetermined by the
Administrative Agent and the Lenders in accordance with Section 2.11(b) and (c)
of the Credit Agreement, and has been set by the Administrative Agent and the
Lenders at $450,000,000, effective as of the Effective Date. The Borrowing Base
shall remain in effect at such level until the Borrowing Base is redetermined in
accordance with the terms of Section 2.11 of the Credit Agreement.
Section 4.    Assignment and Assumption; Exiting Lender.
(a)    For an agreed consideration, each of JPMorgan Chase Bank, N.A., Wells
Fargo Bank, N.A., Comerica Bank and Bank of Scotland PLC (each, an “Assignor”)
hereby irrevocably sells and assigns to each of Compass Bank, Royal Bank of
Canada, Amegy Bank National Association, U.S. Bank National Association, Branch
Banking & Trust Company, Canadian Imperial Bank of Commerce, Union Bank, N.A.
and Whitney Bank, (each, an “Assignee”),

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and each Assignee hereby irrevocably purchases and assumes from the respective
Assignors, subject to and in accordance with this Section 4 and the Credit
Agreement, as of the Effective Date (i) all of the respective Assignors’ rights
and obligations in their respective capacities as Lenders under the Credit
Agreement and any other documents or instruments delivered pursuant thereto
(including without limitation any participations in any Letters of Credit) that
would result in the Assignors and the Assignees having the respective Facility
Amounts set forth in Exhibit V attached hereto and (ii) to the extent permitted
to be assigned under applicable law, all claims, suits, causes of action and any
other right of the respective Assignors (in their respective capacities as
Lenders) against any Person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any
way based on or related to any of the foregoing, including, but not limited to,
contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i) above (the rights and obligations sold and
assigned by any Assignor to any Assignee pursuant to clauses (i) and (ii) above
being referred to herein collectively as an “Assigned Interest”). Each such sale
and assignment is without recourse to any Assignor and, except as expressly
provided in this Amendment, without representation or warranty by any Assignor.
It is understood and agreed that the rights and obligations of the Assignors and
the Assignees, respectively, under this Section 4 are several and not joint.
(b)     Each Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the relevant Assigned Interest, (ii) such Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim and (iii) it
has full power and authority, and has taken all action necessary, to execute and
deliver this Amendment and to consummate the transactions contemplated hereby;
and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of any Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan
Document or (iv) the performance or observance by any Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.
(c)     Each Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this
Amendment and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it meets all the requirements to be an
assignee under Section 9.1(b)(iii), (v) and (vi) of the Credit Agreement
(subject to such consents, if any, as may be required under Section 9.1(b)(iii)
of the Credit Agreement), (iii) from and after the Effective Date, it shall be
bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of the relevant Assigned Interest, shall have the obligations of a
Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by the Assigned Interest and either it, or the
person exercising discretion in making its decision to acquire the Assigned
Interest, is experienced in acquiring assets of such type, (v) it has received a
copy of the Credit Agreement, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements delivered
pursuant to Section 5.2 and 5.3 thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and
decision to enter into this

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Amendment and to purchase such Assigned Interest, (vi) it has, independently and
without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Amendment and to purchase such Assigned
Interest, and (vii) if it is a Foreign Lender, it has delivered to the
Administrative Agent any documentation required to be delivered by it pursuant
to the terms of the Credit Agreement, duly completed and executed by such
Assignee; and (b) agrees that (i) it will, independently and without reliance on
the Administrative Agent, any Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan
Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.
(d)    From and after the Effective Date, the Administrative Agent shall make
all payments in respect of each Assigned Interest (including payments of
principal, interest, fees and other amounts) to the relevant Assignor for
amounts which have accrued to but excluding the Effective Date and to the
relevant Assignee for amounts which have accrued from and after the Effective
Date.
(e)    Effective as of the Effective Date after giving effect to the assignment
and assumption in this Section 4, Bank of Scotland PLC (the “Exiting Lender”)
shall cease to be a Lender under the Credit Agreement, shall have no Facility
Amount under the Credit Agreement, and shall relinquish its rights (provided
that it shall still be entitled to any rights of indemnification in respect of
any circumstance or event or condition arising prior to the Effective Date) and
be released from its obligations under the Credit Agreement and the other Loan
Documents.
Section 5.    Flood Insurance Regulation. Notwithstanding any provision in any
Mortgage to the contrary, in no event is any Building (as defined in the
applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined
in the applicable Flood Insurance Regulation) included in the definition of
“Mortgaged Property” in any Security Instrument and no Building or Manufactured
(Mobile) Home shall be encumbered any such Security Instrument. As used herein,
“Flood Insurance Regulations” shall mean (i) the National Flood Insurance Act of
1968 as now or hereafter in effect or any successor statute thereto, (ii) the
Flood Disaster Protection Act of 1973 as now or hereafter in effect or any
successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994
(amending 42 USC 4001, et seq.), as the same may be amended or recodified from
time to time, (iv) the Flood Insurance Reform Act of 2004 and (v) any
regulations promulgated under any of the foregoing statutes.
Section 6.    Conditions to Effectiveness. This Amendment shall become effective
as of the Effective Date upon the satisfaction of the following conditions
precedent:
(a)    the Administrative Agent shall have received counterparts hereof duly
executed by each Borrower, the Administrative Agent and each of the Lenders;
(b)    the Administrative Agent shall have received counterparts of the attached
Acknowledgment and Reaffirmation duly executed by each Guarantor;

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(c)    a Note payable to the order of each Lender in the amount of its Facility
Amount as set forth Exhibit V, if requested pursuant to Section 2.8(a) of the
Credit Agreement; and
(d)    the Borrowers shall have paid all fees and expenses required to be paid
on the Effective Date pursuant to the Fee Letter dated as of October 31, 2012
among the Borrowers, the Administrative Agent and the Arranger.
Section 7.    Representations and Warranties. Each Borrower hereby represents
and warrants that after giving effect hereto:
(a)    the representations and warranties of the Borrowers contained in the Loan
Documents are true and correct in all material respects on and as of the
Effective Date, other than those representations and warranties that expressly
relate solely to a specific earlier date, which shall remain correct as of such
earlier date; and
(b)    no Default or Event of Default has occurred and is continuing.
Section 8.    Effect of Amendment.
(a)    The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender, the Issuing Bank or the Administrative Agent under any of
the Loan Documents, nor, except as expressly provided herein, constitute a
waiver or amendment of any provision of any of the Loan Documents.
(b)    Upon and after the execution of this Amendment by each of the parties
hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement as modified hereby.
(c)    This Amendment is a Loan Document executed pursuant to the Credit
Agreement and shall (unless otherwise expressly indicated herein) be construed,
administered and applied in accordance with the terms and provisions thereof.
(d)    Except as specifically modified above, the Credit Agreement and the other
Loan Documents are and shall continue to be in full force and effect and are
hereby in all respects ratified and confirmed.
Section 9.    Governing Law. This Amendment shall be deemed to be made under and
shall be construed in accordance with and governed by the laws of the State of
Texas without giving effect to principles thereof relating to conflicts of law;
provided, however, that Chapter 345 of the Texas Finance Code (which regulates
certain revolving credit loan accounts and revolving triparty accounts) shall
not apply.

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Section 10.    Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Transmission by facsimile
of an executed counterpart of this Amendment shall be deemed to constitute due
and sufficient delivery of such counterpart.
Section 11.    ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers as of the
Effective Date.
 
BORROWERS:

SWIFT ENERGY COMPANY

 
By:
/s/ Alton D. Heckaman, Jr.
 
 
Alton D. Heckaman, Jr.
 
 
Executive Vice President and
Chief Financial Officer

 
SWIFT ENERGY OPERATING, LLC

 
By:
/s/ Alton D. Heckaman, Jr.
 
 
Alton D. Heckaman, Jr.
 
 
Executive Vice President and
Chief Financial Officer

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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ADMINISTRATIVE AGENT, ISSUING BANK
AND LENDER:

JPMORGAN CHASE BANK, N.A.

 
By:
/s/ Jo Linda Papadakis
 
Name:
Jo Linda Papadakis
 
Title:
Authorized Officer

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

WELLS FARGO BANK, N.A.

 
By:
/s/ Scott Hodges
 
Name:
Scott Hodges
 
Title:
Managing Director

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

COMPASS BANK

 
By:
/s/ Dorothy Marchland
 
Name:
Dorothy Marchland
 
Title:
Executive Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

ROYAL BANK OF CANADA

 
By:
/s/ Kristan Spivey
 
Name:
Kristan Spivey
 
Title:
Authorized Signatory

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

AMEGY BANK NATIONAL ASSOCIATION

 
By:
/s/ Kenneth R. Batson, III
 
Name:
Kenneth R. Batson, III
 
Title:
Vice President, Energy Lending

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

COMERICA BANK

 
By:
/s/ Brenton Bellamy
 
Name:
Brenton Bellamy
 
Title:
Assistant Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

U.S. BANK NATIONAL ASSOCIATION

 
By:
/s/ John C. Lozano
 
Name:
John C. Lozano
 
Title:
Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

BRANCH BANKING & TRUST COMPANY

 
By:
/s/ Parul June
 
Name:
Parul June
 
Title:
Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

CANADIAN IMPERIAL BANK OF COMMERCE

 
By:
/s/ Trudy Nelson
 
Name:
Trudy Nelson
 
Title:
Executive Director

 
By:
/s/ Richard Antl
 
Name:
Richard Antl
 
Title:
Director

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

UNION BANK, N.A.

 
By:
/s/ Lara Sorokolit
 
Name:
Lara Sorokolit
 
Title:
Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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LENDER:

WHITNEY BANK

 
By:
/s/ Liana Tchernysheva
 
Name:
Liana Tchernysheva
 
Title:
Senior Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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Solely for purposes of Section 4:

EXITING LENDER:

BANK OF SCOTLAND PLC

 
By:
/s/ Julia R. Franklin
 
Name:
Julia R. Franklin
 
Title:
Vice President

Signature Page to Third Amendment to Second Amended and Restated Credit
Agreement
Swift Energy Company and Swift Energy Operating, LLC

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EXHIBIT V
FACILITY AMOUNTS

 
 
Percentage
Percentage
 
 
 
Share of
Share of
 
Name of Lender
Facility
Borrowing
Commitment
Percentage
 
Amount
Base
Amount
Share
 
 
 
 
 
JPMorgan Chase Bank, N.A.
$61,111,111.09
$55,000,000.00
$55,000,000.00
12.222222222%
Wells Fargo Bank, N.A.
$55,555,555.56
$50,000,000.00
$50,000,000.00
11.111111111%
Compass Bank
$55,555,555.56
$50,000,000.00
$50,000,000.00
11.111111111%
Royal Bank of Canada
$55,555,555.56
$50,000,000.00
$50,000,000.00
11.111111111%
Amegy Bank National Association
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
Comerica Bank
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
U.S. Bank National Association
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
Branch Banking & Trust Company
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
Canadian Imperial Bank of Commerce
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
Union Bank, N.A.
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
Whitney Bank
$38,888,888.89
$35,000,000.00
$35,000,000.00
7.777777778%
Bank of Scotland PLC
$0.00
$0.00
$0.00
0.000000000%
 
 
 
 
 
Totals:
$500,000,000.00
$450,000,000.00
$450,000,000.00
100.000000000%
 
 
 
 
 
 
 
 
 
 

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ACKNOWLEDGMENT AND REAFFIRMATION

Each of the undersigned (each a “Guarantor” and collectively the “Guarantors”)
hereby (i) acknowledges receipt of a copy of the foregoing Third Amendment dated
as of October 31, 2012 among Swift Energy Company, Swift Energy Operating, LLC,
the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative
agent for such lenders (in such capacity, the “Administrative Agent”) and (ii)
reaffirms its obligations under the Guaranty Agreement dated as of September 21,
2010 by the Guarantors in favor of the Administrative Agent for the benefit of
the Secured Parties (as defined therein).

 
GASRS LLC

 
By:
/s/ Bruce H. Vincent
 
 
Bruce H. Vincent
 
 
President

 
SWENCO-WESTERN, INC.

 
By:
/s/ Alton D. Heckaman, Jr.
 
 
Alton D. Heckaman, Jr.
 
 
Executive Vice President, Chief
Financial Officer and Secretary