<PAGE>

                                    FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


    [ X ]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                              THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 1997

                                       OR

    [   ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                              THE SECURITIES EXCHANGE ACT OF 1934

       For the transition period from _______________ to _________________

                       Commission File number 33-19721-04


                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                            <C>
                  Texas                                    76-0281709
(State or other jurisdiction of organization)  (I.R.S. Employer Identification No.)
</TABLE>


                        16825 Northchase Drive, Suite 400
                              Houston, Texas 77060
                    (Address of principal executive offices)
                                   (Zip Code)

                                  (281)874-2700
              (Registrant's telephone number, including area code)

                                      None
              (Former name, former address and former fiscal year,
                          if changed since last report)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes  X      No
   ----       ----


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.

                                      INDEX



<TABLE>
<CAPTION>
PART I.    FINANCIAL INFORMAT                                                                     PAGE
      <S>                                                                                          <C>
      ITEM 1.    Financial Statements

            Balance Sheets

                - June 30, 1997 and December 31, 1996                                               3

            Statements of Operations

                - Three month and six month periods ended June 30, 1997 and 1996                    4

            Statements of Cash Flows

                - Six month periods ended June 30, 1997 and 1996                                    5

            Notes to Financial Statements                                                           6

      ITEM 2.    Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                                            9

PART II.    OTHER INFORMATION                                                                      11


SIGNATURES                                                                                         12
</TABLE>




<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                                          June 30,           December 31,
                                                                                            1997                 1996
                                                                                       --------------      ----------------
                                                                                         (Unaudited)
<S>                                                                                    <C>                  <C>
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $      118,072       $       39,798
              Nonoperating interests income receivable                                         45,251              188,286
                                                                                       --------------       --------------
                   Total Current Assets                                                       163,323              228,084
                                                                                       --------------       --------------
         Nonoperating interests in oil and gas
              properties, using full cost accounting                                        1,416,807            1,411,075
         Less-Accumulated amortization                                                     (1,182,522)          (1,161,783)
                                                                                       --------------       --------------
                                                                                              234,285              249,292
                                                                                       --------------        -------------
                                                                                       $      397,608       $      477,376
                                                                                       ==============       ==============

         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Payable related to excess costs                                          $        2,766       $        2,271
                                                                                       --------------       --------------

         Partners' Capital                                                                    394,842              475,105
                                                                                       --------------       --------------
                                                                                       $      397,608       $      477,376
                                                                                       ==============       ==============
</TABLE>


                 See accompanying notes to financial statements.

                                        3


<PAGE>
                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)




<TABLE>
<CAPTION>
                                                      Three Months Ended                   Six Months Ended
                                                           June 30,                             June 30,
                                              ---------------------------------  ---------------------------------
                                                   1997                1996           1997               1996
                                              ---------------   ---------------  ---------------  ----------------
<S>                                           <C>               <C>              <C>               <C>
REVENUES:
   Income from nonoperating interests         $        21,935   $        68,415  $        68,289   $       123,993
   Interest income                                      1,571                31            2,021                49
                                              ---------------   ---------------  ---------------   ---------------
                                                       23,506            68,446           70,310           124,042
                                              ---------------   ---------------  ---------------   ---------------

COSTS AND EXPENSES:
   Amortization                                         9,031            20,256           20,739            45,009
   General and administrative                           8,297             8,992           17,623            17,367
                                              ---------------   ---------------  ---------------   ---------------
                                                       17,328            29,248           38,362            62,376
                                              ---------------   ---------------  ---------------   ---------------
NET INCOME (LOSS)                             $         6,178   $        39,198  $        31,948   $        61,666
                                              ===============   ===============  ===============   ===============



Limited Partners' net income (loss)
   per unit                                   $           .37   $          2.34  $          1.91   $          3.68
                                              ===============   ===============  ===============   ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        4

<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           Six Months Ended
                                                                                              June 30,
                                                                                ---------------------------------------
                                                                                      1997                    1996
                                                                                --------------          ---------------
<S>                                                                             <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (loss)                                                               $       31,948          $        61,666
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                                      20,739                   45,009
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income receivable                 21,304                  (15,926)
        (Increase) decrease in other current assets                                    121,731                       --
                                                                                --------------          ---------------
      Net cash provided by (used in) operating activities                              195,722                   90,749
                                                                                --------------          ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to nonoperating interests in oil and gas properties                       (5,732)                  (6,488)
    Proceeds from sales of nonoperating interests
      in oil and gas properties                                                             --                   58,765
    Increase (decrease) in payable related to excess costs                                 495                  (86,913)
                                                                                --------------          ---------------
      Net cash provided by (used in) investing activities                               (5,237)                 (34,636)
                                                                                --------------          ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                                    (112,211)                 (56,089)
                                                                                --------------          ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                    78,274                       24
                                                                                --------------          ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                        39,798                    1,365
                                                                                --------------          ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $      118,072          $         1,389
                                                                                ==============          ===============
Supplemental disclosure of cash flow information:
   Cash paid during the period for interest                                     $           --          $         1,789
                                                                                ==============          ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        5


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)


(1)  General Information -

                  The financial statements included herein have been prepared by
         the  Partnership  and are  unaudited  except for the  balance  sheet at
         December  31,  1996  which has been taken  from the  audited  financial
         statements at that date. The financial  statements reflect adjustments,
         all of which  were of a normal  recurring  nature,  which  are,  in the
         opinion  of  the  managing   general  partner   necessary  for  a  fair
         presentation.  Certain  information and footnote  disclosures  normally
         included in financial  statements prepared in accordance with generally
         accepted accounting  principles have been omitted pursuant to the rules
         and regulations of the Securities and Exchange Commission ("SEC").  The
         Partnership believes adequate disclosure is provided by the information
         presented.  The financial statements should be read in conjunction with
         the audited  financial  statements and the notes included in the latest
         Form 10-K.

(2)  Organization and Terms of Partnership Agreement -

                  Swift Energy Managed Pension Assets Partnership 1989-2,  Ltd.,
         a  Texas  limited  partnership  ("the  Partnership"),   was  formed  on
         September  30,  1989,   for  the  purpose  of  purchasing  net  profits
         interests,   overriding   royalty   interests  and  royalty   interests
         (collectively,  "nonoperating  interests")  in  producing  oil  and gas
         properties within the continental  United States.  Swift Energy Company
         ("Swift"), a Texas corporation, and VJM Partners, Ltd. ("VJM"), a Texas
         limited  partnership,  serve as  Managing  General  Partner and Special
         General Partner of the Partnership,  respectively. The Managing General
         Partner is required to contribute  up to 1/99th of limited  partner net
         contributions.   The  182   limited   partners   made   total   capital
         contributions of $1,676,058.

                  Nonoperating  interests  acquisition  costs and the management
         fee are borne 99 percent by the limited partners and one percent by the
         general partners.  Organization and syndication costs were borne solely
         by the limited partners.

                  Generally,  all continuing costs (including development costs,
         operating costs,  general and administrative  reimbursements and direct
         expenses) and revenues are allocated 90 percent to the limited partners
         and ten  percent  to the  general  partners.  If prior  to  partnership
         payout, however, the cash distribution rate for a certain period equals
         or exceeds 17.5 percent,  then for the following  calendar year,  these
         continuing  costs and  revenues  will be  allocated  85  percent to the
         limited  partners  and  15  percent  to  the  general  partners.  After
         partnership  payout,  continuing  costs and revenues  will be shared 85
         percent  by the  limited  partners,  and  15  percent  by  the  general
         partners, even if the cash distribution rate is less than 17.5 percent.
         During  1992 and 1991,  the cash  distribution  rate (as defined in the
         Partnership  Agreement)  exceeded  17.5  percent and thus,  in 1993 and
         1992, the  continuing  costs and revenues were shared 85 percent by the
         limited partners and 15 percent by the general  partners.  During 1996,
         1995, 1994 and 1993, the cash distribution rate fell below 17.5 percent
         and thus,  in 1997,  1996,  1995 and  1994,  the  continuing  costs and
         revenues will be (were)  shared 90 percent by the limited  partners and
         10 percent by the general partners.

(3)  Significant Accounting Policies -

       Use of Estimates --

                  The  preparation  of financial  statements in conformity  with
         generally accepted  accounting  principles  requires management to make
         estimates and  assumptions  that affect the reported  amounts of assets
         and  liabilities  at the  date  of the  financial  statements  and  the
         reported amounts of revenues and expenses during the reporting  period.
         Actual results could differ from estimates.  Certain  reclassifications
         have been made to prior year  amounts to  conform to the  current  year
         presentation.


                                       6


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


     Nonoperating Interests in Oil and Gas Properties --

                  For financial  reporting purposes the Partnership  follows the
         "full-cost" method of accounting for nonoperating  interests in oil and
         gas property costs. Under this method of accounting, all costs incurred
         in the acquisition of nonoperating  interests in oil and gas properties
         are capitalized.  The unamortized cost of nonoperating interests in oil
         and gas properties is limited to the "ceiling  limitation"  (calculated
         separately for the Partnership, limited partners and general partners).
         The  "ceiling  limitation"  is  calculated  on a  quarterly  basis  and
         represents  the  estimated   future  net  revenues  from   nonoperating
         interests in proved  properties using current prices  discounted at ten
         percent.   Proceeds  from  the  sale  or  disposition  of  nonoperating
         interests in oil and gas  properties  are treated as a reduction of the
         cost of the nonoperating  interests with no gains or losses  recognized
         except in significant transactions.

                  The Partnership computes the provision for amortization of oil
         and  gas  properties  on the  units-of-production  method.  Under  this
         method,   the  provision  is  calculated  by   multiplying   the  total
         unamortized  cost  of  oil  and  gas  properties  by  an  overall  rate
         determined  by  dividing  the  physical  units of oil and gas  produced
         during the period by the total estimated proved oil and gas reserves at
         the beginning of the period.

                  The calculation of the "ceiling  limitation" and the provision
         for  depreciation,  depletion and amortization is based on estimates of
         proved  reserves.   There  are  numerous   uncertainties   inherent  in
         estimating  quantities of proved  reserves and in projecting the future
         rates of production,  timing and plan of  development.  The accuracy of
         any reserve estimate is a function of the quality of available data and
         of engineering and geological  interpretation and judgment.  Results of
         drilling, testing and production subsequent to the date of the estimate
         may justify revision of such estimate.  Accordingly,  reserve estimates
         are  often  different  from  the  quantities  of oil and gas  that  are
         ultimately recovered.

(4)  Related-Party Transactions -

                  Affiliates of the Special General Partner,  as Dealer Manager,
         received  $41,901  for  managing  and  overseeing  the  offering of the
         limited  partnership  units.  A one-time  management fee of $41,901 was
         paid to Swift for services performed for the Partnership.

                  The  Partnership  entered  into a Net Profits  and  Overriding
         Royalty  Interests  Agreement  ("NP/OR  Agreement")  with Swift  Energy
         Income Partners  1989-3,  Ltd.  ("Operating  Partnership"),  managed by
         Swift, for the purpose of acquiring nonoperating interests in producing
         oil and  gas  properties.  Under  terms  of the  NP/OR  Agreement,  the
         Operating  Partnership  will  convey  to the  Partnership  nonoperating
         interests in the aggregate net profits (i.e.,  oil and gas sales net of
         related  operating  costs)  of the  properties  acquired  equal  to its
         proportionate share of the property acquisition costs.

(5)  Vulnerability Due to Certain Concentrations -

                  The  Company's  revenues are  primarily the result of sales of
         its oil and natural gas  production.  Market  prices of oil and natural
         gas may fluctuate and adversely affect operating results.

                  The Partnership extends credit to various companies in the oil
         and gas industry which results in a concentration  of credit risk. This
         concentration  of credit risk may be affected by changes in economic or
         other conditions and may accordingly  impact the Partnership's  overall
         credit risk.  However,  the Managing  General Partner believes that the
         risk is mitigated by the size, reputation,  and nature of the companies
         to which the Partnership  extends credit. In addition,  the Partnership
         generally  does not  require  collateral  or other  security to support
         customer receivables.


                                       7


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


(6)  Fair Value of Financial Instruments -

                  The Partnership's  financial  instruments  consist of cash and
         cash equivalents and short-term  receivables and payables. The carrying
         amounts  approximate  fair value due to the highly liquid nature of the
         short-term instruments.


                                       8


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


GENERAL

      The  Partnership  is formed for the purpose of investing  in  nonoperating
interests in producing oil and gas  properties  located  within the  continental
United States.  In order to accomplish  this, the  Partnership  goes through two
distinct yet  overlapping  phases with respect to its  liquidity  and results of
operations.  When the  Partnership  is formed,  it commences  its  "acquisition"
phase,  with all funds placed in short-term  investments  until required for the
acquisition of nonoperating interests.  Therefore,  the interest earned on these
pre-acquisition  investments  becomes the  primary  cash flow source for initial
partner  distributions.  As the Partnership acquires  nonoperating  interests in
producing properties,  net cash from ownership of nonoperating interests becomes
available  for  distribution,  along  with  the  investment  income.  After  all
partnership funds have been expended on nonoperating  interests in producing oil
and gas properties,  the Partnership enters its "operations"  phase. During this
phase,  income  from  nonoperating  interests  in oil  and gas  sales  generates
substantially all revenues, and distributions to partners reflect those revenues
less all  associated  partnership  expenses.  The  Partnership  may also  derive
proceeds  from  the  sale of  nonoperating  interests  in  acquired  oil and gas
properties,  when the sale of such  interests  is  economically  appropriate  or
preferable to continued operations.

LIQUIDITY AND CAPITAL RESOURCES

      The  Partnership has completed  acquisition of  nonoperating  interests in
producing oil and gas  properties,  expending  all of the limited  partners' net
commitments available for property acquisitions.

      Under the NP/OR Agreement, the Managing General Partner acquires interests
in oil and gas properties  from outside  parties and sells these interests to an
affiliated  operating  partnership,  who  in  turn  creates  and  sells  to  the
Partnership  nonoperating  interests in these same oil and gas  properties.  The
Managing  General Partner expects funds available from net profits  interests to
be distributed to the partners.

RESULTS OF OPERATIONS

      The  following  analysis  explains  changes  in the  revenue  and  expense
categories  for the quarter ended June 30, 1997 (current  quarter) when compared
to the quarter  ended June 30,  1996  (corresponding  quarter),  and for the six
months ended June 30, 1997  (current  period),  when  compared to the six months
ended June 30, 1996 (corresponding period).

Three Months Ended June 30, 1997 and 1996

      Income  from  nonoperating  interests  decreased  68 percent in the second
quarter of 1997 when  compared  to the same  quarter in 1996.  Oil and gas sales
declined  $49,772 or 57 percent in the second  quarter of 1997 when  compared to
the  corresponding  quarter  in 1996,  primarily  due to  decreased  gas and oil
production.  A decline  of 47 percent  in gas  production  and 26 percent in oil
production had a significant  impact on partnership  performance.  Also, current
quarter  gas prices  declined  40 percent or  $.89/MCF  when  compared to second
quarter 1996 gas prices, further contributing to decreased revenues.

      Associated amortization expense decreased 55 percent or $11,225.


                                       9


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


Six Months Ended June 30, 1997 and 1996

      Income from  nonoperating  interests  decreased  45 percent in the current
period when  compared  to the  corresponding  period in 1996.  Oil and gas sales
decreased  $62,993  or 39  percent  in the  first  six  months  of 1997 over the
corresponding  period in 1996. A decline of 41 percent in gas  production and 28
percent in oil  production  were  major  contributing  factors to the  decreased
revenues for the period. Increased oil prices of 4 percent or $.65/BBL partially
offset the production declines.

      Associated amortization expense declined 54 percent or $24,270.

      During 1997,  partnership  revenues  and costs will be shared  between the
limited partners and general partners in a 90:10 ratio.


                                       10


<PAGE>

                          SWIFT ENERGY MANAGED PENSION
                         ASSETS PARTNERSHIP 1989-2, LTD.
                           PART II - OTHER INFORMATION




ITEM 5.    OTHER INFORMATION


                                     -NONE-



                                       11


<PAGE>



                                   SIGNATURES



Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                        SWIFT ENERGY MANAGED PENSION
                                        ASSETS PARTNERSHIP 1989-2, LTD.
                                        (Registrant)

                             By:        SWIFT ENERGY COMPANY
                                        Managing General Partner

Date:     August 4, 1997     By:        /s/ John R. Alden
          --------------                --------------------------------
                                        John R. Alden
                                        Senior Vice President, Secretary
                                        and Principal Financial Officer

Date:     August 4, 1997     By:        /s/ Alton D. Heckaman, Jr.
          --------------                --------------------------------
                                        Alton D. Heckaman, Jr.
                                        Vice President, Controller
                                        and Principal Accounting Officer


                                       12