<PAGE>


                            AMENDMENT #1 TO 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 OPERATING PARTNERS 1995-B, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                                             <C>       
                  Texas                                                                     76-0486527
(State or other jurisdiction of organization)                                   (I.R.S. Employer Identification No.)
</TABLE>

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

                                  (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>


                  SWIFT ENERGY OPERATING 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                                                $    2,481,565       $    2,500,000
              Oil and gas sales receivable                                                     32,447                   --
              Other                                                                            31,846                   --
                                                                                       ---------------     ----------------
                Total Current Assets                                                        2,545,858            2,500,000
                                                                                       ---------------     ----------------

         Oil and Gas Properties, using full cost
              accounting                                                                      184,308                   --
         Less-Accumulated depreciation, depletion
              and amortization                                                                (14,502)                  --
                                                                                       ---------------     ----------------
                                                                                              169,806                   --
                                                                                       ---------------     ----------------
                                                                                       $    2,715,664       $    2,500,000
                                                                                       ===============     ================

         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts payable and accrued liabilities                                 $       53,923       $           --
              Payable related to property acquisitions                                        184,308                   --
                                                                                       ---------------     ----------------
                Total Current Liabilities                                                     238,231                   --

         Partners' Capital                                                                  2,477,433            2,500,000
                                                                                       ---------------     ----------------
                                                                                       $    2,715,664       $    2,500,000
                                                                                       ===============     ================
</TABLE>


                 See accompanying notes to financial statements.

                                        3

<PAGE>




                                   SIGNATURES



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


                                                SWIFT ENERGY OPERATING
                                                PARTNERS 1995-B, LTD.
                                                (Registrant)

                                     By:        SWIFT ENERGY COMPANY
                                                Managing General Partner


Date:  November 14, 1996              By:        /s/ John R. Alden
       ----------------                         --------------------------------
                                                John R. Alden
                                                Senior Vice President, Secretary
                                                and Principal Financial Officer

Date:  November 14, 1996              By:        /s/ Alton D. Heckaman, Jr.
       ----------------                         --------------------------------
                                                Alton D. Heckaman, Jr.
                                                Vice President, Controller
                                                and Principal Accounting Officer


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