<PAGE>

                                    FORM 10-Q



                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


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

                  For the quarterly period ended March 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 charter)

<TABLE>
<S>                                             <C>
                  Texas                                     76-0486529
(State or other jurisdiction of organization)   (I.R.S. Employer Identification No.)
</TABLE>


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

                                  (281)874-2700
              (Registrant's telephone number, including area code)

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


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

Yes  X      No
   ----       ----




<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.

                                      INDEX



<TABLE>
<CAPTION>
PART I.    FINANCIAL INFORMATION                                        PAGE
      <S>                                                                 <C>
      ITEM 1.    Financial Statements

            Balance Sheets

                - March 31, 1997 and December 31, 1996                    3

            Statements of Operations

                - Three month periods ended March 31, 1997 and 1996       4

            Statements of Cash Flows

                - Three month periods ended March 31, 1997 and 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
</TABLE>



<PAGE>

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


<TABLE>
<CAPTION>
                                                                                          March 31,          December 31,
                                                                                            1997                 1996
                                                                                       ---------------     ----------------
                                                                                         (Unaudited)
         <S>                                                                           <C>                  <C>           
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $    2,565,410       $    2,619,944
              Nonoperating interests income receivable                                        147,142               85,840
              Other                                                                            32,473               11,300
                                                                                       ---------------     ----------------
                            Total Current Assets                                            2,745,025            2,717,084
                                                                                       ---------------     ----------------

         Nonoperating interests in oil and gas
              properties, using full cost accounting                                          425,710              424,253
         Less-Accumulated amortization                                                        (78,164)             (52,542)
                                                                                       ---------------     ----------------
                                                                                              347,546              371,711
                                                                                       ---------------     ----------------
                                                                                       $    3,092,571       $    3,088,795
                                                                                       ===============     ================


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Payable related to property acquisitions                                 $      207,644       $      207,644
              Payable related to excess costs                                                   3,351                8,001
                                                                                       ---------------     ----------------
                  Total Current Liabilities                                                   210,995              215,645
                                                                                       ---------------     ----------------

         Partners' Capital                                                                  2,881,576            2,873,150
                                                                                       ---------------     ----------------
                                                                                       $    3,092,571       $    3,088,795
                                                                                       ===============     ================
</TABLE>


                 See accompanying notes to financial statements.

                                        3


<PAGE>
                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                         Three Months Ended
                                                                                              March 31,
                                                                                 ---------------------------------
                                                                                       1997               1996
                                                                                 ---------------   ---------------
         <S>                                                                     <C>               <C>            
         REVENUES:
             Income from nonoperating interests                                  $        71,892   $            --
             Interest income                                                              32,473            42,740
                                                                                 ---------------   ---------------
                                                                                         104,365            42,740
                                                                                 ---------------   ---------------
         COSTS AND EXPENSES:
             Amortization                                                                 25,622                --
             General and administrative                                                   11,348            59,277
                                                                                 ---------------   ---------------
                                                                                          36,970            59,277
                                                                                 ---------------   ---------------
         NET INCOME (LOSS)                                                       $        67,395   $       (16,537)
                                                                                 ===============   ===============
</TABLE>


         Limited Partners' net income (loss)
             per unit

         March 31, 1997                       $           .02 
                                              ================
         March 31, 1996                       $          (.01)
                                              ================


                 See accompanying note to financial statements.

                                        4


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                            Three Months Ended
                                                                                                 March 31,
                                                                                  -------------------------------------
                                                                                        1997                 1996
                                                                                  -------------          --------------
<S>                                                                             <C>                     <C>             
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (loss)                                                               $         67,395        $       (16,537)
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                                        25,622                     --
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income receivable                  (61,302)                    --
        Increase (decrease) in other current assets                                      (21,173)               (27,244)
        Increase (decrease) in accounts payable
          and accrued liabilities                                                             --                  9,510
                                                                                  --------------         --------------
                 Net cash provided by (used in) operating activities                      10,542                (34,271)
                                                                                  --------------         --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
        Additions to nonoperating interests
           in oil and gas properties                                                      (1,457)                    --
        Increase (decrease) in payable related to excess costs                            (4,650)                    --
                                                                                  --------------         --------------
                 Net cash provided by (used in) investing activities                      (6,107)                    --
                                                                                  --------------         --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
        Cash distributions to partners                                                   (58,969)                    --
                                                                                  --------------         --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                     (54,534)               (34,271)
                                                                                  --------------         --------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                       2,619,944              2,866,912
                                                                                  --------------         --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $      2,565,410        $     2,832,641
                                                                                  ==============         ==============
Oil and gas properties acqired which were
    paid for in a subsequent period                                             $        207,644        $            --
                                                                                  ==============         ==============
</TABLE>


                See accompanying notes to financial statements.

                                       5


<PAGE>

                   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  except  for the  balance  sheet at
        December  31,  1996  which has been  taken  from the  audited  financial
        statements at that date. The financial  statements reflect  adjustments,
        all of which  were of a  normal  recurring  nature,  which  are,  in the
        opinion  of  the  managing   general   partner   necessary  for  a  fair
        presentation.  Certain  information  and footnote  disclosures  normally
        included in financial  statements  prepared in accordance with generally
        accepted  accounting  principles have been omitted pursuant to the rules
        and regulations of the Securities and Exchange Commission  ("SEC").  The
        Partnership  believes adequate disclosure is provided by the information
        presented.  The financial  statements should be read in conjunction with
        the audited  financial  statements  and the notes included in the latest
        Form 10-K.

(2)  Organization and Terms of Partnership Agreement -

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

     Nonoperating Interests in Oil and Gas Properties --

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


                                       6


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


                  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.

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

(4)  Related-Party Transactions -

                  The  Partnership  entered  into a Net Profits  and  Overriding
        Royalty  Interest  Agreement  ("NP/OR   Agreement")  with  Swift  Energy
        Operating Partners 1995-B, Ltd. ("Operating Partnership"), an affiliated
        partnership  managed  by Swift  for the  purpose  of  acquiring  working
        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 the
        Partnership's proportionate share of the property acquisition costs.

(5)  Vulnerability Due to Certain Concentrations -

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

                  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.

(6)  Fair Value of Financial Instruments -

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


                                       7


<PAGE>

                   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  partner  distributions.  As the Partnership  acquires  nonoperating
interests  in producing  properties,  net cash from  ownership  of  nonoperating
interests becomes available for distribution,  along with the investment income.
After all  partnership  funds have been  expended on  nonoperating  interests in
producing oil and gas properties, the Partnership enters its "operations" phase.
During  this  phase,  income from  nonoperating  interests  in oil and gas sales
generates  substantially  all revenues,  and  distributions  to 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  has  expended  approximately  6 percent  of the  Interest
Holder's   commitments   available  for  property   acquisitions   by  acquiring
nonoperating interests in producing oil and gas properties.

      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 was formed  effective  December 14, 1995, and  accordingly,
there were limited  operations  in the  corresponding  period in 1996 to compare
with the three months ended March 31, 1997.

      During 1997,  partnership  revenues  and costs will be shared  between the
Interest Holders and general partners in an 85:15 ratio.


                                       8


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                           PART II - OTHER INFORMATION




ITEM 5.    OTHER INFORMATION


                                     -NONE-



                                       9


<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 PENSION
                                            PARTNERS 1995-B, LTD.
                                            (Registrant)

                                 By:        SWIFT ENERGY COMPANY
                                            Managing General Partner


Date:     May 5, 1997            By:        /s/ John R. Alden
          -----------                       ---------------------------------
                                            John R. Alden
                                            Senior Vice President, Secretary
                                            and Principal Financial Officer

Date:     May 5, 1997            By:        /s/ Alton D. Heckaman, Jr.
          -----------                       ---------------------------------
                                            Alton D. Heckaman, Jr.
                                            Vice President, Controller
                                            and Principal Accounting Officer



                                       10