<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 September 30, 1999

                                       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 0-18356


                          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 INFORMATION                                                              PAGE
      <S>                                                                                      <C>
      ITEM 1.    Financial Statements

            Balance Sheets

                - September 30, 1999 and December 31, 1998                                      3

            Statements of Operations

                - Three month and nine month periods ended September 30, 1999 and 1998          4

            Statements of Cash Flows

                - Nine month periods ended September 30, 1999 and 1998                          5

            Notes to Financial Statements                                                       6

      ITEM 2.    Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                                       10

PART II.    OTHER INFORMATION                                                                  12


SIGNATURES                                                                                     13
</TABLE>



<PAGE>


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



<TABLE>
<CAPTION>
                                                                                September 30,          December 31,
                                                                                    1999                  1998
                                                                               ---------------       ---------------
                                                                                (Unaudited)
<S>                                                                          <C>                   <C>
ASSETS:

Current Assets:
     Cash and cash equivalents                                               $          1,107      $         17,545
     Nonoperating interests income receivable                                          23,896                26,601
                                                                               ---------------       ---------------
          Total Current Assets                                                         25,003                44,146
                                                                               ---------------       ---------------

Nonoperating interests in oil and gas
     properties, using full cost accounting                                         1,424,675             1,418,687
Less-Accumulated amortization                                                      (1,302,323)           (1,285,796)
                                                                               ---------------       ---------------
                                                                                      122,352               132,891
                                                                               ===============       ===============
                                                                             $        147,355      $        177,037
                                                                               ===============       ===============


LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts Payable                                                        $          1,906      $          2,691
                                                                               ---------------       ---------------


Limited Partners' Capital (16,761 Limited Partnership
                          Units; $100 per unit)                                       143,602               174,274

General Partners' Capital                                                               1,847                    72
                                                                               ---------------       ---------------
          Total Partners' Capital                                                     145,449               174,346
                                                                               ===============       ===============
                                                                             $        147,355      $        177,037
                                                                               ===============       ===============
</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                       Nine Months Ended
                                                        September 30,                           September 30,
                                              ----------------------------------       ---------------------------------
                                                   1999               1998                 1999               1998
                                              ---------------    ---------------       --------------     --------------
<S>                                         <C>                <C>                   <C>                <C>
REVENUES:
     Income from nonoperating interests     $         15,358   $          9,594      $        37,076    $        42,502
     Interest income                                      38                485                  244              2,240
                                              ---------------    ---------------       --------------     --------------
                                                      15,396             10,079               37,320             44,742
                                              ---------------    ---------------       --------------     --------------


COSTS AND EXPENSES:
     Amortization                                      6,523              7,517               16,527             24,693
     General and administrative                        5,903              6,359               21,958             20,812
                                              ---------------    ---------------       --------------     --------------
                                                      12,426             13,876               38,485             45,505
                                              ===============    ===============       ==============     ==============
NET INCOME (LOSS)                           $          2,970   $         (3,797)     $        (1,165)   $          (763)
                                              ===============    ===============       ==============     ==============



Limited Partners' net income (loss)
     per unit                               $           0.10   $          (0.23)     $         (0.20)   $         (0.05)
                                              ===============    ===============       ==============     ==============
</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>
                                                                                            Nine Months Ended
                                                                                              September 30,
                                                                                   -------------------------------------
                                                                                        1999                  1998
                                                                                   ---------------       ---------------
<S>                                                                              <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Income (loss)                                                               $         (1,165)     $           (763)
     Adjustments to reconcile income (loss) to
          net cash provided by operations:
          Amortization                                                                     16,527                24,693
          Change in assets and liabilities:
               (Increase) decrease in nonoperating interests income receivable              2,705                20,493
               Increase (decrease) in accounts payable                                       (785)                  271
                                                                                   ---------------       ---------------
          Net cash provided by (used in) operating activities                              17,282                44,694
                                                                                   ---------------       ---------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to nonoperating interests in oil and gas properties                         (7,235)               (8,137)
     Proceeds from sales of nonoperating interests in oil and gas properties                1,247                    --
                                                                                   ---------------       ---------------
          Net cash provided by (used in) investing activities                              (5,988)               (8,137)
                                                                                   ---------------       ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Cash Distributions to partners                                                       (27,732)              (91,830)
                                                                                   ---------------       ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                      (16,438)              (55,273)
                                                                                   ---------------       ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                           17,545                82,776
                                                                                   ===============       ===============
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                       $          1,107      $         27,503
                                                                                   ===============       ===============
</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,  1998  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  1997,  1996,
        1995, 1994 and 1993, the cash  distribution rate fell below 17.5 percent
        and thus, in 1998,  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.  Payout occurred as of January 1, 1999;
        therefore,  for  1999  and  each  year  remaining  in  the  life  of the
        partnership, the continuing costs and revenues will be shared 85 percent
        by the limited partners and 15 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.

      Oil and Gas Revenues -

                  Oil and gas revenues are reported using the entitlement method
        in which the Partnership  recognizes its interest in oil and natural gas
        production as revenue.

                                       6

<PAGE>


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


     Nonoperating Interests in Oil and Gas Properties --

                  The Partnership accounts for its ownership interest in oil and
        gas properties using the proportionate consolidation method, whereby the
        Partnership's  share of assets,  liabilities,  revenues  and expenses is
        included in the appropriate classification in the financial statement.

                  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  Partnership'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.


                                       7

<PAGE>


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


                  In the normal  course of  business,  the  Partnership  extends
        credit,  primarily in the form of monthly oil and gas sales receivables,
        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.

(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.

(7)  Year 2000 -

                  The  Year  2000  issue  results  from  computer  programs  and
        embedded computer chips with date fields that cannot distinguish between
        the years 1900 and 2000. The Managing  General  Partner has  implemented
        the steps necessary to make its operations and the related operations of
        the  Partnership  capable  of  addressing  the Year  2000.  These  steps
        included  upgrading,  testing and  certifying  its computer  systems and
        field   operation   services   and   obtaining   Year  2000   compliance
        certification  from  all  important  business  suppliers.  The  Managing
        General Partner formed a task force during 1998 to address the Year 2000
        issue and prepare its business  systems for the Year 2000.  The Managing
        General Partner has either replaced or updated mission  critical systems
        and has  substantially  completed  testing  and will  continue  remedial
        actions as needed.

                  The Managing  General  Partner's  business  systems are almost
        entirely  comprised of  off-the-shelf  software.  Most of the  necessary
        changes  in  computer  instructional  code were made by  upgrading  this
        software.  In  addition,  the  Managing  General  Partner  has  received
        certification  as to Year 2000  compliance  from  vendors or third party
        consultants.

                  The  Managing  General  Partner  does not  believe  that costs
        incurred  to address  the Year 2000 issue with  respect to its  business
        systems  will have a  material  effect on the  Partnership's  results of
        operations,  or its  liquidity and  financial  condition.  The estimated
        total cost to the Managing  General  Partner to address Year 2000 issues
        is  projected to be less than  $150,000,  most of which was spent during
        the testing phase. The  Partnership's  share of this cost is expected to
        be insignificant.



                                       8


<PAGE>


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

                  The  failure  to correct a material  Year 2000  problem  could
        result  in an  interruption,  or  failure  of  certain  normal  business
        activities or  operations.  Based on  activities  to date,  the Managing
        General  Partner  believes  that it has resolved any Year 2000  problems
        concerning   its   financial   and   administrative   systems.   It   is
        undeterminable  how all the  aspects  of the Year 2000 will  impact  the
        Partnership.  The most  reasonably  likely  worst  case  scenario  would
        involve a prolonged disruption of external power sources upon which core
        equipment   relies,   resulting  in  a   substantial   decrease  in  the
        Partnership's  oil and  gas  production  activities.  In  addition,  the
        pipeline  operators  to whom the  Managing  General  Partner  sells  the
        Partnership's  natural gas, as well as other  customers  and  suppliers,
        could be prone to Year  2000  problems  that  could not be  assessed  or
        detected by the Managing General  Partner.  The Managing General Partner
        has  contacted its major  purchasers,  customers,  suppliers,  financial
        institutions  and others  with whom it conducts  business  to  determine
        whether  they will be able to resolve  in a timely  manner any Year 2000
        problems directly  affecting the Managing General Partner or Partnership
        and to inform them of the Managing General Partner's internal assessment
        of its Year 2000  review.  There  can be no  assurance  that such  third
        parties will not fail to appropriately address their Year 2000 issues or
        will not  themselves  suffer a Year 2000  disruption  that  could have a
        material  adverse  effect  on the  Partnership's  activities,  financial
        condition  or  operating  results.  Based upon these  responses  and any
        problems  that  arise,  contingency  plans or back-up  systems  would be
        determined and addressed.


                                       9


<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

      Oil and gas reserves are depleting  assets and therefore often  experience
significant  production  declines each year from the date of acquisition through
the end of the life of the  property.  The primary  source of  liquidity  to the
Partnership comes almost entirely from the income generated from the sale of oil
and gas produced from ownership interests in oil and gas properties. This source
of  liquidity  and  the  related  results  of  operations,   and  in  turn  cash
distributions,  will decline in future  periods as the oil and gas produced from
these properties also declines while  production and general and  administrative
costs remain relatively stable making it unlikely that the Partnership will hold
the properties  until they are fully depleted,  but will likely liquidate when a
substantial  majority of the reserves have been produced.  Cash distributions to
partners are determined  quarterly,  based upon the net profits interest payment
received   from  the   companion   operating   partnership,   less  general  and
administrative  expenses.  The net profits  interest payment is determined based
upon net proceeds  from sale of oil and gas  production  after  payment of lease
operating expense, taxes and development costs. In addition,  future partnership
cash requirements are taken into account to determine necessary cash reserves.

      Net cash provided by operating  activities totaled $17,282 and $44,694 for
the nine months ended September 30, 1999 and 1998, respectively. The decrease in
cash  provided  by operting  activities  in 1999 is related to a decrease in the
Partnership's production. Cash distributions totaled $27,732 and $91,830 for the
nine months  ended  September  30, 1999 and 1998,  respectively.  In 1999,  cash
distributions  were  effected  by  production  declines  from the  Partnership's
depleting  property  interests  and low oil and gas prices  received  during the
first part of this year.

      The  Partnership  has  expended  all  of  the  partners'  net  commitments
available for property  acquisitions and development by acquiring  producing oil
and gas  properties.  The  partnership  invests  primarily  in proved  producing
properties  with nominal  levels of future costs of  development  for proven but
undeveloped reserves.  Significant purchases of additional reserves or extensive
drilling activity are not anticipated.  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  September  30, 1999  (current  quarter) when
compared to the quarter ended September 30, 1998  (corresponding  quarter),  and
for the nine months ended September 30, 1999 (current period),  when compared to
the nine months ended September 30, 1998 (corresponding period).

                                       10

<PAGE>


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


Three Months Ended September 30, 1999 and 1998

      Income  from  nonoperating  interests  increased  60  percent in the third
quarter of 1999 when  compared  to the same  quarter in 1998.  Oil and gas sales
increased $5,317 or 29 percent in the third quarter of 1999 when compared to the
corresponding  quarter in 1998,  primarily  due to increased oil and gas prices.
Oil prices increased 94 percent or $8.15/BBL to an average of $16.79/BBL and gas
prices  increased  16 percent or  $.35/MCF  to an average of  $2.50/MCF  for the
quarter.   Current  quarter  production  volumes  decreased  2  percent  as  oil
production  increased  6 percent  and gas  production  declined  6 percent  when
compared to third quarter 1998 production volumes.

      Corresponding  production  costs per equivalent MCF decreased 4 percent in
the  third  quarter  of 1999  compared  to the third  quarter  of 1998 and total
production costs decreased 5 percent.

      Associated  amortization  expense  decreased  13  percent  or $994 in 1999
compared to the third quarter of 1998.

Nine Months Ended September 30, 1999 and 1998

      Income from nonoperating  interests decreased 12 percent in the first nine
months  of 1999 when  compared  to the same  period  in 1998.  Oil and gas sales
declined  $9,742 or 15 percent in the first nine months of 1999 when compared to
the  corresponding  period  in  1998,  primarily  due to  decreased  oil and gas
production.  Current period  production  volumes decreased 33 percent as oil and
gas production declined 28 percent and 36 percent,  respectively,  when compared
to the same period in 1998.  Production declines are a result of the accelerated
depletion of the Partnership's  mature wells. Oil prices increased 30 percent or
$3.34/BBL  to an average of  $14.36/BBL  and gas prices  increased 15 percent or
$.29/MCF to an average of $2.23/MCF  for the current  period.  Increased oil and
gas prices helped offset the effect of decreased production.

      Corresponding  production costs per equivalent MCF increased 21 percent in
the first nine months of 1999 compared to the  corresponding  period in 1998 and
total production costs decreased 18 percent.

      Associated  amortization  expense  decreased  33 percent or $8,166 in 1999
compared to the first nine months of 1998.

      During 1999,  partnership  revenues  and costs will be shared  between the
limited partners and general partners in a 85:15 ratio.


                                       11


<PAGE>

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




ITEM 5.    OTHER INFORMATION


                                     -NONE-





                                       12

<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:  November 4, 1999       By:        /s/ John R. Alden
       ----------------                  --------------------------------------
                                         John R. Alden
                                         Senior Vice President, Secretary
                                         and Principal Financial Officer

Date:  November 4, 1999       By:        /s/ Alton D. Heckaman, Jr.
       ----------------                  --------------------------------------
                                         Alton D. Heckaman, Jr.
                                         Vice President, Controller
                                         and Principal Accounting Officer

                                       13