<PAGE>   1
                                   FORM 10-Q

   
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


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

               For the quarterly period ended SEPTEMBER 30, 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-____


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


           TEXAS                                               76-0486529
(State or other jurisdiction                                (I.R.S. Employer 
       of organization)                                    Identification No.)


                       16825 NORTHCHASE DRIVE, SUITE 400
                              HOUSTON, TEXAS 77060
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (713)874-2700
              (Registrant's telephone number, including area code)

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


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

Yes  X      No
    ---        ---





<PAGE>   2
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.

                                     INDEX




PART I. FINANCIAL INFORMATION                                     PAGE


      ITEM 1. FINANCIAL STATEMENTS

            Balance Sheets

                - September 30, 1996 and December 31, 1995         3

            Statements of Operations

                - Three month and nine month periods
                   ended September 30, 1996                        4

            Statement of Cash Flows

                - Nine month period ended September 30, 1996       5

            Notes to Financial Statements                          6

      ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS                 8

PART II. OTHER INFORMATION                                         9


SIGNATURES                                                        10



<PAGE>   3
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.

                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                 SEPTEMBER 30,   DECEMBER 31,
                                                     1996            1995
                                                 ------------    ------------
                                                 (Unaudited)
<S>                                              <C>             <C>         
ASSETS:

Current Assets:
     Cash and cash equivalents                   $  2,850,647    $  2,866,912
     Nonoperating interests income receivable          36,465            --
     Other                                             36,582            --
                                                 ------------    ------------
       Total Current Assets                         2,923,694       2,866,912

Nonoperating interest in oil and gas
     properties, using full cost accounting           211,358            --
Less-Accumulated amortization                         (16,643)           --
                                                 ------------    ------------
                                                      194,715            --
                                                 ------------    ------------
                                                 $  3,118,409    $  2,866,912
                                                 ============    ============

LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts payable and accrued liabilities    $     58,682    $       --
     Property related to property acquisitions        211,358            --
                                                 ------------    ------------
       Total Current Liabilities                      270,040            --
                                                 ------------    ------------

Partners' Capital                                   2,848,369       2,866,912
                                                 ------------    ------------
                                                 $  3,118,409    $  2,866,912
                                                 ============    ============
</TABLE>


                See accompanying notes to financial statements.


                                       3
<PAGE>   4
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.

                            STATEMENTS OF OPERATIONS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                              THREE          NINE
                                              MONTHS         MONTHS
                                              ENDED          ENDED
                                          SEPTEMBER 30,  SEPTEMBER 30,
                                              1996           1996
                                          ------------   ------------
<S>                                       <C>            <C>         
REVENUES:
     Income from nonoperating interests   $     36,465   $     36,465
     Interest income                            36,582        115,395
                                          ------------   ------------
                                                73,047        151,860
                                          ------------   ------------

COSTS AND EXPENSES:
     Amortization                               16,643         16,643
     General and administrative                  9,075         82,159
                                          ------------   ------------
                                                25,718         98,802
                                          ------------   ------------
NET INCOME (LOSS)                         $     47,329   $     53,058
                                          ============   ============



LIMITED PARTNERS' NET INCOME (LOSS)
      PER UNIT                            $        .02   $        .02
                                          ============   ============
</TABLE>


                 See accompanying notes to financial statements

                                       4
<PAGE>   5
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                            STATEMENT OF CASH FLOWS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                             NINE
                                                                             MONTHS
                                                                             ENDED
                                                                         SEPTEMBER 30,
                                                                             1996
                                                                         ------------
<S>                                                                      <C>         
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                        $     53,058
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                             16,643
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income
          receivable                                                          (36,465)
        (Increase) decrease in other current assets                           (36,582)
        Increase (decrease) in accounts payable and
          accrued liabilities                                                  58,682
                                                                         ------------
               Net cash provided by (used in) operating activities             55,336
                                                                         ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                            (71,601)
                                                                         ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                          (16,265)
                                                                         ------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                            2,866,912
                                                                         ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                               $  2,850,647
                                                                         ============
Supplemental disclosure of noncash investing and financing activities:
  Oil and gas properties acquired which were paid for
  in a subsequent period                                                 $    211,358
                                                                         ============
</TABLE>


                See accompanying notes to financial statements.

                                       5
<PAGE>   6
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                         NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)


(1)  GENERAL INFORMATION -

          The financial statements included herein have been prepared by the
     Partnership and are unaudited. The financial statements reflect
     adjustments, all of which were of a normal recurring nature, which are, in
     the opinion of the managing general partner necessary for a fair
     presentation. Certain information and footnote disclosures normally
     included in financial statements prepared in accordance with generally
     accepted accounting principles have been omitted pursuant to the rules and
     regulations of the Securities and Exchange Commission ("SEC"). The
     Partnership believes adequate disclosure is provided by the information
     presented.

(2)  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 interest
     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) 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.

(3)  SIGNIFICANT ACCOUNTING POLICIES -

     USE OF ESTIMATES --

          The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates and
     assumptions that affect the reported amounts of assets and liabilities at
     the date of the financial statements and the reported amounts of revenues
     and expenses during the reporting period. Actual results could differ from
     estimates.

     NONOPERATING INTERESTS IN OIL AND GAS PROPERTIES --

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



                                       6
<PAGE>   7
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                  (UNAUDITED)


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

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

(4)  VULNERABILITY DUE TO CERTAIN CONCENTRATIONS -

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

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

(5)  FAIR VALUE OF FINANCIAL INSTRUMENTS -

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



                                       7
<PAGE>   8
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS


GENERAL

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

LIQUIDITY AND CAPITAL RESOURCES

     The Partnership does not allow for additional assessments from the
partners or Interest Holders to fund capital requirements. However, funds are
available from partnership revenues or proceeds from the sale of partnership
property. The Managing General Partner believes that the funds currently
available to the Partnership will be adequate to meet any anticipated capital
requirements.

RESULTS OF OPERATIONS

     The Partnership has expended approximately 76 percent of the Interest
Holders' commitments available for property acquisitions by acquiring
nonoperating interests in producing oil and gas properties.

     The Partnership was formed effective December 14, 1995, and accordingly,
there were no operations in the corresponding periods in 1995 to compare with
the three and nine months ended September 30, 1996.

     During 1996, partnership revenues and costs will be shared between the
Interest Holders and general partners in an 85:15 ratio.




                                       8
<PAGE>   9
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                          PART II - OTHER INFORMATION




ITEM 5. OTHER INFORMATION


                                     -NONE-





                                       9
<PAGE>   10
                                   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
                                            Managing General Partner


Date:  November 6, 1996                By:  /s/ John R. Alden
       ----------------                     --------------------------------
                                            John R. Alden
                                            Senior Vice President, Secretary
                                            and Principal Financial Officer

Date:  November 6, 1996                By:  /s/ Alton D. Heckaman, Jr.
       ----------------                     --------------------------------
                                            Alton D. Heckaman, Jr.
                                            Vice President, Controller
                                            and Principal Accounting Officer




                                      10
<PAGE>   11

                              INDEX TO EXHIBITS



<TABLE>
<CAPTION>
EXHIBIT
NUMBER                   DESCRIPTION
-------                  -----------
<S>           <C>
  27          -  Financial Data Schedule

</TABLE>