<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, 1997
                                       OR
            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ___________________ to ____________________


                       Commission File number 33-37983-35


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                    (Exact name of registrant as specified in
                     its Certificate of Limited Partnership)

         TEXAS                                      76-0486529
(State of Organization)                (I.R.S. Employer Identification No.)


                         16825 Northchase Dr., Suite 400
                              Houston, Texas 77060
                                 (281) 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, 1997

                   SWIFT ENERGY PENSION PARTNERS 1995-B, 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 1995-B, LTD.

                                     PART I


Item 1.  Business

General Description of Partnership

          Swift  Energy  Pension   Partners   1995-B,   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 14, 1995 under a Limited  Partnership
Agreement  dated  December  14,  1995.  The initial 272  investors  made capital
contributions of $2,866,912.  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, 1997, the  Partnership  had expended or committed to expend 100%
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 14, 1995 (the "NP/OR Agreement") between the Registrant and Swift
Energy  Operating  Partners  1995-B,  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  $2,866,912 and the Operating
Partnership  initially  committed  $2,500,000 for  acquisitions  under the NP/OR
Agreement.  The Operating  Partnership is obligated under the NP/OR Agreement to
convey to the  Registrant  a 53%  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 1995-B, 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, 1997 the Operating Partnership had conveyed to the Registrant a 53%
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.


                                      I-2


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.


         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.

         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 1995-B, 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, 1997, Swift had 194 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 1995-B, LTD.


Item 2.  Nonoperating Interests in Properties

         As of December  31, 1997,  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 South  Centreville  Field is in  Wilkinson  County,  Mississippi
(OXY, USA acquisition). This field accounts for 47% of the Partnership's value.

         2.  The  Holiday  Field  is in  Adams  County,  Mississippi  (OXY,  USA
acquisition). This field accounts for 41% of the Partnership's value.

         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 volumes of the  Partnership's  net
nonoperating  interests in 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.  Average Net  Nonoperating
Interest  Price per Equivalent MCF is determined by dividing the related oil and
gas revenue from nonoperating interests by the equivalent MCF's.

<TABLE>
<CAPTION>
                                       Net Production
                                ----------------------------
                                     For the Years Ended
                                        December 31,
                                ----------------------------
                                 1997                 1996
                                -------             --------
<S>                             <C>                 <C>
Net Volumes (Equivalent MCFs)   110,879             47,160

Average Net Nonoperating
   Interest Price per
   Equivalent MCF               $1.73               $2.54
</TABLE>


                                      I-5


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.


Net Proved Oil and Gas Reserves

         Presented below are the estimates of the Partnership's  proved reserves
as of December 31, 1997,  1996 and 1995. The  Partnership  does not itself own a
direct  interest in proved  reserves.  The proved reserve  estimates shown below
represent an estimate of the proved reserves owned by the Operating  Partnership
equal to the percentage net profits interest  conveyed to the Partnership by the
Operating Partnership. All of the Partnership's nonoperating interests in proved
reserves are located in the United States.

<TABLE>
<CAPTION>
                                                         December 31,
                                      -------------------------------------------------
                                               1997                       1996
                                      ---------------------       ---------------------
                                                    Natural                     Natural
                                        Oil           Gas           Oil           Gas
                                      -------      --------       -------      --------
                                      (BBLS)        (MMCF)         (BBLS)       (MMCF)
<S>                                   <C>             <C>          <C>              <C>
 Proved developed
    reserves at end of year           105,687         1,072         6,173           259
                                      -------         -----       -------         -----
 Proved reserves
    Balance at beginning
      of year                           7,015           294            --            --

    Purchase of minerals
      in place                        210,588         2,095         8,056           335

    Revisions of previous
      estimates                         4,311           (13)           --            --

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

    Production                         (6,751)          (70)       (1,041)          (41)
                                      -------         -----     ---------         -----

    Balance at end of year            215,163         2,306         7,015           294
                                      -------         -----       -------         -----
</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 1995-B, LTD.


         The following table summarizes by acquisition the  Registrant's  proved
reserves equal to the percentage net profits interests conveyed by the Operating
Partnership  and its  nonoperating  interests in gross and net producing oil and
gas wells as of December 31, 1997:

<TABLE>
<CAPTION>
                                                             Reserves
                                                         December 31, 1997
                                                       ---------------------

                                                                    Natural                   Wells
                                                         Oil          Gas           -----------------------
Acquisition                 State(s)                   (BBLS)       (MMCF)           Gross            Net
-----------                 ---------                  ------       ------          ------          -------
<S>                        <C>                          <C>            <C>              <C>           <C>
BHP Petroleum              LA                             632          121              15            0.007
Nuevo Energy               TX                           3,942           90               5            0.125
Ranch Oil                  WY                          66,993           --              13            0.265
Oxy USA                    MS                         143,596        2,095               7            0.262
                                                      -------        -----            ----            -----
                                                      215,163        2,306              40            0.659
                                                      -------        -----            ----            -----
</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, 1997 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, 1997 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 1995-B, 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.  Swift is aware of  negotiated  transfers  of SDIs  between
unrelated parties;  however, these transfers have been limited and sporadic. Due
to the  nature  of  these  transactions,  Swift  has no  verifiable  information
regarding prices at which SDIs have been transferred.

Holders

         As of December 31, 1996,  there were 272 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,  1996 and 1997, the
Partnership  distributed a total of $107,400 and $229,300  respectively,  to the
holders of its SDI's.  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 1998, 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 1995-B, 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, 1997,
1996 and the period from  inception  (December  14, 1995)  through  December 31,
1995,  should be read in conjunction with the financial  statements  included in
Item 8:

<TABLE>
<CAPTION>
                                   1997                1996              1995
                              -------------       -------------       -------------
  <S>                        <C>                 <C>                 <C>
  Revenues                   $       327,090     $       272,340     $            --
  Income                     $       172,017     $       113,638     $            --
  Total Assets               $     2,810,241     $     3,088,795     $     2,866,912
  Cash Distributions         $       243,328     $       107,400     $            --
  Long Term Obligations      $            --     $            --     $            --
  Interest Holders' Net
   Income (Loss) Per SDI     $           .03     $           .03     $            --
  Interest Holders' Cash
   Distributions Per SDI     $           .08     $           .04     $            --
</TABLE>


Item 7. Management's Discussion and Analysis of Financial Condition and
         Results of 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.  Net cash provided by operating activities totaled $244,445, $77,041
and $0 in 1997,  1996 and 1995,  respectively.  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 the  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.  The  Partnership has expended all of the partner's
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.  Capital  expenditures in 1997,
1996  and  1995,  totaled  $1,812,592,   $424,253  and  $0,  respectively.  Cash
distributions  to partners totaled  $243,328,  $107,400 and $0 in 1997, 1996 and
1995, respectively.

Results of Operations

         Revenues  and  expenses  from  continuing  operations  in 1997 were all
significantly  higher  than  1996  because  1997  was  the  first  full  year of
production  for the oil and gas  properties  acquired  by the  Partnership.  The
Partnership  was formed  effective  December  14,  1995 and  accordingly,  had a
limited  operating  history in 1995.  From  inception to December 31, 1996,  the
Partnership  acquired  nonoperating  interests  in the  producing  oil  and  gas
properties.  The 1996 revenues  were  attributable  to income from  nonoperating
interests  and  to  interest  income  recognized  on  the  remaining  unexpected
Interests Holders' commitments.

                                      II-2

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.


         During 1998,  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  1998,  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-3


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, 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 February
18, 1998, 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              64     Chief Executive Officer and
                                  Chairman of the Board

Virgil N. Swift            69     Executive Vice President - Business
                                  Development, Vice Chairman of the Board

G. Robert Evans            66     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            73     Director of Swift; President, R. O. Loen
                                  Company

Henry C. Montgomery        62     Director of Swift; Chairman of the Board,
                                  Montgomery Financial Services Corporation;
                                  Director, Southwall Technology Corporation

Clyde W. Smith, Jr.        49     Director of Swift; President, Somerset
                                  Properties, Inc.

Harold J. Withrow          70     Director of Swift

                                  EXECUTIVE OFFICERS

Terry E. Swift             42     President, Chief Operating Officer

John R. Alden              52     Senior Vice President - Finance,
                                  Chief Financial Officer and Secretary

Bruce H. Vincent           50     Senior Vice President - Funds Management

James M. Kitterman         53     Senior Vice President - Operations

Joe A. D'Amico             49     Senior Vice President- Exploration and
                                  Development

Alton D. Heckaman, Jr.     40     Vice President - Finance and Controller
</TABLE>


                                     III-1


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, 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  as  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 occurred during
1995 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  1995  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 1995-B, 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, 1997 and 1996             IV-4

          Statements of Operations for the years ended
             December 31, 1997 and 1996 and the period
             from inception  (December 14, 1995) through
             December 31, 1995                                        IV-5

          Statements of  Partners'  Capital for the years
             ended December 31 1997 and 1996 and the period
             from inception (December 14, 1995) through
             December 31, 1995                                        IV-6

          Statements of Cash Flows for the years ended
             December 31, 1997 and 1996 and the period
             from inception (December 14, 1995) through
             December 31, 1995                                        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 1995-B, Ltd., dated December 14, 1995. (Form 10-K
                      for year ended December 31, 1995, Exhibit 3.1).

               3.2    Certificate of Limited Partnership of Swift Energy Pension
                      Partners 1995-B, Ltd., as December 14 1995, with the Texas
                      Secretary of State. (Form 10-K for year ended December 31,
                      1995, Exhibit 3.2).

               10.1   Net  Profits and  Overriding  Royalty  Interest  Agreement
                      between Swift Energy Pension  Partners  1995-B,  Ltd., and
                      Swift  Energy  Operating  Partners  1995-B,   Ltd.,  dated
                      December 14, 1995.  (Form 10-K for year ended December 31,
                      1996, Exhibit 10.1).

               10.2   Purchase  and Sale  Agreement  dated  December  22,  1997,
                      between Swift Energy  Company  ("Swift") and OXY USA, Inc.
                      ("OXY")   covering   certain  net  profits   interests  in
                      properties in Adams and Wilkinson Counties, Mississippi.


                                      IV-1


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.


               10.3   Letter  Agreement  dated  December 31, 1997 between  Swift
                      Energy Company ("Swift") and Swift Energy Pension Partners
                      1995-B,  Ltd.  covering  certain net profits  interests in
                      properties  acquired  from OXY  USA,  Inc.  in  Adams  and
                      Wilkinson Counties, Mississippi.

               99.1   A copy of the following  section of the  Prospectus  dated
                      May 9, 1995,  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 May 9,
                      1995,  which have been  incorporated  herein by reference:
                      "Proposed  Activities"  (pp  25 - 34)  and  "Conflicts  of
                      Interests"  (pp  92 -  96).  (Form  10-K  for  year  ended
                      December 31, 1995, Exhibit 28.1).

       b(1)    REPORTS ON FORM 8-K

               No reports on Form 8-K have been filed  during the quarter  ended
December 31, 1997

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  1997
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 1995-B, Ltd.:

         We have audited the accompanying balance sheets of Swift Energy Pension
Partners 1995-B, Ltd., (a Texas limited partnership) as of December 31, 1997 and
1996, and the related statements of operations, partners' capital and cash flows
for the years ended  December  31,  1997,  1996 and the  period  from  inception
(December 14, 1995) through  December 31, 1995.  These financial  statements are
the   responsibility   of  the  Managing  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 1995-B,  Ltd., as of December 31, 1997 and 1996, and the results of its
operations  and its cash flows for the years ended  December 31, 1997,  1996 and
the period from  inception  (December  14, 1995)  through  December 31, 1995, in
conformity with generally accepted accounting principles.






                                           ARTHUR ANDERSEN LLP




Houston, Texas
February 10, 1998



                                      IV-3


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                                 BALANCE SHEETS
                           DECEMBER 31, 1997 AND 1996


<TABLE>
<CAPTION>
                                                                                             1997                 1996
                                                                                       ---------------     ----------------
         <S>                                                                           <C>                  <C>           
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $      600,825       $    2,619,944
              Nonoperating interests income receivable                                        115,823               85,840
              Other                                                                             7,443               11,300
                                                                                       ---------------     ----------------
                            Total Current Assets                                              724,091            2,717,084
                                                                                       ---------------     ----------------

         Nonoperating interests in oil and gas
              properties, using full cost accounting                                        2,236,845              424,253
         Less-Accumulated amortization                                                       (150,695)             (52,542)
                                                                                       ---------------     ----------------
                                                                                            2,086,150              371,711
                                                                                       ---------------     ----------------
                                                                                       $    2,810,241       $    3,088,795
                                                                                       ===============     ================


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Payable related to property acquisitions                                 $           --       $      207,644
              Accounts Payable                                                                  8,402                8,001
                                                                                       ---------------     ----------------
                  Total Current Liabilities                                                     8,402              215,645
                                                                                       ---------------     ----------------

         Interest Holders' Capital (2,866,912 Interest Holders's SDIs;
                                    $1.00 per SDI)                                          2,792,080            2,871,243
         General Partners' Capital                                                              9,759                1,907
                                                                                       ---------------     ----------------
                   Total Partners' Capital                                                  2,801,839            2,873,150
                                                                                       ---------------     ----------------
                                                                                       $    2,810,241       $    3,088,795
                                                                                       ===============     ================
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-4


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                            STATEMENTS OF OPERATIONS
           FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND THE PERIOD
          FROM INCEPTION (DECEMBER 14, 1995) THROUGH DECEMBER 31, 1995




<TABLE>
<CAPTION>
                                                                       1997             1996            1995
                                                                ---------------  ---------------   ---------------
<S>                                                             <C>              <C>               <C>            
REVENUES:
   Income from nonoperating interests                           $       208,860  $       122,378   $            --
   Interest income                                                      118,230          149,962                --
                                                                ---------------  ---------------   ---------------
                                                                        327,090          272,340                --
                                                                ---------------  ---------------   ---------------

COSTS AND EXPENSES:
   Amortization                                                          98,153           52,542                --
   General and administrative                                            56,920          106,160                --
                                                                ---------------  ---------------   ---------------
                                                                        155,073          158,702                --
                                                                ---------------  ---------------   ---------------
INCOME (LOSS)                                                   $       172,017  $       113,638   $            --
                                                                ===============  ===============   ===============
</TABLE>



                 See accompanying notes to financial statements.

                                      IV-5


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                         STATEMENTS OF PARTNERS' CAPITAL
           FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND THE PERIOD
          FROM INCEPTION (DECEMBER 14, 1995) THROUGH DECEMBER 31, 1995

<TABLE>
<CAPTION>
                                                  Interest         General          Combining
                                                  Holders          Partners         Adjustment           Total
                                              ---------------   ---------------  ---------------    ---------------
<S>                                           <C>               <C>              <C>                 <C>           
Cash Contributions,
    net of syndication costs                  $     2,866,912   $            --  $            --     $    2,866,912
                                              ---------------   ---------------  ---------------    ---------------
Balance,
    December 31, 1995                               2,866,912                --               --          2,866,912
                                              ---------------   ---------------  ---------------    ---------------

Income (Loss)                                          85,566             1,907           26,165            113,638

Cash Distributions                                  (107,400)                --               --           (107,400)
                                              ---------------   ---------------  ---------------    ---------------
Balance,
    December 31, 1996                               2,845,078             1,907           26,165          2,873,150
                                              ---------------   ---------------  ---------------    ---------------

Income (Loss)                                          99,261            21,880           50,876            172,017

Cash Distributions                                   (229,300)          (14,028)              --           (243,328)
                                              ---------------   ---------------  ---------------    ---------------
Balance,
    December 31, 1997                         $     2,715,039   $         9,759  $        77,041     $    2,801,839
                                              ===============   ===============  ===============    ===============



Interest Holders' net income (loss)
    per SDI

      1995                                    $            --
                                              ===============
      1996                                    $           .03
                                              ===============
      1997                                    $           .03
                                              ===============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-6


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                            STATEMENTS OF CASH FLOWS
         FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND THE PERIOD FROM
             INCEPTION (DECEMBER 14, 1995) THROUGH DECEMBER 31, 1995

<TABLE>
<CAPTION>
                                                                                        1997             1996              1995
                                                                                 ---------------   ---------------  ---------------
<S>                                                                              <C>               <C>              <C>            
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                                $       172,017   $       113,638  $            --
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                                        98,153            52,542               --
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income receivable                  (29,983)          (85,840)              --
        (Increase) decrease in other current assets                                        3,857           (11,300)              --
        Increase (decrease) in accounts payable                                              401             8,001               --
                                                                                 ---------------   ---------------  ---------------
                  Net cash provided by (used in) operating activities                    244,445            77,041               --
                                                                                 ---------------   ---------------  ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to nonoperating interests in oil and gas properties                     (1,812,592)         (424,253)              --
    Increase (decrease) in payable related to property acquisitions                     (207,644)          207,644               --
                                                                                 ---------------   ---------------  ---------------
                  Net cash provided by (used in) investing activities                 (2,020,236)         (216,609)              --
                                                                                 ---------------   ---------------  ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Capital contributions from partners                                                       --                --        3,442,394
    Cash distributions to partners                                                      (243,328)         (107,400)              --
    Payments of syndication costs                                                             --                --         (575,482)
                                                                                 ---------------   ---------------  ---------------
                  Net cash provided by (used in) financing activities                   (243,328)         (107,400)       2,866,912
                                                                                 ---------------   ---------------  ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                  (2,019,119)         (246,968)       2,886,912
                                                                                 ---------------   ---------------  ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                       2,619,944         2,866,912               --
                                                                                 ---------------   ---------------  ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                       $       600,825   $     2,619,944  $     2,886,912
                                                                                 ===============   ===============  ===============
  Supplemental disclosure of noncash investing and financing activities:
    Oil and gas properties acquired which will be paid for in a
    subsequent period                                                            $            --   $       207,644  $            --
                                                                                 ===============   ===============  ===============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-7


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                          NOTES TO FINANCIAL STATEMENTS


(1) Organization and Terms of Partnership Agreement -

         Swift Energy Pension Partners 1995-B, Ltd., a Texas limited partnership
("the  Partnership"),  was  formed  on  December  14,  1995 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)  $575,482,  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 272  Interest  Holders  made total  capital  contributions  of
$2,866,912.

         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, 1997.

(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.  Certain  reclassifications  have been made to prior year  amounts to
conform to the current year presentation.

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 statements.

         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 1995-B, 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.

Cash and Cash Equivalents --

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

Reclassifications --

         Certain  reclassifications have been made to the prior year balances to
conform with the current year presentation.

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

         Effective December 14, 1995, the Partnership entered into a Net Profits
and Overriding Royalty Interests Agreement ("NP/OR Agreement") with Swift Energy
Operating Partners 1995-B, 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 1997 and 1996, the Partnership acquired  nonoperating  interests in
producing oil and gas properties for $1,812,592 and $424,253,  respectively,  of
which  $206,174 and $24,172  related to costs  charged by Swift to the Operating
Partnership for the evaluation and acquisition  effort,  including costs related
to interests not acquired.

         During 1997 and 1996, the Interest  Holders'  share of unamortized  oil
and gas property  costs  exceeded  their  "ceiling  limitation",  resulting in a
valuation  allowance  of  $27,603  and  $20,113,  respectively.  This  amount is
included in the income (loss)  attributable to the Interest Holders shown in the
statement of partners'  capital  together with a "combining  adjustment" for the
difference   between  the  Interest   Holders'   valuation   allowance  and  the
Partnership's full cost ceiling write down. The "combining  adjustment"  changes
quarterly as the Partnership's total amortization provision is more or less than
the combined  amortization  provision  attributable to the general  partners and
Interest Holders.

(4) Related Party Transactions -

         During 1997 and 1996, the  Partnership  paid Swift $43,004 and $43,004,
respectively, as a general and administrative overhead allowance.

         During  1997 and 1996,  the  Partnership  also paid Swift an  incentive
amount,  as defined in the Partnership  Agreement,  for services rendered to the
Partnership.  Such  amounts  totaled  $4,043 in 1997 and $43,004 in 1996 and are
included in general and administrative expenses.


                                      IV-9


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.


         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,  1997,  1996 and the
period  from  inception  (December  14,  1995)  through  December  31,  1995 was
$147,634,  $20,452 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.

         For  federal  income  tax  purposes,   amortization   with  respect  to
nonoperating interests in oil and gas is computed separately by the partners and
not by the  Partnership.  Since  the  amount  of  amortization  on  nonoperating
interests in oil and gas is not computed at the Partnership level,  amortization
is not included in the Partnership's  income for federal income tax purposes but
is charged directly to the partners'  capital accounts to the extent of the cost
of the nonoperating interests in oil and gas properties,  and thus is treated as
a separate item on the partners'  Schedule K-1.  Amortization for federal income
tax purposes may vary from that  computed for  financial  reporting  purposes in
cases where a ceiling  adjustment is recorded,  as such amount is not recognized
for tax purposes.

(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.

         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.

(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 1995-B, 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 1995-B, LTD.
                                             (Registrant)

                                    By:      SWIFT ENERGY COMPANY
                                              General Partner

Date:      February 18, 1998                 By:      s/b A. Earl Swift
           -----------------                 -----------------------------------
                                             A. Earl Swift
                                             Chief Executive Officer

Date:      February 18, 1998                 By:      s/b John R. Alden
           -----------------                 -----------------------------------
                                             John R. Alden
                                             Principal Financial Officer

Date:      February 18, 1998                 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 1995-B, LTD.
                                             (Registrant)

                                    By:      SWIFT ENERGY COMPANY
                                              General Partner

Date:     February 18, 1998                  By:      s/b A. Earl Swift
          -----------------                  -----------------------------------
                                             A. Earl Swift
                                             Director and Principal
                                             Executive Officer

Date:     February 18, 1998                  By:      s/b Virgil N. Swift
          -----------------                  -----------------------------------
                                             Virgil N. Swift
                                             Director and Executive
                                             Vice President - Business
                                             Development


                                     IV-11


<PAGE>


                    SWIFT ENERGY PENSION PARTNERS 1995-B, LTD


Date:      February 18, 1998                 By:      s/b G. Robert Evans
           -----------------                 -----------------------------------
                                             G. Robert Evans
                                             Director

Date:      February 18, 1998                 By:      s/b Raymond O. Loen
           -----------------                 -----------------------------------
                                             Raymond O. Loen
                                             Director

Date:      February 18, 1998                 By:      s/b Henry C. Montgomery
           -----------------                 -----------------------------------
                                             Henry C. Montgomery
                                             Director

Date:      February 18, 1998                 By:      s/b Clyde W. Smith, Jr.
           -----------------                 -----------------------------------
                                             Clyde W. Smith, Jr.
                                             Director

Date:      February 18, 1998                 By:      s/b Harold J. Withrow
           -----------------                 -----------------------------------
                                             Harold J. Withrow
                                             Director


                                     IV-12