<PAGE>

                       Securities and Exchange Commission

                             Washington, D.C. 20549


                                    FORM 10-K

             [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                   For the fiscal year ended December 31, 1996
                                       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 33-37983-30
                      (Suffix To Be Assigned By Commission)


                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                    (Exact name of registrant as specified in
                    its Certificate of Limited Partnership)

         TEXAS                                          76-0451889
(State of Organization)                    (I.R.S. Employer Identification No.)


                         16825 Northchase Dr., Suite 400
                              Houston, Texas 77060
                                 (713) 874-2700
          (Address and telephone number of principal executive offices)


           Securities registered pursuant to Section 12(b) of the Act:
                                      None

           Securities registered pursuant to Section 12(g) of the Act:
                       3,032,126 Limited Partnership Units


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  periods that the  registrant  was
required),  and (2) has been subject to such filing requirements for the past 90
days.
                                    Yes  X    No
                                       ----     ----
Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]

Registrant does not have an aggregate  market value for its Limited  Partnership
Interests.

                       Documents Incorporated by Reference

Document                                            Incorporated as to

    Registration Statement No. 33-37983                Items 1 and 13
     on Form S-1


<PAGE>

                                TABLE OF CONTENTS

                             Form 10-K Annual Report
                     For the Period Ended December 31, 1996

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.

<TABLE>
<CAPTION>

ITEM NO.                                    PART I                                               PAGE
  <S>                      <C>                                                                  <C>
   1                       Business                                                               I-1
   2                       Properties                                                             I-5
   3                       Legal Proceedings                                                      I-7
   4                       Submission of Matters to a Vote of
                             Security Holders                                                     I-7


                                            PART II

   5                       Market Price of and Distributions on the
                             Registrant's SDIs and Related Interest
                             Holder Matters                                                      II-1
   6                       Selected Financial Data                                               II-2
   7                       Management's Discussion and Analysis of
                             Financial Condition and Results of Operations                       II-2
   8                       Financial Statements and Supplementary Data                           II-2
   9                       Disagreements on Accounting and Financial
                             Disclosure                                                          II-2


                                            PART III

  10                       Directors and Executive Officers of the
                             Registrant                                                         III-1
  11                       Executive Compensation                                               III-2
  12                       Security Ownership of Certain Beneficial
                             Owners and Management                                              III-2
  13                       Certain Relationships and Related Transactions                       III-2


                                            PART IV

  14                       Exhibits, Financial Statement Schedules
                             and Reports on Form 8-K                                             IV-1


                                            OTHER

                           Signatures
</TABLE>


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.

                                     PART I


Item 1.  Business

General Description of Partnership

          Swift  Energy  Pension   Partners   1994-D,   Ltd.,  a  Texas  limited
partnership (the  "Partnership" or the  "Registrant"),  is a partnership  formed
under a public serial limited partnership  offering denominated Swift Depositary
Interests  I  (Registration  Statement  No.  33-37983  on Form  S-1,  originally
declared  effective March 19, 1991, and amended  effective May 1, 1992, April 1,
1993,  April  19,  1994 and May 9,  1995 [the  "Registration  Statement"]).  The
Partnership was formed effective  December 30, 1994 under a Limited  Partnership
Agreement  dated  December  30,  1994.  The initial 256  investors  made capital
contributions of $3,032,126.  Investors in the Partnership hold Swift Depositary
Interests  ("SDIs")   representing   beneficial   ownership   interests  in  the
Partnership.

         The  Partnership  is  principally  engaged in the business of acquiring
nonoperating  interests  (i.e.,  net profits  interests,  royalty  interests and
overriding  royalty  interests)  in proven  oil and gas  properties  within  the
continental United States. The Partnership does not acquire working interests in
or operate oil and gas properties,  and does not engage in drilling  activities.
At December 31, 1996, the Partnership had expended or committed to expend 76% of
the  Interest  Holders'  commitments  in  the  acquisition  and  development  of
nonoperating  interests in producing properties,  which properties are described
under Item 2, "Nonoperating  Interests in Properties,"  below. The Partnership's
income is  derived  almost  entirely  from its  nonoperating  interests  and the
disposition thereof.

         The  Partnership's  business and affairs are  conducted by its Managing
General  Partner,  Swift Energy  Company,  a Texas  corporation  ("Swift").  The
Partnership's Special General Partner, VJM Corporation, a California corporation
("VJM"), consults with and advises Swift as to certain financial matters.

         The  general  manner in which  the  Partnership  acquires  nonoperating
interests  and  otherwise  conducts  its  business is described in detail in the
Registration Statement under "Proposed Activities of the Partnerships," which is
incorporated herein by reference. The following is intended only as a summary of
the Partnership's manner of doing business and specific activities to date.

Manner of Acquiring Nonoperating Interests in Properties; Net Profits and
Overriding Royalty Interest Agreement

         The nonoperating  interests owned by the Registrant have typically been
acquired  pursuant to a Net Profits and Overriding  Royalty  Interest  Agreement
dated December 31, 1994 (the "NP/OR Agreement") between the Registrant and Swift
Energy  Operating  Partners  1994-D,  Ltd. (the  "Operating  Partnership").  The
Operating  Partnership  is a Texas limited  partnership  that is also managed by
Swift and VJM.  The  Operating  Partnership  was formed to acquire  and  develop
producing oil and gas properties.

         Under the NP/OR Agreement, the Registrant and the Operating Partnership
have, in effect,  combined their funds to acquire  producing  properties.  Using
funds  committed to the NP/OR  Agreement  by both  partnerships,  the  Operating
Partnership  acquires producing  properties,  then promptly conveys nonoperating
interests therein to the Registrant. The Operating Partnership retains a working
interest in each such property, and is responsible for the production of oil and
gas therefrom. For the sake of legal and administrative  convenience,  producing
properties  are usually  acquired from the third party  sellers by Swift,  which
then  conveys  a  working  interest  in  each  such  property  to the  Operating
Partnership.  The Registrant  initially  committed  $3,032,126 and the Operating
Partnership  initially  committed  $4,775,604 for  acquisitions  under the NP/OR
Agreement.  The Operating  Partnership is obligated under the NP/OR Agreement to
convey to the  Registrant  a 39%  fixed  net  profits  interest  and a  variable
overriding  royalty  interest in specified  depths of all  producing  properties
acquired under the NP/OR Agreement.

         Under the NP/OR  Agreement,  the Operating  Partnership  is required to
convey  to  the  Registrant,   and  the  Registrant  is  required  to  purchase,
nonoperating  interests in all  producing  properties  acquired by the Operating
Partnership, except that:


                                       I-1


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


                  1. properties  anticipated to require significant  development
operations and nonoperating  interests  offered to the Operating  Partnership by
third  parties may be purchased by the Operating  Partnership  outside the NP/OR
Agreement, without participation by the Registrant;

                  2. during a  specified  one-year  period,  the  Registrant  is
entitled to reduce the amount originally  committed by it to purchases under the
NP/OR  Agreement  and to redirect  such funds to the  purchase  of  nonoperating
interests from sources other than the Operating Partnership; and

                  3. the  Registrant's  funds  will be  released  from the NP/OR
Agreement if they are not completely spent by the Operating Partnership within a
specified  period,  or if there is a prior  withdrawal of funds by the Operating
Partnership  to  purchase   properties   anticipated   to  require   significant
development.

         Purchases of nonoperating  interests by the Registrant  using withdrawn
or  released  funds  may be made  from  the  Managing  General  Partner  and its
affiliates,   other  partnerships  affiliated  with  the  Operating  Partnership
(possibly through the Registrant's  entry into a new NP/OR  Agreement),  or from
unaffiliated third parties.

         In accordance with its  obligations  under the NP/OR  Agreement,  as of
December 31, 1996 the Operating Partnership had conveyed to the Registrant a 39%
net  profits  interest  burdening  certain  depths of all  producing  properties
acquired  by the  Operating  Partnership  thereunder.  Typically,  a net profits
interest in an oil and gas property entitles the owner to a specified percentage
share of the gross proceeds generated by the burdened property, net of operating
costs.  The net  profits  interest  conveyed to the  Registrant  under the NP/OR
Agreement differs from the typical net profits interest in that it is calculated
over  the  entire  group  of  producing  properties  conveyed  under  the  NP/OR
Agreement; i.e., all operating costs attributable to the burdened depths of such
properties are  aggregated,  and the total is then  subtracted from the total of
all gross  proceeds  attributable  to such depths in order to calculate  the net
profits to which the Registrant is entitled.  The net profits interest  conveyed
to the Registrant  burdens only those depths of each subject property which were
evaluated to contain proved reserves at the date of  acquisition,  to the extent
such depths underlie specified surface acreage.

         The Operating Partnership has also conveyed to the Registrant under the
NP/OR  Agreement  an  overriding  royalty  interest  in each  property  acquired
thereunder. An overriding royalty interest is a fractional interest in the gross
production  (or the gross  proceeds  therefrom)  of oil and gas from a property,
free of any exploration,  development,  operation or maintenance expenses. Under
the NP/OR  Agreement,  the overriding  royalty  interest burdens the portions of
each producing  property that were  evaluated at the date of acquisition  not to
contain proved reserves.

Competition, Markets and Regulations

         Competition

         The oil and gas industry is highly  competitive in all its phases.  The
Partnership encounters strong competition from many other oil and gas producers,
many of which possess substantial financial resources, in acquiring economically
desirable Producing Properties.

         Markets

         The amounts of and price  obtainable  for oil and gas  production  from
Partnership  Properties will be affected by market factors beyond the control of
the  Partnership.  Such factors include the extent of domestic  production,  the
level of imports of foreign oil and gas, the general level of market demand on a
regional, national and worldwide basis, domestic and foreign economic conditions
that  determine  levels of industrial  production,  political  events in foreign
oil-producing  regions, and variations in governmental  regulations and tax laws
and  the  imposition  of new  governmental  requirements  upon  the  oil and gas
industry. There can be no assurance that oil and gas prices will not decrease in
the future, thereby decreasing net Revenues from Partnership Properties.

         From time to time,  there may exist a  surplus  of  natural  gas or oil
supplies,  the effect of which may be to reduce the amount of hydrocarbons  that
the  Partnerships may produce and sell while such oversupply  exists.  In recent
years,  initial steps have been taken to provide  additional gas  transportation
lines from Canada to the United States. If additional Canadian gas is brought to
the United States market, it could create downward pressure on United States gas
prices.


                                      I-2



<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


         Regulations

         Environmental Regulation

         The federal  government  and various state and local  governments  have
adopted  laws and  regulations  regarding  the control of  contamination  of the
environment.  These laws and regulations may require the acquisition of a permit
by Operators before drilling commences,  prohibit drilling activities on certain
lands  lying  within  wilderness  areas or where  pollution  arises  and  impose
substantial  liabilities for pollution  resulting from operations,  particularly
operations near or in onshore and offshore waters or on submerged  lands.  These
laws and  regulations  may also  increase  the  costs of  routine  drilling  and
operation of wells.  Because these laws and regulations change  frequently,  the
costs to the  Partnership of compliance  with existing and future  environmental
regulations cannot be predicted.  However, the Managing Partner does not believe
that the  Partnership is affected in a significantly  different  manner by these
regulations than are its competitors in the oil and gas industry.

         Federal Regulation of Natural Gas

         The  transportation  and sale of natural gas in interstate  commerce is
heavily  regulated  by  agencies  of  the  federal  government.   The  following
discussion is intended only as a summary of the principal statutes,  regulations
and  orders  that  may  affect  the  production  and  sale of  natural  gas from
Partnership  Properties.  This  summary  should not be relied upon as a complete
review of applicable natural gas regulatory provisions.

          FERC Orders

        Several major  regulatory  changes have been implemented by the Federal
Energy Regulatory  Commission  ("FERC") from 1985 to the present that affect the
economics of natural gas production,  transportation and sales. In addition, the
FERC  continues  to  promulgate  revisions  to various  aspects of the rules and
regulations  affecting  those  segments of the natural gas industry  that remain
subject to the FERC's jurisdiction. In April 1992, the FERC issued Order No. 636
pertaining to pipeline restructuring. This rule requires interstate pipelines to
unbundle  transportation  and sales services by separately  stating the price of
each service and by providing  customers  only the particular  service  desired,
without  regard to the source for  purchase of the gas.  The rule also  requires
pipelines to (i) provide  nondiscriminatory  "no-notice"  service  allowing firm
commitment  shippers to receive  delivery of gas on demand up to certain  limits
without  penalties,  (ii) establish a basis for release and reallocation of firm
upstream  pipeline  capacity  and  (iii)  provide  non-discriminatory  access to
capacity by firm  transportation  shippers on a  downstream  pipeline.  The rule
requires interstate  pipelines to use a straight fixed variable rate design. The
rule imposes these same requirements upon storage facilities.

         FERC Order No. 500  affects the  transportation  and  marketability  of
natural gas.  Traditionally,  natural gas has been sold by producers to pipeline
companies,  which then  resold the gas to  end-users.  FERC Order No. 500 alters
this market structure by requiring  interstate  pipelines that transport gas for
others to provide  transportation  service to  producers,  distributors  and all
other shippers of natural gas on a nondiscriminatory, "first-come, first-served"
basis ("open access  transportation"),  so that producers and other shippers can
sell  natural gas directly to end-users.  FERC Order No. 500 contains additional
provisions intended to promote greater competition in natural gas markets.

         It is not anticipated  that the  marketability  of and price obtainable
for natural gas production from  Partnership  Properties  will be  significantly
affected  by FERC  Order No.  500.  Gas  produced  from  Partnership  Properties
normally  will be sold to  intermediaries  who have entered into  transportation
arrangements with pipeline companies.  These  intermediaries will accumulate gas
purchased from a number of producers and sell the gas to end-users  through open
access pipeline transportation.



                                      I-3


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


         State Regulations

         Production  of any oil  and gas  from  Partnership  Properties  will be
affected  to some  degree  by  state  regulations.  Many  states  in  which  the
Partnership will operate have statutory provisions regulating the production and
sale  of oil  and  gas,  including  provisions  regarding  deliverability.  Such
statutes, and the regulations promulgated in connection therewith, are generally
intended to prevent  waste of oil and gas and to protect  correlative  rights to
produce  oil and  gas  between  owners  of a  common  reservoir.  Certain  state
regulatory  authorities  also  regulate  the amount of oil and gas  produced  by
assigning allowable rates of production to each well or proration unit.

         Federal Leases

         Some of the Partnership's properties are located on federal oil and gas
leases  administered by various federal  agencies,  including the Bureau of Land
Management.   Various  regulations  and  orders  affect  the  terms  of  leases,
exploration and development plans, methods of operation and related matters.

Employees

         The  Partnership  has no  employees.  Swift,  however,  has a staff  of
geologists,   geophysicists,   petroleum  engineers,   landmen,  and  accounting
personnel who  administer  the  operations of Swift and the  Partnership.  As of
December 31, 1996, Swift had 191 employees.  Swift's administrative and overhead
expenses  attributable  to  the  Partnership's   operations  are  borne  by  the
Partnership.


                                      I-4


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


Item 2.  Nonoperating Interests in Properties

         As of December  31, 1996,  the  Partnership  has acquired  nonoperating
interests in producing  oil and gas  properties  which are  generally  described
below.

Principal Oil and Gas Producing Properties

         The most  valuable  fields  in the  Partnership,  based  upon  year-end
engineering  estimates of discounted  future net revenues using constant pricing
and costs, are described below.

         1. The Chunchula Unit is located in Mobile County, Alabama, (Parker and
Parsley  acquisition)  and  produces  from  the  Smackover  horizon.  This  unit
represents 56% of this Partnership's value.

         2.  Approximately 19% of the Partnership's  value is from the AWP Field
in McMullen  County,  Texas  (Bracken  acquisition).  The wells produce from the
Olmos formation.

         The remaining  value in the  Partnership  is  attributable  to numerous
properties  none of which equals or exceeds 15 percent of the total  Partnership
value.

Title to Properties

         Title to substantially  all significant  producing  properties in which
the Partnership owns  nonoperating  interests has been examined.  In addition to
the nonoperating interests owned by the Partnership,  the properties are subject
to royalty,  overriding  royalty and other interests  customary in the industry.
The Managing  General  Partner does not believe any of these burdens  materially
detract from the value of the  properties  or will  materially  detract from the
value of the properties or materially  interfere with their use in the operation
of the business of the Partnership.

Production and Sales Price

         The following table  summarizes the sales volumes of the  Partnership's
net oil and gas production  expressed in MCFs.  Equivalent  MCFs are obtained by
converting oil to gas on the basis of their relative energy content;  one barrel
equals 6,000 cubic feet of gas.

<TABLE>
<CAPTION>
                                         Net Production
                                   --------------------------
                                      For the Years Ended
                                          December 31,
                                   --------------------------
                                    1996               1995
                                   -------           --------
<S>                                <C>                <C>    
Net Volumes (Equivalent MCFs)      207,957            223,518

Average Net Nonoperating
   Interest Price per
   Equivalent MCF                  $2.01              $1.49
</TABLE>


                                      I-5


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


Net Proved Oil and Gas Reserves

         Presented below are the estimates of the Partnership's  proved reserves
as of December 31, 1996, 1995 and 1994. All of the Partnership's proved reserves
are located in the United States.

<TABLE>
<CAPTION>
                                                                      December 31,
                                    -----------------------------------------------------------------------------
                                            1996                         1995                        1994
                                    ---------------------       ---------------------       ---------------------
                                                 Natural                     Natural                     Natural
                                      Oil          Gas            Oil          Gas            Oil          Gas
                                    -------      --------       -------      --------       -------      --------
                                     (BBLS)       (MMCF)         (BBLS)       (MMCF)         (BBLS)        (MMCF)
<S>                                 <C>             <C>         <C>             <C>         <C>             <C>  
Proved developed
   reserves at end of year          122,918         1,497       175,613         1,711       152,972         1,496
                                    -------      --------       -------      --------       -------      --------
Proved reserves
   Balance at beginning
     of year                        217,896         2,149       164,934         1,768            --            --

   Purchase of minerals
     in place                         1,188           238        69,709           476       164,934         1,768

   Extensions, discoveries
     and other additions                 --            --            --            --            --            --

   Revisions of previous
     estimates                      (26,594)         (366)         (870)           33            --            --

   Sales of minerals in
     place                               --            --            --            --            --            --

   Production                       (15,128)         (117)      (15,877)         (128)           --            --
                                    -------      --------       -------      --------       -------      --------

   Balance at end of year           177,362         1,904       217,896         2,149       164,934         1,768
                                    -------      --------       -------      --------       -------      --------
</TABLE>


         Revisions  of  previous  quantity  estimates  are  related to upward or
downward  variations  based on current  engineering  information  for production
rates,  volumetrics and reservoir  pressure.  Additionally,  changes in quantity
estimates  are the result of the  increase  or decrease in crude oil and natural
gas prices at each year end which have the effect of adding or  reducing  proved
reserves on marginal properties due to economic limitations.




                                      I-6


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


         The following table summarizes by acquisition the Registrant's reserves
and gross and net  interests in  producing  oil and gas wells as of December 31,
1996:

<TABLE>
<CAPTION>
                                                              Reserves
                                                          December 31, 1996
                                                       -----------------------
                                                                        Natural                   Wells
                                                         Oil              Gas            -----------------------
Acquisition                State(s)                     (BBLS)          (MMCF)            Gross            Net
-----------                --------                    -------          -------          ------          -------
<S>                        <C>                         <C>                <C>               <C>            <C>  
Parker & Parsley           AL, LA                      114,893            1,257              41            0.208
Cabot Oil & Gas            WY                           42,392               --              14            0.549
Bracken II                 TX                           18,889              409              58            0.998
BHP Petroleum              TX                            1,188              238              15            0.010
                                                       -------          -------          ------          -------
                                                       177,362            1,904             128            1.765
                                                       -------          -------          ------          -------
</TABLE>


         There are numerous  uncertainties  inherent in estimating quantities of
proved  reserves and in projecting  the future rates of  production,  timing and
plan of  development.  Oil and gas reserve  engineering  must be recognized as a
subjective process of estimating  underground  accumulations of oil and gas that
cannot be measured  in an exact way,  and  estimates  of other  engineers  might
differ  from  those  above,  audited  by H. J.  Gruy and  Associates,  Inc.,  an
independent petroleum consulting firm. 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,
and, as a general rule,  reserve  estimates based upon  volumetric  analysis are
inherently  less  reliable  than  those  based on  lengthy  production  history.
Accordingly,  reserve  estimates are often  different from the quantities of oil
and gas that are ultimately recovered.

         In estimating  the oil and natural gas  reserves,  the  Registrant,  in
accordance with criteria  prescribed by the Securities and Exchange  Commission,
has used prices received as of December 31, 1996 without  escalation,  except in
those instances where fixed and determinable  gas price  escalations are covered
by  contracts,  limited  to the  price the  Partnership  reasonably  expects  to
receive.  The  Registrant  does not believe that any  favorable or adverse event
causing a significant  change in the estimated  quantity of proved  reserves has
occurred between December 31, 1996 and the date of this report.

         Future prices received for the sale of the  Partnership's  products may
be higher or lower than the prices used in the evaluation  described  above; the
operating  costs relating to such  production may also increase or decrease from
existing  levels.  The estimates  presented  above are in accordance  with rules
adopted by the Securities and Exchange Commission.

Item 3. Legal Proceedings

         The Partnership is not aware of any material pending legal  proceedings
to which it is a party or of which any of its property is the subject.

Item 4. Submission of Matters to a Vote of Security Holders

         No matters  were  submitted  to a vote of Interest  Holders  during the
fourth quarter of the fiscal year covered by this report.


                                      I-7


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.

                                     PART II

Item 5.  Market Price of and Distributions on the Registrant's SDIs and Related
         Interest Holder Matters

Market Information

         SDIs in the  Partnership  were initially sold at a price of $1 per SDI.
SDIs are not traded on any exchange and there is no  established  public trading
market for the SDIs.

Holders

         As of December 31, 1996,  there were 256 Interest  Holders holding SDIs
in the Partnership.

Distributions

         The Partnership  generally makes distributions to Interest Holders on a
quarterly  basis,   subject  to  the  restrictions  set  forth  in  the  Limited
Partnership Agreement. In the fiscal years ended December 31, 1995 and 1996, the
Partnership  distributed  a total of $157,600  and  $323,000,  respectively,  to
holders of its SDIs. Cash distributions constitute net proceeds from sale of oil
and  gas  production  after  payment  of  lease  operating  expenses  and  other
partnership expenses.  Some or all of such amounts or any proceeds from the sale
of partnership  properties  could be deemed to constitute a return of investors'
capital.

         Oil and gas  investments  involve a high risk of loss, and no assurance
can be given that any particular  level of  distributions to holders of SDIs can
be  achieved  or  maintained.   Although  it  is   anticipated   that  quarterly
distributions  will continue to be made through 1997, the Partnership's  ability
to make distributions  could be diminished by any event adversely  affecting the
oil and gas properties in which the Partnership  owns interests or the amount of
revenues received by the Partnership therefrom.

         The  Partnership's   Limited  Partnership  Agreement  contains  various
provisions  which might serve to delay,  defer or prevent a change in control of
the Partnership,  such as the requirement of a vote of Limited Partners in order
to  sell  all  or  substantially  all  of the  Partnership's  properties  or the
requirement of consent by the Managing  General  Partner to transfers of limited
partnership  interests  and  provisions  prohibiting  the  transfer  of  Limited
Partnership  Units  in any  fiscal  year in  excess  of a limit  which  has been
established in order to comply with certain federal income tax regulations.




                                      II-1

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


Item 6. Selected Financial Data

         The following  selected  financial  data,  prepared in accordance  with
generally accepted  accounting  principles for the year ended December 31, 1996,
1995 and the period from  inception  (December  30, 1994)  through  December 31,
1994,  should be read in conjunction with the financial  statements  included in
Item 8:

<TABLE>
<CAPTION>
                          1996               1995              1994
                    --------------       -------------     -------------
<S>                   <C>              <C>                 <C>          
 Revenues             $    564,458     $       447,335     $          --
 Income               $    313,989     $       166,735     $          --
 Total Assets         $  2,955,680     $     3,098,455     $   4,786,047
 Cash Distributions   $    383,028     $       174,772     $          --
</TABLE>


Item 7. Management's Discussion and Analysis of Financial Condition and
         Results of Operations

Liquidity and Capital Resources

         The Partnership has expended  approximately  76 percent of the Interest
Holders'  commitments  available for property  acquisitions  and  development by
acquiring  nonoperating  interests  in  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.  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 nonoperating interests in oil and gas produced from oil and gas properties.
This source of liquidity and the related  results of operations  will decline in
future periods as the oil and gas produced from these properties also declines.

Results of Operations

         Income from  nonoperating  interests  increased 37 percent in 1996 over
1995. Oil and gas sales increased 30 percent in 1996 vs 1995.  Increases in both
1996 gas and oil prices were major contributors to the increased  revenues.  The
Partnership  experienced an increase in gas prices of 50 percent or $.94/MCF and
an  increase  in oil  prices of 14  percent  or  $2.26/BBL.  Production  volumes
decreased 7 percent due to a 9 percent gas  production  decrease and a 5 percent
oil production  decline.  The production declines partially offset the effect of
increased oil and gas prices impacting partnership performance.

         Associated  amortization  expense  decreased  15  percent  in 1996 when
compared to 1995.

         The Partnership was formed effective December 30, 1994 and accordingly,
had no results of operation  prior to that date, as such, 1995 is the first year
of production for the oil and gas properties acquired by the Partnership.

         During 1997,  Partnership  revenues and costs are expected to be shared
between the Interest  Holders and general  partners in an 85:15 ratio.  Based on
current oil and gas prices,  anticipated  levels of oil and gas  production  and
expected  cash   distributions   during  1997,  the  Managing   General  Partner
anticipates that the Partnership sharing ratio will continue to be 85:15.

Item 8. Financial Statements and Supplementary Data

         See Part IV, Item 14(a) for index to financial statements.

Item 9. Disagreements on Accounting and Financial Disclosure

         None.


                                      II-2


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.

                                    PART III


Item 10.  Directors and Executive Officers of the Registrant

         As a limited partnership,  the Registrant has no directors or executive
officers.  The  business and affairs of the  Registrant  are managed by Swift as
Managing General Partner. Set forth below is certain information as of March 17,
1997, regarding the directors and executive officers of Swift.

<TABLE>
<CAPTION>
                                             Position(s) with
         Name             Age            Swift and Other Companies
         ----             ---            -------------------------
<S>                       <C>     <C>                                           
                                  DIRECTORS

A. Earl Swift             63      President, Chief Executive Officer and
                                  Chairman of the Board

Virgil N. Swift           68      Executive Vice President - Business
                                  Development, Vice Chairman of the Board

G. Robert Evans           65      Director of Swift; Chairman of the Board,
                                  Material Sciences Corporation;
                                  Director, Consolidated Freightways, Inc.,
                                  Fibreboard  Corporation,  Elco  Industries,
                                  and Old Second Bancorp

Raymond O. Loen           72      Director of Swift; President, R. O. Loen
                                  Company

Henry C. Montgomery       61      Director of Swift; Chairman of the Board,
                                  Montgomery Financial Services Corporation;
                                  Director, Southwall Technology Corporation

Clyde W. Smith, Jr.       48      Director of Swift; President, Somerset
                                  Properties, Inc.

Harold J. Withrow         69      Director of Swift

                                  EXECUTIVE OFFICERS

Terry E. Swift            41      Executive Vice President, Chief
                                  Operating Officer

John R. Alden             51      Senior Vice President - Finance,
                                  Chief Financial Officer and Secretary

Bruce H. Vincent          49      Senior Vice President - Funds Management

James M. Kitterman        52      Senior Vice President - Operations

Alton D. Heckaman, Jr.    39      Vice President - Finance and
                                  Controller
</TABLE>


                                     III-1


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


         From time to time, Swift as Managing General Partner of the Partnership
purchases Units in the  Partnership  from investors who offer the Units pursuant
to their right of  presentment,  which  purchases are made pursuant to terms set
out in the  Partnership's  original Limited  Partnership  Agreement.  Due to the
frequency  and  large  number  of  these   transactions,   Swift  reports  these
transactions  under  Section  16 of the  Securities  Exchange  Act of 1934 on an
annual  rather than a monthly  basis.  In some cases such annual  reporting  may
constitute a late filing of the required Section 16 reports under the applicable
Section 16 rules.

Item 11.  Executive Compensation

         As  noted  in  Item  10,  "Directors  and  Executive  Officers  of  the
Registrant,"  above,  the Partnership has no executive  officers.  The executive
officers of Swift and VJM are not compensated by the Partnership.

         Certain fees and  allowances  contemplated  by the Limited  Partnership
Agreement  were paid by the  Partnership to Swift and VJM. See Note (4) in Notes
To Financial Statements (Related-Party Transactions) for further discussion.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

         No  single  Interest  Holder  is  known  to the  Partnership  to be the
beneficial owner of more than five percent of the Partnership's SDIs.

         Swift and VJM are not aware of any arrangement,  the operation of which
may at a subsequent date result in a change in control of the Partnership.

Item 13.  Certain Relationships and Related Transactions

         As  noted  in  Item  10,  "Directors  and  Executive  Officers  of  the
Registrant," above, the Partnership has no executive officers or directors,  and
thus has not  engaged  in any  transactions  in which  any  such  person  had an
interest.  The Partnership is permitted to engage in certain  transactions  with
Swift as Managing General Partner and VJM as Special General Partner, subject to
extensive  guidelines  and  restrictions  are  described  in the  "Conflicts  of
Interest"  section of the Prospectus  contained in the  Registration  Statement,
which is incorporated herein by reference.

         Summarized  below are the  principal  transactions  that have  occurred
between the Partnership,  on one hand, and Swift, VJM and their  affiliates,  on
the other.

Certain Transactions with General Partners

         1.  As  described  in  Item  1,  "Business,"  above,  during  1994  the
Partnership  entered into an NP/OR  Agreement  with the  Operating  Partnership,
which is also managed by Swift and VJM.  Pursuant to such NP/OR  Agreement,  the
Operating Partnership acquired the oil and gas properties described under Item 2
above and conveyed nonoperating interests therein to the Partnership.

         2.  Swift  acts  as  operator  for  many  of the  wells  in  which  the
Partnership has  nonoperating  interests and has received  compensation for such
activities in accordance with standard industry operating agreements.

         3. The  Partnership  paid to Swift and VJM certain fees as contemplated
by the  Limited  Partnership  Agreement.  See Note  (4) in  Notes  To  Financial
Statements (Related-Party Transactions) for further discussion.




                                     III-2


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.

                                     PART IV

<TABLE>
<CAPTION>
Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

      a(1)     FINANCIAL STATEMENTS                                                                   PAGE NO.
               <S>                                                                                      <C>
               Report of Independent Public Accountants                                                 IV-3

               Balance Sheets as of December 31, 1996 and 1995                                          IV-4

               Statements of  Operations  for the years ended  December 31, 1996
                  and 1995 and the period from  inception  (December  30,  1994)
                  through
                  December 31, 1994                                                                     IV-5

               Statements of Partners'  Capital for the years ended December 31,
                  1996 and 1995 and the  period  from  inception  (December  30,
                  1994) through
                  December 31, 1994                                                                     IV-6

               Statements of Cash Flows for the years  ended  December  31, 1996
                  and 1995 and the period from  inception  (December  30,  1994)
                  through
                  December 31, 1994                                                                     IV-7

               Notes to Financial Statements                                                            IV-8
</TABLE>

       a(2)    FINANCIAL STATEMENT SCHEDULES

               All schedules required by the SEC are either  inapplicable or the
               required information is included in the Financial Statements, the
               Notes thereto, or in other information included elsewhere in this
               report.

       a(3)    EXHIBITS

              3.1     Limited  Partnership  Agreement  of Swift  Energy  Pension
                      Partners 1994-D, Ltd., dated December 30, 1994. (Form 10-K
                      for year ended December 31, 1994, Exhibit 3.1).

              3.2     Certificate of Limited Partnership of Swift Energy Pension
                      Partners  1994-D,  Ltd., as filed December 30, 1994,  with
                      the Texas  Secretary  of State.  (Form 10-K for year ended
                      December 31, 1994, Exhibit 3.2).

              10.1    Net  Profits and  Overriding  Royalty  Interest  Agreement
                      between Swift Energy  Pension  Partners  1994-D,  Ltd. and
                      Swift  Energy  Operating   Partners  1994-D,   Ltd.  dated
                      December 31, 1994.  (Form 10-K for year ended December 31,
                      1994, Exhibit 10.1).

              10.2    Purchase and Sale  Agreement  dated May 31, 1994,  between
                      Swift  Energy  Company  ("Swift")  and Parker and  Parsley
                      Development  Company and P&P Producing,  Inc. ("Parker and
                      Parsley")   covering  certain  net  profits  interests  in
                      properties in Mobile County,  Alabama and Cameron  Parish,
                      Louisiana.  (Form 10-K for year ended  December  31, 1994,
                      Exhibit 10.2).

              10.3    Letter  Agreement  dated  December 31, 1994 between  Swift
                      Energy Company ("Swift") and Swift Energy Pension Partners
                      1994-D Ltd.  covering  certain net  profits  interests  in
                      properties  acquired  from  Parker  and  Parsley in Mobile
                      County, Alabama and Cameron Parish, Louisiana.  (Form 10-K
                      for year ended December 31, 1994, Exhibit 10.3).


                                      IV-1


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.


              99.1    A copy of the following  section of the  Prospectus  dated
                      April 19, 1994, contained in Post-Effective  Amendment No.
                      4 to  Registration  Statement No. 33-37983 on Form S-1 for
                      Swift Energy Depositary Interests I, as filed on April 19,
                      1994,  which have been  incorporated  herein by reference:
                      "Proposed  Activities"  (pp  25 - 35)  and  "Conflicts  of
                      Interests"  (pp  92 -  96).  (Form  10-K  for  year  ended
                      December 31, 1994, Exhibit 99.1).

       b(1)    REPORTS ON FORM 8-K

               No reports on Form 8-K have been filed  during the quarter  ended
December 31, 1996.

Supplemental  Information to be Furnished with Reports Filed Pursuant to Section
15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to
Section 12 of the Act.

         No annual report to security  holders covering the  Partnership's  1996
fiscal  year,  or proxy  statement,  form of proxy  or  other  proxy  soliciting
material has been sent to Interest Holders of the Partnership.




                                      IV-2
<PAGE>


                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS



To Swift Energy Pension Partners 1994-D, Ltd.:

         We have audited the accompanying balance sheets of Swift Energy Pension
Partners 1994-D, Ltd., (a Texas limited partnership) as of December 31, 1996 and
1995, and the related statements of operations, partners' capital and cash flows
for the year  ended  December  31,  1996,  1995 and the  period  from  inception
(December 30, 1994) through  December 31, 1994.  These financial  statements are
the responsibility of the general partner's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

         We conducted our audits in accordance with generally  accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material respects, the financial position of Swift Energy Pension
Partners 1994-D,  Ltd., as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the year ended December 31, 1995, 1995 and the
period from  inception  (December  30,  1994)  through  December  31,  1994,  in
conformity with generally accepted accounting principles.





                                                 ARTHUR ANDERSEN LLP




Houston, Texas
February 10, 1997



                                      IV-3


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                                 BALANCE SHEETS
                           DECEMBER 31, 1996 AND 1995


<TABLE>
<CAPTION>
                                                                                               1996                 1995
                                                                                       --------------       --------------
         <S>                                                                           <C>                  <C>           
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $      305,746       $      725,529
              Nonoperating interests income receivable                                        135,738               19,644
                                                                                       --------------       --------------
                   Total Current Assets                                                       441,484              745,173
                                                                                       --------------       --------------
         Nonoperating interests in oil and gas
              properties, using full cost accounting                                        2,863,112            2,515,933
         Less-Accumulated amortization                                                       (348,916)            (162,651
                                                                                       --------------       --------------
                                                                                            2,514,196            2,353,282
                                                                                       --------------       --------------
                                                                                       $    2,955,680       $    3,098,455
                                                                                       ==============       ==============


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Payable related to property acquisitions                                 $           --       $       67,708
              Payable related to excess costs                                                     630                6,658
                                                                                       --------------       --------------
                   Total Current Liabilities                                                      630               74,366
                                                                                       --------------       --------------

         Partners' Capital                                                                  2,955,050            3,024,089
                                                                                       --------------       --------------
                                                                                       $    2,955,680       $    3,098,455
                                                                                       ==============       ==============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-4


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                            STATEMENTS OF OPERATIONS
           FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND THE PERIOD
          FROM INCEPTION (DECEMBER 30, 1994) THROUGH DECEMBER 31, 1994


<TABLE>
<CAPTION>
                                                                      1996             1995             1994
                                                                ---------------  ---------------   ---------------
<S>                                                             <C>              <C>               <C>            
REVENUES:
   Income from nonoperating interests                           $       534,785  $       390,969   $            --
   Interest income                                                       29,673           56,566                --
                                                                ---------------  ---------------   ---------------
                                                                        564,458          447,535                --
                                                                ---------------  ---------------   ---------------

COSTS AND EXPENSES:
   Amortization                                                         186,265          162,651                --
   General and administrative                                            64,204          118,149                --
                                                                ---------------  ---------------   ---------------
                                                                        250,469          280,800                --
                                                                ---------------  ---------------   ---------------
INCOME (LOSS)                                                   $       313,989  $       166,735   $            --
                                                                ===============  ===============   ===============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-5


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                         STATEMENTS OF PARTNERS' CAPITAL
         FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND THE PERIOD FROM
             INCEPTION (DECEMBER 30, 1994) THROUGH DECEMBER 31, 1994

<TABLE>
<CAPTION>
                                                  Limited          General          Combining
                                                  Partners         Partners         Adjustment           Total
                                              ---------------   ---------------  ---------------    ---------------
<S>                                           <C>               <C>              <C>                <C>           
Cash Contributions,
    net of syndication costs                  $     3,032,126   $            --  $            --    $     3,032,126
                                              ---------------   ---------------  ---------------    ---------------
Balance,
    December 31, 1994                               3,032,126                --               --          3,032,126
                                              ---------------   ---------------  ---------------    ---------------

Income (Loss)                                         126,169            40,566               --            166,735

Cash Distributions                                   (157,600)          (17,172)              --           (174,772)
                                              ---------------   ---------------  ---------------    ---------------
Balance,
    December 31, 1995                               3,000,695            23,394               --          3,024,089
                                              ---------------   ---------------  ---------------    ---------------

Income (Loss)                                         183,745            70,160           60,084            313,989

Cash Distributions                                   (323,000)          (60,028)              --           (383,028)
                                              ---------------   ---------------  ---------------    ---------------
Balance,
    December 31, 1996                         $     2,861,440   $        33,526  $        60,084    $     2,955,050
                                              ===============   ===============  ===============    ===============



Limited Partners' net income (loss)
    per unit

      1994                                    $            --
                                              ===============
      1995                                    $           .04
                                              ===============
      1996                                    $           .06
                                              ===============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-6


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                            STATEMENTS OF CASH FLOWS
           FOR THE YEARS ENDED DECEMBER 1996, 1995 AND THE PERIOD FROM
             INCEPTION (DECEMBER 30, 1994) THROUGH DECEMBER 31, 1994

<TABLE>
<CAPTION>
                                                                                       1996             1995              1994
                                                                                 ---------------   ---------------  ---------------
<S>                                                                              <C>               <C>              <C>            
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                                $       313,989   $       166,735  $            --
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                                       186,265           162,651               --
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income receivable                 (116,094)          (19,644)              --
                                                                                 ---------------   ---------------  ---------------
                  Net cash provided by (used in) operating activities                    384,160           309,742               --
                                                                                 ---------------   ---------------  ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to nonoperating interests in oil
      and gas properties                                                                (414,887)       (2,448,225)              --
    Increase (decrease) in payable related to excess costs                                (6,028)            6,658               --
                                                                                 ---------------   ---------------  ---------------
                  Net cash provided by (used in) investing activities                   (420,915)       (2,441,567)              --
                                                                                 ---------------   ---------------  ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Capital contributions from Interest Holders                                               --                --        3,540,007
    Cash distributions to Interest Holders                                              (383,028)         (174,772)              --
    Payments of syndication costs                                                             --                --         (507,881)
                                                                                 ---------------   ---------------  ---------------
                  Net cash provided by (used in) financing activities                   (383,028)         (174,772)       3,032,126
                                                                                 ---------------   ---------------  ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                    (419,783)       (2,306,597)       3,032,126
                                                                                 ---------------   ---------------  ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                         725,529         3,032,126               --
                                                                                 ---------------   ---------------  ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                       $       305,746   $       725,529  $     3,032,126
                                                                                 ===============   ===============  ===============
  Supplemental disclosure of noncash investing and financing activities:
    Oil and gas properties acquired which will be paid for in a
    subsequent period                                                            $            --   $        67,708  $     1,753,921
                                                                                 ===============   ===============  ===============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-7



<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                          NOTES TO FINANCIAL STATEMENTS


(1) Organization and Terms of Partnership Agreement -

         Swift Energy Pension Partners 1994-D, Ltd., a Texas limited partnership
(the  Partnership),  was  formed  on  December  30,  1994,  for the  purpose  of
purchasing  net  profits  interest,  overriding  royalty  interests  and royalty
interests  (collectively,  "nonoperating  interests")  in producing  oil and gas
properties within the continental United States and Canada. Swift Energy Company
("Swift"),  a Texas  corporation,  and VJM  Corporation  ("VJM"),  a  California
corporation,  serve as Managing  General  Partner and Special General Partner of
the  Partnership,  respectively.  The sole limited partner of the Partnership is
Swift Depositary  Company,  which has assigned all of its beneficial (but not of
record)  rights  and  interests  as  limited  partner  to the  investors  in the
Partnership  ("Interest  Holders"),  in the form of Swift  Depositary  Interests
("SDIs").

         The  Managing  General  Partner  has  paid or  will  pay out of its own
corporate funds (as a capital contribution to the Partnership)  $507,881,  which
includes  all  selling  commissions,  offering  expenses,  printing,  legal  and
accounting  fees and other  formation  costs  incurred  in  connection  with the
offering of SDIs and the  formation of the  Partnership,  for which the Managing
General Partner will receive an interest in continuing costs and revenues of the
Partnership.  The 256  interest  holders  made total  capital  contributions  of
$3,032,126.

         Generally,  all continuing costs (including  general and administrative
reimbursements and direct expenses) and revenues are allocated 85 percent to the
Interest  Holders  and 15 percent to the  general  partners.  After  partnership
payout, as defined in the Partnership  Agreement,  continuing costs and revenues
will be shared 75 percent by the Interest Holders, and 25 percent by the general
partners. Payout had not occurred as of December 31, 1996.

(2) 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.

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 partner,  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 nonoperating
interests in oil and gas  properties on the  units-of-production  method.  Under
this method,  the provision is calculated by multiplying  the total  unamortized
cost of  nonoperating  interests  in 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 units of proved oil and gas reserves  attributable
to the Partnership's nonoperating interests at the beginning of the period.



                                      IV-8


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


         The  calculation  of the "ceiling  limitation"  and the  provision  for
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.

Statement of Cash Flows --

         Highly liquid debt instruments with an initial maturity of three months
or less are considered to be cash equivalents.

(3) Acquisition of Nonoperating Interests in Oil and Gas Property Costs -

         Effective December 31, 1994, the Partnership entered into a Net Profits
and Overriding  Royalty Interests  Agreement (NP/OR Agreement) with Swift Energy
Operating Partners 1994-D, Ltd. (Operating  Partnership),  managed by Swift, for
the purpose of acquiring  interests in producing oil and gas  properties.  Under
the  terms  of  the  NP/OR  Agreement,  the  Partnership  has  been  conveyed  a
nonoperating  interest 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,  as defined.  Property
acquisition costs are amounts actually paid by the Operating Partnership for the
properties  plus costs  incurred by the Operating  Partnership  in acquiring the
properties  and costs  related to screening and  evaluation  of  properties  not
acquired.  In  1996,  1995  and  1994,  the  Partnership  acquired  nonoperating
interests  in  producing  oil and gas  properties  for  $347,179,  $762,012  and
$1,753,921,  respectively,  of which $42,839,  $85,033 and $89,678 in 1996, 1995
and 1994,  respectively,  related  to costs  charged  by Swift to the  Operating
Partnership for the evaluation and acquisition  effort,  including costs related
to interests not acquired.

         During 1996, the limited  partners'  share of  unamortized  oil and gas
property costs exceeded  their  "ceiling  limitation",  resulting in a valuation
allowance of $43,081.  This amount is included in the income (loss) attributable
to the limited  partners  shown in the statement of partners'  capital  together
with a "combining  adjustment" for the difference  between the limited partners'
valuation  allowance and the Partnerhip's  valuation  allowance.  The "combining
adjustment" changes quarterly as the Partnership's total amortization  provision
is more or less than the combined amortization provision attributable to general
and limited partners.

(4) Related Party Transactions -

         During 1996,  1995,  the  Partnership  paid Swift  $45,482 and $53,062,
respectively, as a general and administrative overhead allowance.

         During  1996 and 1995,  the  Partnership  also paid Swift an  incentive
amount,  as defined in the Partnership  Agreement,  for services rendered to the
Partnership.  Such  amounts  totaled  $6,661 in 1996 and $45,482 in 1995 and are
included in general and administrative expenses.

(5) Federal Income Taxes -

         The Partnership is not a tax-paying entity. No provision is made in the
accounts of the Partnership for federal or state income taxes,  since such taxes
are liabilities of the individual partners,  and the amounts thereof depend upon
their respective tax situations.

         The tax returns and the amount of distributable  Partnership income are
subject to  examination  by the federal  and state  taxing  authorities.  If the
Partnership's  royalty  income for federal  income tax  purposes  is  ultimately
changed by the taxing  authorities,  the tax  liability of the Interest  Holders
could be changed  accordingly.  Royalty  income  reported  on the  Partnership's
federal  return of income for the years ended  December 31,  1996,  1995 and the
period  from  inception  (December  30,  1994)  through  December  31,  1994 was
$440,389,  $208,976 and $0, respectively.  The difference between royalty income
for federal income tax purposes  reported by the  Partnership and income or loss
from nonoperating interests reported herein primarily results from the exclusion
of  amortization  (as  described  below) from  ordinary  income  reported in the
Partnership's federal return of income.


                                      IV-9

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


(6) 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.

         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) 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.



                                     IV-10


<PAGE>



                    SWIFT ENERGY PENSION PARTNERS 1994-D, LTD


                                   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 PENSION
                                            PARTNERS 1994-D, LTD.
                                            (Registrant)

                                   By:      SWIFT ENERGY COMPANY
                                             General Partner

Date:      March 17, 1997          By:      s/b A. Earl Swift
           --------------                   ----------------------------------
                                            A. Earl Swift
                                            President

Date:      March 17, 1997          By:      s/b John R. Alden
           --------------                   ----------------------------------
                                            John R. Alden
                                            Principal Financial Officer

Date:      March 17, 1997          By:      s/b Alton D. Heckaman, Jr.
           --------------                   ----------------------------------
                                            Alton D. Heckaman, Jr.
                                            Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  Registrant and
in the capacities and on the dates indicated.

                                            SWIFT ENERGY PENSION
                                            PARTNERS 1994-D, LTD.
                                            (Registrant)

                                   By:      SWIFT ENERGY COMPANY
                                             General Partner

Date:      March 17, 1997          By:      s/b A. Earl Swift
           --------------                   ----------------------------------
                                            A. Earl Swift
                                            Director and Principal
                                            Executive Officer

Date:      March 17, 1997          By:      s/b Virgil N. Swift
           --------------                   ----------------------------------
                                            Virgil N. Swift
                                            Director and Executive
                                            Vice President - Business
                                            Development


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1994-D, LTD.



Date:      March 17, 1997          By:      s/b G. Robert Evans
           --------------                   ----------------------------------
                                            G. Robert Evans
                                            Director

Date:      March 17, 1997          By:      s/b Raymond O. Loen
           --------------                   ----------------------------------
                                            Raymond O. Loen
                                            Director

Date:      March 17, 1997          By:      s/b Henry C. Montgomery
           --------------                   ----------------------------------
                                            Henry C. Montgomery
                                            Director

Date:      March 17, 1997          By:      s/b Clyde W. Smith, Jr.
           --------------                   ----------------------------------
                                            Clyde W. Smith, Jr.
                                            Director

Date:      March 17, 1997          By:      s/b Harold J. Withrow
           --------------                   ----------------------------------
                                            Harold J. Withrow
                                            Director