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, 2000

                                       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: 0-28257

                   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 Identification No.)
      of organization)

                        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>
<S>                                                                                        <C>
PART I.    FINANCIAL INFORMATION                                                           PAGE

      ITEM 1.    Financial Statements

            Balance Sheet

                - March 31, 2000 and December 31, 1999                                       3

            Statements of Operations

                - Three month periods ended March 31, 2000 and 1999                          4

            Statements of Cash Flows

                - Three month periods ended March 31, 2000 and 1999                          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                                                               10

SIGNATURES                                                                                  11
</TABLE>

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                                 BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                                 March 31,      December 31,
                                                                                   2000            1999
                                                                                -----------     -----------
                                                                                (Unaudited)
ASSETS:
<S>                                                                             <C>             <C>
Current Assets:
     Cash and cash equivalents                                                  $   675,525     $   704,809
     Nonoperating interests income receivable                                       356,561         312,349
                                                                                -----------     -----------
          Total Current Assets                                                    1,032,086       1,017,158
                                                                                -----------     -----------

Nonoperating interests in oil and gas
     properties, using full cost accounting                                       2,572,299       2,301,939
Less-Accumulated amortization                                                      (815,335)       (773,548)
                                                                                -----------     -----------
                                                                                  1,756,964       1,528,391
                                                                                -----------     -----------
                                                                                $ 2,789,050     $ 2,545,549
                                                                                ===========     ===========

LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts Payable                                                           $   259,475     $    14,716
                                                                                -----------     -----------

Interest Holders' Capital (2,866,912 Interest Holders'
                                  SDIs; $1.00 per SDI)                            2,504,975       2,553,769
     General Partners' Capital                                                       24,600          17,064
                                                                                -----------     -----------
           Total Partners' Capital                                                2,529,575       2,570,833
                                                                                -----------     -----------
                                                                                $ 2,789,050     $ 2,585,549
                                                                                ===========     ===========
</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,
                                                                                ---------------------------
                                                                                   2000            1999
                                                                                -----------     -----------
REVENUES:
     <S>                                                                        <C>             <C>
     Income from nonoperating interests                                         $   146,412     $    82,220
     Interest income                                                                  8,436           7,821
                                                                                -----------     -----------
                                                                                    154,848          90,041
                                                                                -----------     -----------

COSTS AND EXPENSES:
     Amortization                                                                    81,787          53,385
     General and administrative                                                      15,820          15,408
                                                                                -----------     -----------
                                                                                     97,607          68,793
                                                                                -----------     -----------
 NET INCOME (LOSS)                                                              $    57,241     $    21,248
                                                                                ===========     ===========

Interest Holders' net income (loss)
     per SDI                                                                    $      0.01     $        --
                                                                                ===========     ===========
</TABLE>

                 See accompanying notes to financial statements.

                                       4

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                     Three Months Ended
                                                                                          March 31,
                                                                                ---------------------------
                                                                                   2000            1999
                                                                                -----------     -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
     <S>                                                                        <C>             <C>
     Income (loss)                                                              $    57,241     $    21,248
     Adjustments to reconcile income (loss) to
          net cash provided by operations:
          Amortization                                                               81,787          53,385
          Change in assets and liabilities:
               (Increase) decrease in nonoperating interests income                 (44,212)         45,558
          receivable
               Increase (decrease) in accounts payable                              244,759             127
                                                                                -----------     -----------
          Net cash provided by (used in) operating activities                       339,575         120,318
                                                                                -----------     -----------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to nonoperating interests in oil and gas properties                 (270,360)         (4,711)
     Proceeds from sales of nonoperating interests in oil and gas properties             --          (5,142)
                                                                                -----------     -----------
          Net cash provided by (used in) investing activities                      (270,360)         (9,853)
                                                                                -----------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Cash Distributions to partners                                                 (98,499)        (65,008)
                                                                                -----------     -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                (29,284)         45,457
                                                                                -----------     -----------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                    704,809         649,116
                                                                                -----------     -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $   675,525     $   694,573
                                                                                ===========     ===========
</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,  1999  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.

     Oil and Gas Revenues --

                  Oil and gas revenues are reported using the entitlement method
        in which the Partnership  recognizes its interest in oil and natural gas
        production as revenue.

     Nonoperating Interests in Oil and Gas Properties --

                  The  Partnership  accounts  for its  ownership  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 statement.

                                       6

<PAGE>

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

                  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.

                  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.

                  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.

(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  within 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

      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. 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
these 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.  Cash distributions to
partners are determined quarterly, based upon net proceeds from sales of oil and
gas production after payment of lease operating  expense,  taxes and development
costs, less general and administrative expenses. In addition, future partnership
cash requirements are taken into account to determine necessary cash reserves.

      Net cash provided by operating  activities  totaled  $339,757 and $120,318
for the three months ended March 31, 2000 and 1999,  respectively.  The increase
is due to an increase in net income as a result of higher  commodity  prices and
an increase in payables, primarily due to the costs associated with the drilling
of a  development  well  during the first  quarter of 2000.  Cash  distributions
totaled  $98,499 and $65,008 for the three months ended March 31, 2000 and 1999,
respectively.  The  increase is related  directly to the increase in oil and gas
prices and the associated increase in income from nonoperating interests.

      The  Partnership  has  expended  all  of  the  partners'  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.  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. In early 2000, the Partnership's companion
Operating  Partnership  participated  in the drilling of a development  well, in
which the Partnership  owns a nonoperating  interest.  The costs associated with
the drilling of this well were  originally  reserved when the Interest  Holders'
contributions  were  used  to  purchase  the  nonoperating  interests  from  the
companion Operating Partnership, therefore, no funds were used from current cash
flow for the drilling of this well.

                                       8

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1995-B, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


RESULTS OF OPERATIONS

      Income  from  nonoperating  interests  increased  78  percent in the first
quarter of 2000 when  compared  to the same  quarter in 1999.  Oil and gas sales
increased  $76,957 or 63 percent in the first  quarter of 2000 when  compared to
the  corresponding  quarter  in  1999.  Increased  oil  and  gas  prices  had  a
significant impact on Partnership performance.  Oil prices increased 164 percent
or $17.74/BBL to an average of $28.59/BBL and gas prices increased 62 percent or
$1.01/MCF to an average of $2.63/MCF for the quarter. Current quarter production
volumes decreased 17 percent as oil and gas production declined 30 percent and 8
percent,  respectively,  when compared to first quarter 1999 production volumes.
Production declines were offset by increased oil and gas prices.

      Corresponding  production costs per equivalent MCF increased 60 percent in
the  first  quarter  of 2000  compared  to the first  quarter  of 1999 and total
production costs increased 33 percent. The production costs increase is due to a
workover  performed on an oil unit in Wyoming  during the first  quarter of 2000
and an increase in severance  taxes  associated with the increase in oil and gas
sales.

     Total amortization expense increased 53 percent or $28,402 in 2000 compared
to first quarter 1999.  This increase is a result of costs recorded in the first
quarter of 2000 related to the drilling of an unsuccessful  development  well in
which the  Partnership  owned a  nonoperating  interest  and an  increase in the
Partnership's  amortization  rate resulting from a downward  revision in reserve
quantities,  related to the unsuccessful  development well, of 15,109 barrels of
oil and 278 MMCF of natural  gas or 369 MCFE,  or 11% of the  December  31, 1999
estimated oil reserve volume and 30% of the estimated gas reserve volume, or 21%
of the total proved reserve volumes.

      During 2000,  partnership  revenues  and costs will be shared  between the
Interest Holders and general partners in an 85:15 ratio.

                                       9

<PAGE>

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



ITEM 5.    OTHER INFORMATION



                                     -NONE-


                                       10

<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 8, 2000         By:        /s/ John R. Alden
          -----------                    ---------------------------------------
                                         John R. Alden
                                         Senior Vice President, Secretary
                                         and Principal Financial Officer

Date:     May 8, 2000         By:        /s/ Alton D. Heckaman, Jr.
          -----------                    ---------------------------------------
                                         Alton D. Heckaman, Jr.
                                         Vice President, Controller
                                         and Principal Accounting Officer



                                       11