<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, 1995

                                     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  33-1875-01


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                   (Exact name of registrant as specified in
                     its certificate of limited partnership)

           TEXAS                                              76-0185864
   (State of Organization)                                  (I.R.S. Employer
                                                           Identification No.)


                        16825 NORTHCHASE DR., SUITE 400
                            HOUSTON, TEXAS  77060
                                (713) 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:
                                      None


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. 33-1875                    Items 1 and 13
 on Form S-1

<PAGE>

                                TABLE OF CONTENTS

                            FORM 10-K ANNUAL REPORT
                     FOR THE PERIOD ENDED DECEMBER 31, 1995

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


 ITEM NO.                     PART I                                  PAGE
 -------                      ------                                  -----
   1           Business                                                I-1
   2           Properties                                              I-4
   3           Legal Proceedings                                       I-6
   4           Submission of Matters to a Vote of
                Security Holders                                       I-6


                              PART II
                              -------

   5           Market Price of and Distributions on the
                Registrant's Units and Related Limited
                Partner 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-3
   9           Disagreements on Accounting and Financial
                Disclosure                                            II-3


                              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




<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


                                   PART I

ITEM 1.  BUSINESS

GENERAL DESCRIPTION OF PARTNERSHIP

         Swift Energy Income Partners 1986-A, Ltd., a Texas limited 
partnership (the "Partnership" or the "Registrant"), is a partnership formed 
under a public serial limited partnership offering denominated Swift Energy 
Income Partners II (Registration Statement No. 33-1875 on Form S-1, 
originally declared effective January 14, 1986, and amended effective October 
8, 1986 [the "Registration Statement"]).  The Partnership was formed 
effective May 13, 1986 under a Limited Partnership Agreement dated May 6, 
1986.  The initial 689 limited partners made capital contributions of 
$3,775,536.

         The Partnership is principally engaged in the business of acquiring, 
developing and, when appropriate, disposing of working interests in proven 
oil and gas properties within the continental United States.  The Partnership 
does not engage in exploratory drilling.  Each working interest held by the 
Partnership entitles the Partnership to receive, in kind or in value, a share 
of the production of oil and gas from the producing property, and obligates 
the Partnership to participate in the operation of the property and to bear 
its proportionate share of all operating costs associated therewith.  The 
Partnership typically holds less than the entire working interest in its 
producing properties.

         At December 31, 1995, the Partnership had expended or committed to 
expend 100% of the limited partners' net commitments (I.E., limited partners' 
commitments available to the Partnership for property acquisitions after 
payment of organization fees and expenses) in the acquisition and development 
of producing properties, which properties are described under Item 2, 
"Properties," below.  The Partnership's revenues and profits are derived 
almost entirely from the sale of oil and gas produced from its properties and 
from the sale of acquired oil and gas properties, when the sale of such 
properties is economically preferable to continued operation.

         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.  Swift is the designated operator of many of the properties in which 
the Partnership owns interests.  The remaining properties are operated by 
industry operators designated by the owners of a majority of the working 
interest in each property.

         The general manner in which the Partnership acquires producing 
properties and otherwise conducts its business is described in detail in the 
Registration Statement under "Proposed Activities," which is incorporated 
herein by reference.

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.

         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.



                                    I-1


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


         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.

         PRICE CONTROLS - Prior to January 1, 1993, the sale of natural gas 
production was subject to regulation under the Natural Gas Act and the 
Natural Gas Policy Act of 1978 ("NGPA").  Under the Natural Gas Wellhead 
Decontrol Act of 1989, however, all price regulation under the NGPA and 
Natural Gas Act rate, certificate and abandonment requirements were phased 
out effective as of January 1, 1993.

         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 had been sold by producers to 
pipeline companies, which then resold the gas to end-users.  FERC Order No. 
500 altered 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-2

<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, 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, 1995, Swift had 176 employees.  Swift's administrative and 
overhead expenses attributable to the Partnership's operations are borne by 
the Partnership. 


                                    I-3


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.



ITEM 2.  PROPERTIES

         As of December 31, 1995, the Partnership has acquired 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 Valentine Field is in La Fourche Parish, Louisiana (JPM 
and Valentine acquisition).  One well produces from the SC-3-A formation, 
accounting for 52% of the value.

         2.    The East Bridges Field is in Shelby County, Texas (Jones 
O'Brien, acquisition).  Swift operates two wells which produce from the 
Mooringsport and James Lime formations.  These wells account for 26% of the 
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 of the 
Partnership has been examined. 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 sales volumes of the 
Partnership's net oil and gas production expressed in equivalent barrels of 
oil.  Equivalent barrels are obtained by converting gas to oil on the basis 
of their relative energy content; one barrel equals 6,000 cubic feet of gas.

<TABLE>
<CAPTION>
                                          NET PRODUCTION
                                   -----------------------------
                                        FOR THE YEARS ENDED
                                            DECEMBER 31,
                                   -----------------------------
                                    1995        1994        1993
                                   ------      ------      ------
<S>                                 <C>         <C>         <C>
Net Volumes (Equivalent Bbls)      10,948      20,513      26,907

Average Sales Price
 per Equivalent Bbl                $10.25      $13.20      $13.60

Average Production Cost
 per Equivalent Bbl
 (includes production taxes)       $3.72       $2.44       $4.46
</TABLE>


                                    I-4


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


NET PROVED OIL AND GAS RESERVES

         Presented below are the estimates of the Partnership's proved 
reserves as of December 31, 1995, 1994 and 1993.  All of the Partnership's 
proved reserves are located in the United States.

<TABLE>
<CAPTION>

                                               DECEMBER 31,
                            -------------------------------------------------
                                  1995           1994           1993
                            -------------------------------------------------
                                    NATURAL         NATURAL           NATURAL
                              OIL     GAS      OIL    GAS     OIL       GAS
                            ------   -----   ------   -----  -------   -----
                             (BBLS)  (MMCF)  (BBLS)  (MMCF)  (BBLS)    (MMCF)
<S>                          <C>      <C>     <C>     <C>     <C>      <C>
PROVED DEVELOPED
  RESERVES AT END OF YEAR    6,063     173    7,359    201     15,741     406 
                            ------     ---    -----   ----    -------    ----
                            ------     ---    -----   ----    -------    ----

PROVED RESERVES
  Balance at beginning
   of year                   7,359     201   15,741    406     57,568     648 

  Extensions, discoveries
   and other additions          --      --       --     --         --      -- 

  Revisions of previous
   estimates                   723      25   (6,155)   (95)   (36,191)   (114)

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

  Production                (2,019)    (53)  (2,227)  (110)    (5,636)   (128)
                            ------     ---    -----   ----    -------    ----

  Balance at end of year     6,063     173    7,359    201     15,741     406
                            ------     ---    -----   ----    -------    ----
                            ------     ---    -----   ----    -------    ----

</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-5


<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


         The following table summarizes by acquisition the Registrant's 
reserves and gross and net interests in producing oil and gas wells as of 
December 31, 1995:

<TABLE>
<CAPTION>
                                        RESERVES
                                    DECEMBER 31, 1995
                                    -----------------
                                              NATURAL        WELLS
                                      OIL       GAS      --------------
ACQUISITION           STATE(S)       (BBLS)    (MMCF)    GROSS     NET
-----------          ----------      ------    ------    -----    -----
<S>                   <C>             <C>       <C>       <C>     <C>
Woolf & Magee        AL, LA, TX      3,317        9        78     1.021
JPM & Valentine      LA              2,373       57         9     0.822
Jones O'Brien        TX                338       81         5     0.444
Kaiser Francis I     AR, OK             35       26         7     0.060
                                     -----      ---        --     -----
                                     6,063      173        99     2.347
                                     -----      ---        --     -----
                                     -----      ---        --     -----
</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, 1995 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, 1995 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 limited partners during the 
fourth quarter of the fiscal year covered by this report.



                                    I-6




<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

                                   PART II

ITEM 5.  MARKET PRICE OF AND DISTRIBUTIONS ON THE REGISTRANT'S UNITS AND 
         RELATED LIMITED PARTNER MATTERS

MARKET INFORMATION

         Units in the Partnership were initially sold at a price of $1,000 
per Unit.  Units are not traded on any exchange and there is no established 
public trading market for the Units.  Swift is aware of negotiated transfers 
of Units 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 Units have been transferred.

HOLDERS

         As of December 31, 1995, there were 689 Limited Partners holding 
Units in the Partnership.

DISTRIBUTIONS

         The Partnership generally makes distributions to Limited Partners on 
a quarterly basis, subject to the restrictions set forth in the Limited 
Partnership Agreement.  In the fiscal years ending December 31, 1994 and 
1995, the Partnership distributed a total of $47,200 and $7,600, 
respectively, to holders of its Units.  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 Units can be achieved or maintained.  Although it is anticipated that 
quarterly distributions will continue to be made through 1996, 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. 


                                    II-1


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


ITEM 6. SELECTED FINANCIAL DATA

         The following selected financial data, prepared in accordance with 
generally accepted accounting principles as of December 31, 1995, 1994, 1993, 
1992 and 1991, should be read in conjunction with the financial statements.

<TABLE>
<CAPTION>
                         1995          1994         1993         1992         1991
                     ----------    ----------   ----------   -----------   -----------
<S>                  <C>            <C>         <C>           <C>           <C>
Revenues             $  112,345    $  270,819   $  365,853   $   184,486   $   328,089
Income (Loss)        $  (47,341)   $ (317,541)  $  (79,144)  $  (254,157)  $   (13,647)
Total Assets         $  181,356    $  289,548   $  879,379   $ 1,029,847   $ 1,356,484 
Cash Distributions   $   14,042    $   76,080   $   43,399   $    42,420   $   107,020
</TABLE>


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
        RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

         The Partnership has expended all of the partners' net commitments 
available for property acquisitions ("net commitments") 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.  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 
will decline in future periods as the oil and gas produced from these 
properties also declines.

         The MGP anticipates that the Partnership will have adequate 
liquidity from income from continuing operations to satisfy any future 
capital expenditure requirements.  Funds generated from bank borrowings and 
proceeds from the sale of oil and gas properties will be used to supplement 
this effort if deemed necessary.

RESULTS OF OPERATIONS

         Oil and gas sales decreased 59 percent in 1995 vs. 1994.  Production 
volumes decreased 47 percent due to a 51 percent gas production decrease and 
a 9 percent oil production decline.  Since the partnership's reserves are 83 
percent gas, the decrease in gas production, due to an accelerated production 
decline on the Gautreaux #1 well and production curtailments due to declining 
prices, had a significant impact on partnership performance.  The Partnership 
experienced a decline in gas prices of $.70/MCF or 32 percent, which further 
contributed to the decreased revenues.  The average sales price per 
equivalent BBL decreased 22 percent in 1995.

         Oil and gas sales decreased 26 percent in 1994 vs. 1993.  Production 
volumes decreased 24 percent due to a 14 percent gas production decrease and 
a 60 percent oil production decline.  Since the partnership's reserves are 82 
percent gas, the decrease in gas production, due to an accelerated production 
decline on the Gautreaux #1 well, which was recompleted in 1993, and 
production curtailments due to declining prices, had a major impact on 
partnership performance.  The Partnership experienced a decline in oil prices 
of 12 percent or $1.93/BBL, which further contributed to the decreased 
revenues.  The average sales price per equivalent BBL decreased 3 percent in 
1994.

         Production cost per equivalent BBL increased 52 percent in 1995 when 
compared to 1994 and total production costs decreased 19 percent in 1995.  
Production cost per equivalent BBL decreased 45 percent in 1994 compared to 
1993 and total production costs decreased 58 percent in 1994.



                                   II-2


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


         Associated depreciation expense decreased 68 percent in 1995 when 
compared to 1994 and decreased 21 percent in 1994 when compared to 1993.

         The Partnership recorded an additional provision in depreciation, 
depletion and amortization in 1995, 1994 and 1993 when the present value, 
discounted at ten percent, of estimated future net revenues from oil and gas 
properties, using the guidelines of the Securities and Exchange Commission, 
was below the fair market value paid for oil and gas properties resulting in 
a full cost ceiling impairment.

         During 1996, Partnership revenues and costs will be shared between 
the limited and general partners in a 90:10 ratio, based on the annualized 
rate of cash distributions by the Partnership during a certain period prior 
to December 31, 1995.  Based on current oil and gas prices, current levels of 
oil and gas production and expected cash distributions during 1996, the MGP 
anticipates that the Partnership sharing ratio will continue to be 90:10.

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 INCOME PARTNERS 1986-A, 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 March 15, 1996 regarding the directors and executive officers of Swift.

<TABLE>
<CAPTION>
                                            POSITION(S) WITH
     NAME                 AGE            SWIFT AND OTHER COMPANIES
     ----                 ---            --------------------------
                                  DIRECTORS
                                  ---------
<S>                       <C>     <C>
A. Earl Swift             62          President, Chief Executive Officer and
                                      Chairman of the Board
                                     
Virgil N. Swift           67          Executive Vice President - Business
                                      Development, Vice Chairman of the Board
                                     
G. Robert Evans           64          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           71          Director of Swift; President, R. O. Loen
                                      Company

Henry C. Montgomery       60          Director of Swift; Chairman of the Board,
                                      Montgomery Financial Services Corporation;
                                      Director, Southwall Technology Corporation
                                     
Clyde W. Smith, Jr.       47          Director of Swift; President, Somerset
                                      Properties, Inc.
                                     
Harold J. Withrow         68          Director of Swift

                             EXECUTIVE OFFICERS
                             ------------------
Terry E. Swift            40          Executive Vice President, Chief
                                      Operating Officer
                                    
John R. Alden             50          Senior Vice President - Finance,
                                      Chief Financial Officer and Secretary
                                    
Bruce H. Vincent          48          Senior Vice President - Funds Management
                                    
James M. Kitterman        51          Senior Vice President - Operations
                                    
Alton D. Heckaman, Jr.    38          Vice President - Finance and
                                      Controller 
</TABLE>


                                  III-1


<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, 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 have been 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

         Swift Energy Company, the Managing General Partner, located at 16825 
Northchase Drive, Suite 400, Houston, Texas  77060, owns 682 Limited 
Partnership Units, which is 18.05 percent of all outstanding Limited 
Partnership Units.  All Limited Partnership Units owned by Swift were 
acquired from investors who offered the Limited Partnership Units pursuant to 
their right of presentment.  As the Managing General Partner, Swift is not 
permitted generally, under the Limited Partnership Agreement, to vote its 
Limited Partnership Units. Swift also owns a general partnership interest of 
9 percent of all partnership interests in the Partnership.

         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 described in the "Conflicts 
of Interest" section of the Amended Prospectus contained in the Registration 
Statement, which is incorporated herein by reference.

         Summarized below are the principal transactions that have occurred 
between the Partnership and Swift, VJM and their affiliates.

         1.    The oil and gas properties acquired by the Partnership, as 
described in Item 2, "Properties" above, were typically acquired initially by 
Swift from the seller thereof and subsequently transferred to the 
Partnership.  Such transfers were made by Swift at its Property Acquisition 
Costs (as defined in the Limited Partnership Agreement), less any amounts 
received from sale of production between the time of acquisition by Swift and 
the time of sale to the Partnership.

         2.    Swift acts as operator for many of the wells in which the 
Partnership has acquired 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 INCOME PARTNERS 1986-A, LTD.


                                  PART IV


ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

         a(1)    FINANCIAL STATEMENTS                                  PAGE NO.
                 --------------------                                  --------
                 Report of Independent Public Accountants                IV-2

                 Balance Sheets as of December 31, 1995 and 1994         IV-3

                 Statements of Operations for the years ended
                   December 31, 1995, 1994 and 1993                      IV-4

                 Statements of Partners' Capital for the years ended
                   December 31, 1995, 1994 and 1993                      IV-5

                 Statements of Cash Flows for the years ended
                   December 31, 1995, 1994 and 1993                      IV-6

                 Notes to Financial Statements                           IV-7

         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     Certificate of Limited Partnership of Swift Energy Income 
                 Partners 1986-A, Ltd. (including Limited Partnership Agreement
                 of Swift Energy Income Partners 1986-A, Ltd. dated May 6, 
                 1986), as filed May 13, 1986, with the Texas Secretary of 
                 State (excluding list of limited partners filed as part of
                 Certificate).  (Form 10-K for year ended December 31, 1988,
                 Exhibit 3.1).

         99.1    A copy of the following sections of the Prospectus dated 
                 January 14, 1986, contained in Pre-Effective Amendment No. 1
                 to Registration Statement No. 33-1875 on Form S-1 for Swift 
                 Energy Income Partners II as filed on January 14, 1986, which
                 have been incorporated herein by reference: "Proposed 
                 Activities" (pp. 27-32) and "Conflicts of Interest" 
                 (pp. 44-48).  (Form 10-K for year ended December 31, 1989,
                 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, 1995.


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.

         As of the end of February 1996, a proxy and proxy statement were 
sent to all Limited Partners of the Partnership.  The proxy and proxy 
statement have been provided supplementally to the Securities and Exchange 
Commission by electronic filing and are not included in the printed document.



                                   IV-1


<PAGE>


                   REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS



To Swift Energy Income Partners 1986-A, Ltd.:

         We have audited the accompanying balance sheets of Swift Energy 
Income Partners 1986-A, Ltd., (a Texas limited partnership) as of December 
31, 1995 and 1994, and the related statements of operations, partners' 
capital and cash flows for each of the years ended December 31, 1995, 1994 
and 1993.  These financial statements are the responsibility of the 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.

         As discussed in Note 9 to the financial statements, the Managing 
General Partner informed the limited partners of a proposal to sell all of 
the Partnership's properties and dissolve and liquidate the Partnership.  The 
affirmative vote of limited partners holding at least 51% of the limited 
partner units is required in order for this proposal to be effective.  The 
Partnership's financial statements do not include any adjustments that might 
result should the limited partners decide to liquidate the Partnership.

         In our opinion, the financial statements referred to above present 
fairly, in all material respects, the financial position of Swift Energy 
Income Partners 1986-A, Ltd., as of December 31, 1995 and 1994, and the 
results of its operations and its cash flows for the years ended December 31, 
1995, 1994 and 1993, in conformity with generally accepted accounting 
principles.



                                       ARTHUR ANDERSEN LLP


Houston, Texas
February 19, 1996





                                   IV-2


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                              BALANCE SHEETS
                        DECEMBER 31, 1995 AND 1994

<TABLE>
<CAPTION>
                                                    1995           1994
                                                -----------     -----------
  <S>                                           <C>             <C>
  ASSETS:

  Current Assets:
    Cash and cash equivalents                   $     1,497     $     1,415
    Oil and gas sales receivable                     22,981          37,947
                                                -----------     -----------
        Total Current Assets                         24,478          39,362
                                                -----------     -----------

  Gas Imbalance Receivable                               75              --

  Oil and Gas Properties, using full cost
      accounting                                  3,653,807       3,653,274 

  Less-Accumulated depreciation, depletion
    and amortization                             (3,497,004)     (3,403,088)
                                                -----------     -----------
                                                    156,803         250,186
                                                -----------     -----------
                                                $   181,356     $   289,548
                                                -----------     -----------
                                                -----------     -----------


  LIABILITIES AND PARTNERS' CAPITAL:

  Current Liabilities:
    Accounts payable and accrued liabilities    $    74,443     $   121,183
                                                -----------     -----------
  Deferred Revenues                                   4,357           4,426

  Partners' Capital                                 102,556         163,939
                                                -----------     -----------
                                                $   181,356     $   289,548
                                                -----------     -----------
                                                -----------     -----------
</TABLE>


                SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


                                   IV-3

<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                          STATEMENTS OF OPERATIONS
             FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<TABLE>
<CAPTION>
                                 1995          1994          1993
                               --------      ---------     --------
<S>                            <C>           <C>           <C>
REVENUES:
  Oil and gas sales            $112,253      $ 270,742     $365,811 
  Interest income                    82             52           42 
  Other                              10             25           -- 
                               --------      ---------     --------
                                112,345        270,819      365,853 
                               --------      ---------     --------
                              
COSTS AND EXPENSES:           
  Lease operating                32,315        37,786       97,401 
  Production taxes                8,421        12,306       22,708 
  Depreciation, depletion     
    and amortization -        
      Normal provision           60,500        186,273      236,128 
      Additional provision       33,416        330,552       66,595 
  General and administrative     20,122         21,443       20,068 
  Interest expense                4,912             --        2,097 
                               --------      ---------     --------
                                159,686        588,360      444,997 
                               --------      ---------     --------
INCOME (LOSS)                  $(47,341)     $(317,541)    $(79,144)
                               --------      ---------     --------
                               --------      ---------     --------
</TABLE>

              SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.



                                     IV-4


<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                      STATEMENTS OF PARTNERS' CAPITAL
             FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<TABLE>
<CAPTION>
                                  LIMITED     GENERAL     COMBINING
                                 PARTNERS    PARTNERS    ADJUSTMENT     TOTAL
                                ---------    --------    ----------   ---------
<S>                             <C>          <C>         <C>          <C>
BALANCE,
  DECEMBER 31, 1992             $ 587,452    $ 14,075     $ 78,576    $ 680,103
                                ---------    --------     --------    ---------
INCOME (LOSS)                     (67,813)     15,913      (27,244)     (79,144)
CASH DISTRIBUTIONS                (43,399)         --           --      (43,399)
                                ---------    --------     --------    ---------

BALANCE,
  DECEMBER 31, 1993               476,240      29,988       51,332      557,560
                                ---------    --------     --------    ---------

INCOME (LOSS)                    (285,543)     12,934      (44,932)    (317,541)
CASH DISTRIBUTIONS                (47,200)    (28,880)          --      (76,080)
                                ---------    --------     --------    ---------

BALANCE,
  DECEMBER 31, 1994               143,497      14,042        6,400      163,939
                                ---------    --------     --------    ---------
INCOME (LOSS)                     (43,102)        171       (4,410)     (47,341)
CASH DISTRIBUTIONS                 (7,600)     (6,442)          --      (14,042)
                                ---------    --------     --------    ---------

BALANCE,
  DECEMBER 31, 1995             $  92,795    $  7,771     $  1,990    $ 102,556 
                                ---------    --------     --------    ---------
                                ---------    --------     --------    ---------

LIMITED PARTNERS' NET INCOME (LOSS)
    PER UNIT

      1993                      $ (17.96)
                                --------
      1994                      $ (75.62)
                                --------
      1995                      $ (11.41)
                                --------
                                --------
</TABLE>


                SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                    IV-5


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                        STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
<TABLE>
<CAPTION>
                                                                   1995            1994            1993
                                                                ---------      ----------      ----------
<S>                                                              <C>            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Income (Loss)                                                 $ (47,341)    $  (317,541)     $  (79,144)
  Adjustments to reconcile income (loss) to
      net cash provided by operations:
    Depreciation, depletion and amortization                       93,916         516,825         302,723 
    Change in gas imbalance receivable
      and deferred revenues                                          (144)         (1,887)         (1,418)
    Change in assets and liabilities:
      (Increase) decrease in oil and gas sales receivable          14,966          81,183         (91,700)
      Increase (decrease) in accounts payable
        and accrued liabilities                                   (46,740)       (194,323)         43,494 
                                                                ---------      ----------      ----------
         Net cash provided by (used in) operating activities       14,657          84,257         173,955 
                                                                ---------      ----------      ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas properties                                (533)        (10,781)        (95,917)
  Proceeds from sales of oil and gas properties                        --           2,656          35,474 
                                                                ---------      ----------      ----------
        Net cash provided by (used in) investing activities          (533)         (8,125)        (60,443)
                                                                ---------      ----------      ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions to partners                                  (14,042)        (76,080)        (43,399)
  Payments on note payable                                             --              --         (70,001)
                                                                ---------      ----------      ----------

        Net cash provided by (used in) financing activities       (14,042)        (76,080)       (113,400)
                                                                ---------      ----------      ----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                   82              52             112 
                                                                ---------      ----------      ----------

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                      1,415           1,363           1,251 
                                                                ---------      ----------      ----------

CASH AND CASH EQUIVALENTS AT END OF YEAR                        $   1,497      $    1,415      $    1,363 
                                                                ---------      ----------      ----------
                                                                ---------      ----------      ----------
Supplemental disclosure of cash flow information:
  Cash paid during the year for interest                        $   4,912      $       --      $    2,528 
                                                                ---------      ----------      ----------
                                                                ---------      ----------      ----------

</TABLE>


               SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                   IV-6




<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                        NOTES TO FINANCIAL STATEMENTS


(1)  ORGANIZATION AND TERMS OF PARTNERSHIP AGREEMENT - 

         Swift Energy Income Partners 1986-A, Ltd., a Texas limited 
partnership (the Partnership), was formed on May 13, 1986, for the purpose of 
purchasing and operating producing oil and gas properties within the 
continental United States.  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 general partners are required to contribute up to 1/99th 
of limited partner net contributions.  The 689 limited partners made total 
capital contributions of $3,775,536.

         Property acquisition costs and the management fee are borne 99 
percent by the limited partners and one percent by the general partners.  
Organization and syndication costs were borne solely by the limited partners.

         Initially, all continuing costs (including development costs, 
operating costs, general and administrative reimbursements and direct 
expenses) and revenues are allocated 85 percent to the limited partners and 
15 percent to the general partners.  After a certain period of partnership 
operations, but prior to partnership payout, as defined, one-third of these 
costs and revenues otherwise allocable to the general partners will be 
reallocated to the limited partners if the cash distribution rate (as defined 
in the Partnership Agreement) is less than 17.5 percent.  Through December 
31, 1987, the Partnership's continuing costs and revenues were allocated 85 
percent to the limited partners and 15 percent to the general partners. 
Thereafter one-third of the general partners share was reallocated to the 
limited partners as the cash distribution rate fell below 17.5 percent.  
Payout had not occurred as of December 31, 1995.

(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.

OIL AND GAS PROPERTIES -

         For financial reporting purposes, the Partnership follows the 
"full-cost" method of accounting for oil and gas property costs.  Under this 
method of accounting, all productive and nonproductive costs incurred in the 
acquisition and development of oil and gas reserves are capitalized.  Such 
costs include lease acquisitions, geological and geophysical services, 
drilling, completion, equipment and certain general and administrative costs 
directly associated with acquisition and development activities.  General and 
administrative costs related to production and general overhead are expensed 
as incurred.  No general and administrative costs were capitalized during the 
years ended December 31, 1995, 1994 and 1993.

         Future development, site restoration, dismantlement and abandonment 
costs, net of salvage values, are estimated on a property-by-property basis 
based on current economic conditions and are amortized to expense as the 
Partnership's capitalized oil and gas property costs are amortized.

         The unamortized cost of 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 proved 
properties using current prices, discounted at ten percent, and the lower of 
cost or fair value of unproved properties. Proceeds from the sale or 
disposition of oil and gas properties are treated as a reduction of oil and 
gas property costs with no gains or losses being recognized except in 
significant transactions.



                                   IV-7


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                   NOTES TO FINANCIAL STATEMENTS  (CONTINUED)

         The Partnership computes the provision for depreciation, depletion 
and 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, including future development, 
site restoration, dismantlement and abandonment costs, by an overall 
amortization rate that is 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 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.

STATEMENTS OF CASH FLOWS -

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

(3) OIL AND GAS CAPITALIZED COSTS - 

         The following table sets forth capital expenditures related to the 
Partnership's oil and gas operations:

<TABLE>
<CAPTION>
                                        YEAR ENDED DECEMBER 31,
                                   --------------------------------
                                     1995        1994       1993
                                   --------    --------    --------
         <S>                        <C>        <C>          <C>
         Acquisition of
            proved properties      $     --    $     --    $     -- 
         Development                     --      10,781      95,917 
                                   --------    --------    --------
                                   $     --    $ 10,781    $ 95,917 
                                   --------    --------    --------
                                   --------    --------    --------
</TABLE>

         All oil and gas property acquisitions are made by Swift on behalf of 
the Partnership.  The costs of the properties include the purchase price plus 
any costs incurred by Swift in the evaluation and acquisition of properties.

         During 1995, 1994 and 1993, the Partnership's unamortized oil and 
gas property costs exceeded the quarterly calculations of the "ceiling 
limitation" resulting in additional provisions for depreciation, depletion 
and amortization of $33,416, $330,552, and $66,595, respectively.  In 
computing the Partnership's third quarter 1994 "ceiling limitation", the 
Partnership utilized the product prices in effect at the date of the filing 
of the Partnership's report on Form 10-Q.  Utilizing these subsequent prices, 
the write down recorded by the Partnership was $46,740 less than the amount 
that would have been recorded using product prices in effect at September 30, 
1994.

         In addition, the limited partners' share of unamortized oil and gas 
property costs exceeded their "ceiling limitation" in 1995, 1994 and 1993, 
resulting in valuation allowances of $30,073, $297,277 and $56,732, 
respectively.  These amounts are included in the income (loss) attributable 
to the limited partners shown in the statements of partners' capital together 
with "combining adjustments" for the differences between the limited 
partners' valuation allowances and the Partnership's valuation allowances.  
The "combining adjustments" change quarterly as the Partnership's total 
depreciation, depletion and amortization provision is more or less than the 
combined depreciation, depletion and amortization provision attributable to 
general and limited partners.


                                   IV-8


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(4) RELATED-PARTY TRANSACTIONS -

         An affiliate of the Special General Partner, as Dealer Manager, 
received $94,388 for managing and overseeing the offering of limited 
partnership units.

         A one-time management fee of $94,388 was paid to Swift in 1986 for 
services performed for the Partnership.  In 1995, 1994 and 1993, Swift 
absorbed all the general and administrative overhead attributable to the 
Partnership.

(5) FEDERAL INCOME TAXES -

         The Partnership is not a tax-paying entity.  No provision is made in 
the accounts of the Partnership for federal or state income taxes, since such 
taxes are liabilities of the individual partners, and the amounts thereof 
depend upon their respective tax situations.

         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 ordinary income for federal income tax purposes is 
ultimately changed by the taxing authorities, the tax liability of the 
limited partners could be changed accordingly.  Ordinary income(loss) 
reported on the Partnership's federal return of income for the years ended 
December 31, 1995, 1994 and 1993 was $32,341, $146,220 and $178,940, 
respectively.  The difference between ordinary income(loss) for federal 
income tax purposes reported by the Partnership and net income or loss 
reported herein primarily results from the exclusion of depletion (as 
described below) from ordinary income reported in the Partnership's federal 
return of income.

         For federal income tax purposes, depletion with respect to 
production of oil and gas is computed separately by the partners and not by 
the Partnership.  Since the amount of depletion on the production of oil and 
gas is not computed at the Partnership level, depletion 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 
leasehold interests, and thus is treated as a separate item on the partners' 
Schedule K-1. Depletion 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) GAS IMBALANCES -

         The gas imbalance receivable and deferred revenues are accounted for 
on the entitlements method, whereby the Partnership records its share of 
revenue, based on its entitled amount.  Any amounts over or under the 
entitled amount are recorded as an increase or decrease to the gas imbalance 
receivable or deferred revenues as applicable.

(7) 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.

(8) 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-9


<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)


(9) SUBSEQUENT EVENTS -

         In February 1996, the Managing General Partner informed the limited 
partners of a proposal to sell all the Partnership's properties and dissolve 
and liquidate the Partnership.  The meeting of the partners is to be held 
March 20, 1996.  The affirmative vote of limited partners holding at least 
51% of the limited partner units is required in order for this proposal to be 
effective.  The Partnership's financial statements do not include any 
adjustments that might result should the limited partners decide to liquidate 
the Partnership.



                                  IV-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 INCOME
                                             PARTNERS 1986-A, LTD.
                                             (Registrant)

                                       By:   SWIFT ENERGY COMPANY
                                             General Partner

Date:  March 15, 1996                  By:   s/b A. Earl Swift
       --------------------                  ---------------------------------
                                             A. Earl Swift
                                             President

Date:  March 15, 1996                  By:   s/b John R. Alden
       --------------------                  ---------------------------------
                                              John R. Alden
                                              Principal Financial Officer

Date:  March 15, 1996                  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 INCOME
                                             PARTNERS 1986-A, LTD.
                                             (Registrant)

                                       By:   SWIFT ENERGY COMPANY
                                             General Partner

Date:  March 15, 1996                  By:   s/b A. Earl Swift
       --------------------                  ---------------------------------
                                             A. Earl Swift
                                             Director and Principal
                                             Executive Officer

Date:  March 15, 1996                  By:   s/b Virgil N. Swift
       --------------------                  ---------------------------------
                                             Virgil N. Swift
                                             Director and Executive
                                             Vice President - Business
                                             Development 



                                   IV-11


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.



Date:  March 15, 1996                  By:   s/b G. Robert Evans
       --------------------                  ---------------------------------
                                             G. Robert Evans
                                             Director

Date:  March 15, 1996                  By:   s/b Raymond O. Loen
       --------------------                  ---------------------------------
                                             Raymond O. Loen
                                             Director

Date:  March 15, 1996                  By:   s/b Henry C. Montgomery
       --------------------                  ---------------------------------
                                             Henry C. Montgomery
                                             Director 

Date:  March 15, 1996                  By:   s/b Clyde W. Smith, Jr.
       -----------------------               -----------------------------------
                                             Clyde W. Smith, Jr.
                                             Director

Date:  March 15, 1996                  By:   s/b Harold J. Withrow
       -----------------------               -----------------------------------
                                             Harold J. Withrow
                                             Director



                                    IV-12




<PAGE>
                                       
                                 [LETTERHEAD]

                              February  14, 1996

Dear Limited Partner:

     Enclosed is a proxy statement and related information pertaining to a 
proposal to sell all of the Partnership's properties and dissolve and 
liquidate the Partnership.  In order for the sale and liquidation to take 
place, Limited Partners holding a majority of the outstanding Units must 
approve this proposal.  The Managing General Partner recommends that you vote 
in favor of such sale and liquidation for a number of reasons.  

     SWIFT ENERGY INCOME PARTNERS 1986-A, LTD. has been in existence for over 
nine years, and most of its properties were purchased in 1986 and 1987.  Most 
of the recoverable reserves of Partnership properties have already been 
produced, with only 14% of ultimate recoverable reserves remaining.  In the 
judgment of the Managing General Partner, all economically feasible 
enhancement opportunities have already been implemented.  Thus, even if oil 
and gas prices were to increase significantly, the impact upon the 
Partnership's ultimate economic performance would be minimal.  To continue 
operation of the Partnership means that expenses (such as costs of operating 
the properties, preparation of audited financials and reserve reports, 
compliance with securities laws and general and administrative costs) will 
continue while revenues decrease, which may require the sale of Partnership 
properties in future periods to pay such expenses.  Liquidation of the 
Partnership's remaining assets at this time is likely to result in a greater 
percentage of sales proceeds being paid to Limited Partners, rather than 
being used to fund future general and administrative and operating expenses.

     If Limited Partners holding a majority of the Units approve this 
proposal, the Managing General Partner will attempt to complete the sale of 
all Partnership properties by the end of the second quarter of 1996, with 
liquidation and final distributions of net proceeds from such sale to be made 
prior to July 15, 1996. 

     Included in this package is all the recent financial and other 
information prepared regarding the Partnership.  If you need any further 
material or have questions regarding this proposal, please feel free to 
contact the Managing General Partner at (800) 777-2750.

     We urge you to complete your Proxy and return it immediately, as the 
Managing General Partner is not allowed to vote the 18% of limited 
partnership interests which it owns.  Thus, your vote is important in 
reaching a quorum necessary to have an effective vote on this proposal.  
Enclosed is a green Proxy, along with a postage-paid envelope addressed to 
the Managing General Partner for your use in voting and returning your Proxy. 
 Thank you very much.

                                       SWIFT ENERGY COMPANY,      
                                       Managing General Partner   
                                                                  
                                       By:
                                           ------------------------
                                           A. Earl Swift          
                                           Chairman               

<PAGE>
                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                     16825 NORTHCHASE DRIVE, SUITE 400        
                           HOUSTON, TEXAS  77060            
                              (713) 874-2700       

               NOTICE OF SPECIAL MEETING OF LIMITED PARTNERS
                         TO BE HELD MARCH 20, 1996                    

     Notice is hereby given that a special meeting of limited partners of 
SWIFT ENERGY INCOME PARTNERS 1986-A, LTD. (the "Partnership") will be held at 
16825 Northchase Drive, Houston, Texas, on March 20, 1996, at 4:00 p.m. 
Central Time to consider and vote upon:

     The adoption of a proposal for (a) sale of substantially all of the 
     assets of the Partnership and (b) the dissolution, winding up and 
     termination of the Partnership (the "Termination").  All asset 
     sales and the Termination comprise a single proposal (the 
     "Proposal"), and a vote in favor of the Proposal will constitute a 
     vote in favor of each of these matters.

     A record of limited partners of the Partnership has been taken as of the 
close of business on December 31, 1995, and only limited partners of record 
on that date will be entitled to notice of and to vote at the meeting, or any 
adjournment thereof.

     IF YOU DO NOT EXPECT TO BE PRESENT IN PERSON AT THE MEETING OR PREFER TO 
VOTE BY PROXY IN ADVANCE, PLEASE SIGN AND DATE THE ENCLOSED PROXY AND RETURN 
IT PROMPTLY IN THE ENCLOSED POSTAGE-PAID ENVELOPE WHICH HAS BEEN PROVIDED FOR 
YOUR CONVENIENCE.  THE PROMPT RETURN OF THE PROXY WILL ENSURE A QUORUM AND 
SAVE THE PARTNERSHIP THE EXPENSE OF FURTHER SOLICITATION.

                                       SWIFT ENERGY COMPANY,      
                                       Managing General Partner   
                                                                  
                                                                  
                                       ---------------------------
                                       JOHN R. ALDEN              
                                       Secretary                  

February 14, 1996

<PAGE>
                                       
                               TABLE OF CONTENTS

SUMMARY....................................................................   1

GENERAL INFORMATION........................................................   3
   Documents Included......................................................   3
   Vote Required...........................................................   3
   Proxies; Revocation.....................................................   3
   Dissenters' Rights......................................................   4
   Solicitation............................................................   4

RISK FACTORS...............................................................   4

THE PROPOSAL...............................................................   5
   General.................................................................   5
   Steps to Implement the Proposal.........................................   6
   Estimate of Liquidating Distribution Amount.............................   7
   Comparison of Sale Versus Continuing Operations.........................  10
   Reasons for the Proposal................................................  10
   Impact On The Managing General Partner..................................  12
   Recommendation of the Managing General Partner..........................  12

FEDERAL INCOME TAX CONSEQUENCES............................................  12
   General.................................................................  12
   Taxable Gain or Loss Upon Sale of Properties............................  13
   Liquidation of the Partnership..........................................  14
   Capital Gain Tax........................................................  14
   Passive Loss Limitations................................................  14

THE PARTNERSHIP............................................................  15
   General.................................................................  15
   The Managing General Partner............................................  15
   Partnership Financial Performance and Condition.........................  15
   No Trading Market.......................................................  16
   Transactions Between the Managing General Partner and the Partnership...  17
   Principal Holders of Limited Partner Units..............................  17

BUSINESS...................................................................  18

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE AND 
  ATTACHMENT OF SUCH INFORMATION HERETO....................................  19

OTHER BUSINESS.............................................................  19

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                           16825 NORTHCHASE DRIVE
                                 SUITE 400              
                         HOUSTON, TEXAS  77060-9468
                              (713) 874-2700

                   ----------------------------------------
                               PROXY STATEMENT             
                   ----------------------------------------

                                  SUMMARY

      This Proxy Statement is being provided by Swift Energy Company, a Texas 
corporation (the "Managing General Partner") in its capacity as the Managing 
General Partner of Swift Energy Income Partners 1986-A, Ltd., a Texas limited 
partnership (the "Partnership"), to holders of units of limited partnership 
interests (the "Units") representing an initial investment of $1,000 per Unit 
in the Partnership.  This Proxy Statement and the enclosed proxy are provided 
for use at a special meeting of limited partners (the "Limited Partners"), 
and any adjournment of such meeting (the "Meeting") to be held at 16825 
Northchase Drive, Houston, Texas, at 4:00 p.m. Central Time on March 20, 
1996.  The Meeting is called for the purpose of considering and voting upon a 
proposal to (a) sell substantially all of the assets of the Partnership and 
(b) dissolve, wind up and terminate the Partnership (the "Proposal"), in 
accordance with the terms and provisions of Article XVI of the Partnership's 
Limited Partnership Agreement dated May 13, 1986 (the "Partnership 
Agreement"), and the Texas Revised Limited Partnership Act (the "Texas Act"). 
 This Proxy Statement and the enclosed proxy are first being mailed to 
Limited Partners on or about February 14, 1996.

      Under Article XVI.C. of the Partnership Agreement, the affirmative vote 
of Limited Partners holding at least 51% of the Units then held by Limited 
Partners as of the Record Date (as defined) is required for approval of the 
Proposal.  Each Limited Partner appearing on the Partnership's records as of 
December 31, 1995 (the "Record Date"), is entitled to notice of the Meeting 
and is entitled to one vote for each Unit held by such Limited Partner.  
Under Article XIV.C. of the Partnership Agreement, the Managing General 
Partner may not vote its Units for matters such as the Proposal.  The 
Managing General Partner currently owns approximately 18.05% of all 
outstanding Units.  Therefore, the affirmative vote of holders of 51% of the 
remaining Units is required to approve the proposed sale.

      Upon approval of the Proposal by the Limited Partners, the Managing 
General Partner intends to sell substantially all of the oil and gas 
properties of the Partnership in a sale or series of sales, use the proceeds 
to pay or provide for the payment of the Partnership's liabilities, and then 
distribute any remaining cash to the partners of the Partnership as a final 
liquidating distribution and wind up the affairs of the Partnership.  The 
Partnership has interests in 57 wells.  Of these, the bulk of the 
Partnership's remaining reserves are in the Gautreaux No. 1 well (Valentine 
Field) in LaFourche Parish, Louisiana and the Jones Geraldine #1 well (East 
Bridges Field) in Shelby County, Texas and the Stuteville 1-35 well (Watonga 
Chickasha Field) in Blaine County, Oklahoma..  These three properties 
comprise approximately 70% of the value of the Partnership's remaining 
reserves.  During 1994, approximately 89% of the Partnership's production 
consisted of natural gas.  For more information, see the attached Annual 
Report on Form 10-K for the year ended December 31, 1994, and the attached 
Quarterly Report on Form 10-Q for the period ended September 30, 1995.  

                                       1

<PAGE>

      It is highly likely that the properties will be sold in a series of 
sales rather than in a single transaction.  The Managing General Partner may 
sell some or all of the properties in negotiated transactions or in auctions 
or may engage a third party to handle some or all of the property sales.  
Bids have not yet been sought and the sales process has not yet begun, 
pending approval of the Proposal by the Limited Partners.  The Managing 
General Partner is asking for approval of the Proposal prior to offering the 
Partnership's properties for sale to avoid delay in selling the properties 
after a price is agreed upon, which delay would likely negatively affect the 
ultimate sales price or possibly cause potential transactions to fail 
altogether.  Also, if the Managing General Partner had to solicit approval of 
the Limited Partners for each sales transaction, the Partnership would incur 
inordinate sales expenses for each transaction.  Finally, as the Managing 
General Partner intends to sell the Partnership's fractional interests in 
certain properties together with the fractional interests in those same 
properties owned by other partnerships which it manages, solicitation of 
approval of each purchase offer from all of the partnerships would be 
impractical.

      It is possible, though unlikely, that less than all of the 
Partnership's properties will be sold.  The Managing General Partner intends 
to accomplish all sales by the end of the second quarter of 1996.  The sale 
of Partnership properties that account for at least 80% of the total value of 
the Partnership properties will cause the Partnership to dissolve 
automatically under the terms of the Partnership Agreement and the Texas Act. 
 Any Partnership properties that are not sold pursuant to a negotiated sale 
will be sold through auction by The Oil & Gas Asset Clearinghouse (the "O&G 
Clearinghouse"), EBCO Resources, Inc. ("EBCO"), or a similar company engaged 
in auctions of oil and gas properties.

      Currently there are no buyers for the properties and the price at which 
they will be sold has not yet been determined.  The Managing General Partner 
cannot accurately predict the prices at which properties ultimately will be 
sold.  Regardless of whether the Proposal is adopted, it is not expected that 
there will be any distributions to Limited Partners in the future except for 
a final small liquidating distribution.  See "The Proposal--Estimate of 
Liquidating Distribution Amount" and the tables therein captioned "Range of 
Limited Partners' Share of Estimated Distributions from Property Sales and 
Liquidation" and "Estimated Shares of Limited Partners' Net Distributions 
from Continued Operations."  Notwithstanding the foregoing, there are some 
risks involved in the Proposal.  See "Risk Factors."

      If the Proposal is not approved by Limited Partners holding 51% of the 
Units held by Limited Partners, the Partnership will continue to exist.  In 
that event, however, due to the expected decline in revenues, the Managing 
General Partner estimates that 10% to 15% of the Partnership's properties 
will need to be sold each year in order to cover operating and administrative 
costs.

      The Managing General Partner receives operating fees for wells for 
which it or its affiliates serve as operator.  It is anticipated that, due to 
the sale of interests in wells, the Managing General Partner will no longer 
serve as operator for a number of the Partnership's wells.  To the extent 
that the operator changes because of a change in ownership of the properties, 
the Managing General Partner will lose the revenues it currently earns as 
operator.  The Managing General Partner believes, however, that it will be 
positively affected, on the other hand, by liquidation of the Partnership, on 
the basis of its Units ownership.  See "The Proposal--Estimate of Liquidating 
Distribution Amount," and "The Proposal--Impact on the Managing General 
Partner."

LIMITED PARTNERS ARE URGED TO COMPLETE, SIGN AND DATE THE ENCLOSED
PROXY AND TO RETURN IT TO THE MANAGING GENERAL PARTNER NO LATER THAN 
MARCH 20, 1996.

                                       2

<PAGE>

                             GENERAL INFORMATION

DOCUMENTS INCLUDED

      The Partnership's Annual Report on Form 10-K for the year ended 
December 31, 1994 and Quarterly Report on Form 10-Q for the period ended 
September 30, 1995 are included with this Proxy Statement and incorporated 
herein by reference.  See "Incorporation of Certain Information By Reference 
and Attachment of Such Information Hereto."  Additionally, the reserve report 
prepared as of December 31, 1994, and audited by H. J. Gruy & Associates, is 
attached hereto.

VOTE REQUIRED

      According to the terms of the Partnership Agreement, approval of the 
Proposal requires the affirmative vote by the holders of at least 51% of the 
Units held by Limited Partners.  Therefore, an abstention by a Limited 
Partner will have the same effect as a vote against the Proposal.  This 
solicitation is being made for votes in favor of the Proposal (which will 
result in liquidation and dissolution).  As of the Record Date, 3093.84 Units 
were outstanding and were held of record by 594 Limited Partners (excluding 
the Managing General Partner's Units).  Each Limited Partner is entitled to 
one vote for each $1,000 Unit held in his name on the Record Date.  
Accordingly, the affirmative vote of holders of at least 1577.86 Units is 
required to approve the Proposal.  The Managing General Partner holds 681.70 
Units, but, in accordance with Article XIV of the Partnership Agreement, the 
Managing General Partner may not vote its Units.  The Managing General 
Partner's non-vote, in contrast to abstention by Limited Partners, will not 
affect the outcome, because for purposes of adopting the Proposal its Units 
are excluded from the total number of voting Units.

      The Limited Partners should be aware that once they approve the 
Proposal pursuant to this Proxy Solicitation, they will have no opportunity 
to evaluate the actual terms of any specific purchase offers for the 
Partnership's properties.  See "The Proposal -- Reasons for the Proposal" and 
"The Partnership -- Transactions Between the Managing General Partner and the 
Partnership."  

       Legal counsel to the Partnership has provided a legal opinion, in 
accordance with Article X of the Partnership Agreement, to the effect that a 
vote by Limited Partners on the matters set forth in this Proxy Statement 
will not subject such Limited Partners to general partner liability and such 
vote is otherwise permissible under the Texas Act.

PROXIES; REVOCATION

      If a proxy is properly signed and is not revoked by a Limited Partner, 
the Units it represents will be voted in accordance with the instructions of 
the Limited Partner.  If no specific instructions are given, the Units will 
be voted FOR the Proposal.  A Limited Partner may revoke his proxy at any 
time before it is voted at the Meeting.  Any Limited Partner who attends the 
Meeting and wishes to vote in person may revoke his proxy at that time.  
Otherwise, a Limited Partner must advise the Managing General Partner of 
revocation of his proxy in writing, which revocation must be received by the 
Managing General Partner at 16825 Northchase Drive, Suite 400, Houston Texas 
77060 prior to the time the vote is taken.

                                       3


<PAGE>

DISSENTERS' RIGHTS

      Limited Partners are not entitled to any dissenters' or appraisal 
rights in connection with the approval of the Proposal.  Dissenting Limited 
Partners are protected under state law by virtue of the fiduciary duty of 
general partners to act with prudence in the business affairs of the 
Partnership.

PAYMENT OF LIQUIDATING DISTRIBUTIONS

      Following the approval of the Proposal at the Meeting, Limited Partners 
will receive a final liquidating distribution, if any, in cash from the 
Partnership as soon as practicable after the affairs of the Partnership have 
been wound up.  The Managing General Partner expects that such payment will 
be made by July 15, 1996.  It will not be necessary for Limited Partners to 
surrender any certificate or other documents representing their ownership of 
Units.  Payment will be made to each Limited Partner identified on the 
Partnership's records as of the Record Date, or, upon appropriate written 
instruction from a Limited Partner, to his assignee.

SOLICITATION

      The solicitation is being made by the Partnership.  The Partnership 
will bear the costs of the preparation of this Proxy Statement and of the 
solicitation of proxies and such costs will be allocated 90% to the Limited 
Partners and 10% to the General Partners with respect to their general 
partnership interests pursuant to Article VIII.A(v).  As the Managing General 
Partner holds approximately 18.05% of the Units held by all Limited Partners, 
18.05% of the costs borne by the Limited Partners will be borne by the 
Managing General Partner, in addition to its portion borne as a General 
Partner.  Solicitations will be made primarily by mail.  In addition to 
solicitations by mail, a number of regular employees of the Managing General 
Partner may, if necessary to ensure the presence of a quorum, solicit proxies 
in person or by telephone.  The Managing General Partner may retain a proxy 
solicitor to assist in contacting brokers and other "street-name" holders or 
Limited Partners to encourage the return of proxies, although it currently 
does not anticipate doing so.  The costs of this proxy solicitation, 
including legal and accounting fees and expenses, printing and mailing costs, 
and related costs are estimated to be approximately $20,000.

                                  RISK FACTORS

      Notwithstanding the following discussion, there are risks involved in 
the Proposal.  While the Managing General Partner is not aware of any unknown 
liabilities at this time, should any unexpected liabilities come to light 
prior to making the final liquidating distribution, such liabilities could 
significantly reduce, or eliminate altogether, such final distribution.  
Anticipated sales prices for the properties may not be achieved.  Should 
domestic gas prices strengthen after the sales of the assets, it is possible 
that more advantageous sales prices for the properties might have been 
realized at a later date.  Furthermore, if insufficient properties from the 
other partnerships managed by the Managing General Partner are approved for 
inclusion in the sales of the assets, the portion of the wells being sold 
will be smaller, possibly making it necessary to lower the prices at which 
the properties are sold.

                                       4

<PAGE>

                                 THE PROPOSAL

GENERAL

      The Managing General Partner has proposed that the Partnership's 
properties be sold, the Partnership be dissolved and that the Managing 
General Partner, acting as liquidator, wind up its affairs and make final 
distributions to its partners.  The Managing General Partner intends to sell 
the assets through negotiated sales conducted by the Managing General Partner 
or a third party engaged to dispose of the Partnership's assets.  The 
Managing General Partner expects to sell all properties not sold in 
negotiated sales by auction through the O&G Clearinghouse, EBCO or a similar 
company.  The Partnership, if not terminated earlier, will terminate 
automatically, pursuant to the terms of the Partnership Agreement, on 
January 2, 2016.

      The Managing General Partner is an independent oil and gas company 
engaged in the exploration, development, acquisition and operation of oil and 
gas properties, both directly and through partnership and joint venture 
arrangements, and therefore holds various interests in numerous oil and gas 
properties.  Furthermore, the Managing General Partner is the managing 
general partner of a number of oil and gas partnerships.  The partnerships 
invest in fractional interests in oil and gas producing properties in which 
numerous unrelated third parties also own fractional interests.  Any owner of 
a fractional interest may sell its fractional interest in a property 
independently of all of the fractional interests held by others.  Some of the 
partnerships managed by the Managing General Partner, as well as the Managing 
General Partner in its own capacity, not in its capacity as Managing General 
Partner, directly, hold fractional interests in some of the properties in 
which the Partnership owns an interest.  Several of these partnerships are 
simultaneously considering proposals to sell their properties and liquidate 
their partnerships.  Larger interests in properties generally draw more buyer 
interest than smaller fractional interests.  Therefore, the Managing General 
Partner will offer to sell as one package the interests held by multiple 
partnerships in the same wells, area or fields, in most cases to the extent 
the partnerships holding those interests vote to liquidate and sell their 
properties.  Thus, in many instances the assets of the Partnership will be 
marketed together with properties owned by certain other partnerships that 
the Managing General Partner manages.  However, certain partnerships managed 
by the Managing General Partner that are not in the process of liquidating 
and dissolving, as well as the Managing General Partner itself, will most 
likely continue to hold interests in some of those properties in which the 
Partnership is selling its interests.  The sale of the properties of the 
other partnerships managed by the Managing General Partner also will require 
a majority vote in interest of the limited partners of those other 
partnerships, unless the property interest being sold constitutes a minor 
part of the partnership's assets.  The decision of other partnerships as to 
whether to participate in the sale of the assets will be made independently 
by each such partnership.  The inclusion of the Partnership's properties in 
the sale of the assets will not be contingent upon the approval of the sale 
of assets by such other partnerships.

      This approach contemplates permitting a purchaser to purchase the 
Partnership's interests in certain properties without being required to 
purchase its interests in all of its properties.  The Managing General 
Partner believes that by structuring the sales in this way, and packaging the 
properties in a way that will be attractive to potential buyers, the 
Partnership will obtain optimal prices for the properties.  Examples of 
"packaging" are grouping properties by location, for instance by state, or, 
if the fields in a particular state are far apart, by field, and possibly 
packaging stronger and weaker properties together and certain operated 
properties together.

                                       5

<PAGE>

STEPS TO IMPLEMENT THE PROPOSAL

      Following the approval of the Proposal, the Managing General Partner 
intends to take the following steps to implement it:

      1. Make available to the appropriate persons (that is, the third party, 
         if any, handling the negotiated sales and/or the auction house and 
         prospective purchasers) the following types of data:

         *  Engineering and Geological Data
            -  Production curve
            -  Completion report
            -  Historical production data
            -  Engineering well files
            -  Geological maps (if available)
            -  Logs (if available)

         *  Land/Legal Data
            -  Working Interest/Net Revenue Interest schedule for all properties
            -  Land files
            -  Payout data

         *  Accounting Data
            -  Lease operating statements by well
            -  Gas marketing data
            -  Oil marketing data
            -  Gas balancing data

      2. Pay or provide for payment of the Partnership's liabilities and 
         obligations to creditors (See --"Liquidation") using the Partnership's
         cash on hand and proceeds from the sale of Partnership properties;

      3. Conduct a final accounting and distribute any remaining cash to the 
         partners of the Partnership in accordance with the Partnership 
         Agreement;

      4. Cause final Partnership tax returns to be prepared and filed with 
         the Internal Revenue Service and appropriate state taxing authorities;

      5. Distribute to the Limited Partners final Form K-1 tax information; 
         and

      6. File a Certificate of Cancellation on behalf of the Partnership with 
         the Secretary of State of the State of Texas.

      NEGOTIATED SALE.  To the extent that the Managing General Partner is 
aware of oil and gas companies that may have a strategic interest in certain 
of the properties, the Managing General Partner or a third party engaged for 
the purpose of selling the Partnership's assets may approach such companies 
and negotiate a sale.  The Managing General Partner (or such third party) may 
solicit bids on the oil and gas properties for which the Managing General 

                                       6

<PAGE>

Partner is the operator.  If the Managing General Partner (or third party) 
solicits bids, it will provide all interested parties with information about 
the properties needed to bid on such properties.  Such information would 
include raw data and historical information on all of the operated properties 
that any of the partnerships managed by the Managing General Partner intends 
to sell.  See "--Steps to Implement the Proposal."  The data will be 
organized by property.  None of the Managing General Partner's other 
partnerships managed by the Managing General Partner or affiliates of the 
Managing General Partner, intend to purchase any of the properties.  In the 
event of a bid that is lower than a price the Managing General Partner 
believes is reasonable, it may sell the property to a third party bidder for 
such lower bid price, use another method of sale such as an auction, or have 
the Partnership continue to hold such property for a while longer.  If the 
property has no appreciable value, the Managing General Partner may dispose 
of such property by conveying it to the operator or by conveying the property 
to itself, for no consideration.  If the property has appreciable value but 
is not sold prior to the end of the second quarter of 1996, the Managing 
General Partner intends to engage the O&G Clearinghouse, EBCO or a similar 
company to sell the properties.  See "--Auction."  In no event is the 
Managing General Partner obligated to purchase any of the properties.

      AUCTION.  With respect to properties not operated by the Managing 
General Partner, or possibly all of the properties, the Managing General 
Partner (or a third party seller) may engage the O&G Clearinghouse, EBCO or 
another similar company to conduct live auctions for the sales of such 
properties.  The O&G Clearinghouse and EBCO (as well as other such auction 
companies) are in the business of conducting auctions for oil and gas 
properties.  The O&G Clearinghouse and EBCO establish a data room, which they 
leave open for a period of time (generally three to four weeks), after which 
they hold a live auction.  The O&G Clearinghouse and EBCO require advance 
registration for all bidders.  Bidders may participate by invitation only, 
after having qualified as knowledgeable and sophisticated parties routinely 
or actively engaged in the oil and gas business.  The O&G Clearinghouse and 
EBCO publish a brochure regarding the properties.  The O&G Clearinghouse is 
headquartered in Houston, Texas, and EBCO is headquartered in Oklahoma City, 
Oklahoma.  In auctions conducted by the O&G Clearinghouse and EBCO, 
properties are generally grouped into small packages with a single field 
often comprising a property.

      ESTIMATED SELLING COSTS.  The expenses associated with the auction 
process (auctioneer's fee plus advertising fee) is expected to be 
approximately 7% of the sales price received.  This does not include internal 
costs of the Managing General Partner with respect to the sales, nor fees 
owed to third parties for services incident to the sale.  For example, if the 
Managing General Partner engaged a third party to sell the properties, this 
would entail an additional fee (although in such a case the Managing General 
Partner's internal costs would be lower).  This also does not include the 
costs of the proxy solicitation.  See "General Information--Solicitation."

      OTHER.  Any sale of the Partnership properties and the subsequent 
liquidating distributions to the Limited Partners pursuant to the Proposal 
will be taxable transactions under federal and state income tax laws.  See 
"Federal Income Tax Consequences."

ESTIMATE OF LIQUIDATING DISTRIBUTION AMOUNT

      It is not possible to accurately predict the prices at which the 
properties will be sold.  The sales price of individual Partnership 
properties may vary, with certain properties selling for a higher price and 
other properties selling for a lower price than those estimated below.  The 
projected range of sales prices below has been based upon estimated future 
net revenues as of December 31, 1994 for the Partnership's properties, using 
prices at that date without any escalation.  The future net revenues from 
production of such properties have then been discounted to present value at 
10% per annum.  This discount rate and these pricing assumptions are mandated 
by the Securities and Exchange Commission ("SEC") for reserves disclosures 
under applicable SEC rules.  For the lower end of such 

                                       7

<PAGE>

projected sales proceeds, the estimated sales proceeds have been further 
discounted to 70% of those shown for the higher end of the range.

      Set forth in the table below are estimated proceeds that the 
Partnership may realize from sales of the Partnership's properties, estimated 
expenses of the related dissolution and liquidation of the Partnership, and 
the estimated amount of net distributions available for Limited Partners as a 
result of such sales.

          RANGE OF LIMITED PARTNERS' SHARE OF ESTIMATED DISTRIBUTIONS
                  FROM PROPERTY SALES AND LIQUIDATION

<TABLE>
<CAPTION>

                                                            PROJECTED RANGE   
                                                        ----------------------
                                                          LOW           HIGH  
                                                        --------      --------
<S>                                                     <C>           <C>
Sales Proceeds(1)                                       $146,600      $209,400

Partnership Dissolution Expenses(2)                     $ 18,000      $ 18,000

Payment of Partnership Net Accounts Payable(3)          $ 52,000      $ 52,000

Net Distributions payable to Limited Partners           $ 76,600      $139,400

Net Distributions per $1,000 Unit                       $  20.29      $  36.92
</TABLE>

----------
(1) Net of selling expenses estimated to be 7% of sales proceeds.
(2) Includes Limited Partners' share of all costs associated with dissolution 
    and liquidation of the Partnership.
(3) Includes Limited Partners' share of a gas balancing obligation of 
    approximately $4,000 at September 30, 1995.  See also "The Partnership--
    Transactions Between the Managing General Partner and the Partnership."

      If, on the other hand, the Partnership were to retain its properties 
and continue to produce those properties until depletion, the table below 
estimates the return to Limited Partners, discounted to present value, based 
upon the same pricing and discount assumptions used above.  The estimates of 
the present value of future net distributions have been further reduced by 
continuing audit, tax return preparation and reserve engineering fees 
associated with continued operations of the Partnership, along with direct 
and general and administrative expenses estimated to occur during this time.  
Such estimates do not take into account the possibility that a portion of the 
Partnership's properties will have to be sold each year in order to generate 
sufficient cash proceeds to pay general, administrative and operating 
expenses, which would reduce the revenues of the Partnership.  Moreover, the 
following estimated future net revenues do not take into account amounts that 
would be needed for future maintenance or remedial work on the Partnership's 
properties.  Without the ability to get more capital from the Partners, 
future net revenues may not be sufficient for maintenance and remedial work 
needed to continue production, thereby causing actual revenues to be lower 
than those estimated in the following table.

                                       8

<PAGE>

                    ESTIMATED SHARE OF LIMITED PARTNERS'
                NET DISTRIBUTIONS FROM CONTINUED OPERATIONS

<TABLE>
<CAPTION>

                                                PROJECTED 
                                                CASH FLOWS
                                                ----------
<S>                                              <C>
Future Net Revenues from Production (after 
lease operating costs)(1)                        $170,300 

Partnership Direct and Administrative 
Expenses(2)                                      $ 24,300      

Payment of Partnership Net Accounts Payables(3)  $ 52,000      

Net Distributions to Limited Partners (payable 
over 15 years)(4)                                $ 94,000       

NET DISTRIBUTIONS PER $1,000 UNIT(5)             $  24.90     

PRESENT VALUE OF NET DISTRIBUTIONS PER $1,000 
UNIT(6)                                          $  16.47     
</TABLE>

-----------
(1) Limited Partners' future net revenues are based on the reserve 
    estimates at December 31, 1994, reduced for 1995 production, 
    assuming December 31, 1994 flat pricing.  To a limited extent, 
    future net revenues may be influenced by a material rise in the 
    selling prices of oil or gas.  For further discussion of this, see 
    "--Reasons for the Proposal--Small Amount of Remaining Assets in 
    Relation to Expenses" and "--Potential of the Properties."  The 
    actual prices that will be received and the associated costs may be 
    more or less than those projected.  See "The Partnership--
    Partnership Financial Condition and Performance."
(2) Includes Limited Partners' share of general and administrative 
    expenses, and audit, tax, and reserve engineering fees.
(3) Includes Limited Partners' share of a gas balancing obligation of 
    approximately $4,000 at September 30, 1995.  See also "The 
    Partnership--Transactions Between the Managing General Partner and 
    the Partnership."
(4) Based upon the Partnership's reserves having a projected 15-year 
    life, assuming flat pricing.  To a limited extent, net distributions 
    may be influenced by a material rise in the selling prices of oil or 
    gas.  For further discussion of this, see "--Reasons for the 
    Proposal--Small Amount of Remaining Assets in Relation to Expenses" 
    and "--Potential of the Properties."  The actual prices that will be 
    received and the associated costs may be more or less than those 
    projected.
(5) Does not reflect effect of intermittent sales of property interests 
    to pay administrative costs once the properties no longer generate 
    sufficient revenues to cover such costs.
(6) Discounted at 10% per annum.

    Among factors which can affect the ultimate sales price received for 
Partnership properties are the following: 

   (1) The above cases presume that 100% of the Partnership's properties will 
         be sold.  It is possible that certain properties will be viewed by 
         potential buyers to be of insufficient size to justify their 
         purchase.
   (2) In certain instances, the Partnership, together with other 
         partnerships which will be offering their interest in the 
         properties, will own a large enough interest in the properties to 
         allow the purchaser to designate a new operator of the properties, 
         which normally increases the amount that a purchaser is willing to 
         pay.

   (3) Changes in the market for gas or oil may affect the pricing 
         assumptions used by purchasers in evaluating property value and 
         possible purchase prices.

   (4) Different evaluations of the amount of money required to be spent to 
         enhance or maintain production may have a significant effect upon 
         the ultimate purchase price.

                                       9


<PAGE>

   (5) In certain instances, the Managing General Partner may set minimum 
         bidding prices for those properties offered at auction, which may 
         not be met.

   (6) The Managing General Partner may choose to package certain less 
         attractive properties together with other properties in order to 
         enhance the likelihood of their sale.  Such packaging could result 
         in a significant discount by prospective purchasers of the value of 
         the Partnership's more productive properties contained in such 
         packages.

      The Partnership Agreement authorizes the Managing General Partner to 
sell the Partnership properties at a price that the Managing General Partner 
deems reasonable.  The proceeds of all sales, to the extent available for 
distribution, are to be distributed to the Limited Partners and the General 
Partners in accordance with Article XVI.D of the Partnership Agreement as 
follows.  After use of available proceeds from property sales to third-party 
creditors and reserves for contingent or unforeseen liabilities of the 
Partnership, the proceeds are to be used to repay any debts to partners of 
the Partnership, without regard to whether such partners are General Partners 
or Limited Partners.  The Partnership Agreement provides that if the proceeds 
are insufficient to pay all such obligations in full, then the proceeds are 
to be used to repay each Partner pro rata in the proportion that the 
Partnership's debt to such Partner bears to the obligations due to all 
Partners.  In the event that there is still cash available for distribution, 
it is to be used to repay the capital accounts of the Partners whose capital 
accounts have not yet been repaid.  The amounts finally distributed will 
depend on the actual sales prices received for the Partnership assets, 
results of operations until such sales, the amount of all expenses and 
liabilities outstanding at the time of the liquidating distribution, and 
other contingencies and circumstances.

COMPARISON OF SALE VERSUS CONTINUING OPERATIONS

      Based on the above tables, it is estimated that a limited partner could 
expect to receive from $20.29 to $36.92 per $1,000 Unit upon immediate sale 
of the Partnership properties.  In comparison, it is estimated that a limited 
partner could expect to receive approximately $16.47 per $1,000 Unit, 
discounted to present value ($24.90 per $1,000 Unit in actual dollars on an 
undiscounted basis) over the life of the properties, approximately 15 years, 
if the Partnership continued operations.

      Such estimates are based on December 31, 1994 reserve estimates 
assuming flat pricing throughout the remaining life of the properties.  The 
actual prices that will be received and the associated costs may be more or 
less than those projected.  See "--Estimate of Liquidating Distribution 
Amount."

REASONS FOR THE PROPOSAL

      The Managing General Partner believes that it is in the best interest 
of the Partnership and the Limited Partners for the Partnership to sell its 
properties at this time, dissolve the Partnership and make a final 
liquidating cash distribution to its partners for the reasons discussed below.

      SMALL AMOUNT OF REMAINING ASSETS IN RELATION TO EXPENSES.  As of 
December 31, 1994, approximately 86% of the Partnership's ultimate 
recoverable reserves had been produced.  The Partnership's oil and gas 
revenues are expected to decline as remaining reserves are being depleted, as 
a consequence of which distributions to partners have ceased altogether 
subsequent to January 1995.  Declines in well production are based 
principally upon the maturity of the wells, not on market factors.  Each well 
is charged a fixed amount of overhead costs, as operating and other costs are 
incurred regardless of the level of production.  Likewise, general and 
administrative expenses such as compliance with the securities laws, 
producing reports to partners and filing partnership tax returns do not 
decline as revenues decline.  It is expected that in future periods operating 
costs and general and administrative 

                                       10

<PAGE>

expenses, which are relatively fixed amounts, may exceed revenues.  As 
production declines and certain costs remain fixed, the relative 
profitability of the properties will decrease.  Consequently, the Managing 
General Partner expects that the Partnership will have to start selling 10% 
to 15% of its properties each year to pay the expenses of operations and 
administration as early as 1996 or 1997.  By accelerating the liquidation of 
the Partnership, those future administrative costs can be avoided.

      OPTIMIZE VALUE.   The Managing General Partner believes that the key 
factor affecting the Partnership's long-term performance has been the 
decrease in oil and gas prices that occurred subsequent to the purchase of 
the Partnership's properties.  Based on 1994 year-end reserve calculations, 
the Partnership had only about 14% of its ultimate recoverable reserves 
remaining for future production. Because of this small amount of remaining 
reserves, even if oil and gas prices were to increase in the future, such 
increases would be unlikely to have a net positive impact on the total return 
on investment to the partners in view of the fixed expenses of the 
Partnership as described above.

      POTENTIAL OF THE PROPERTIES.  Recovery in amounts great enough to 
significantly impact the results of the Partnership's operations and the 
ultimate cash distributions can only occur with the investment of new 
capital.  As provided in the Partnership Agreement, the Partnership expended 
all of the partners' net commitments for the acquisition of properties many 
years ago, and it no longer has capital to invest in improvement of the 
properties through secondary or tertiary recovery.  No additional development 
activities are contemplated by the Partnership.

      NINE YEAR INVESTMENT.  The Limited Partners have held their investment 
in the Partnership for over nine years.  Because of the limited reserve life 
of oil and gas properties generally, the Managing General Partner believes 
that this is a reasonable amount of time to hold an investment in oil and gas 
properties.  As a result of the depletion of the Partnership's oil and gas 
reserves, the Managing General Partner believes the Partnership's asset base 
and future net revenues no longer justify the continuation of operations.  
See "--Reasons for the Proposal--Optimize Value."

      ORDERLY SALE OF PROPERTIES THROUGH APPROVAL OF THE PROPOSAL.  The oil 
and gas market is volatile, making the sale of the properties at optimal 
prices very time sensitive.  Therefore, the Managing General Partner believes 
that the Partnership should liquidate and have the flexibility to sell its 
properties when such sales appear to be most advantageous to the Partnership. 
 The requirement to obtain the approval of the holders of a majority of the 
Units prior to each sales transaction would likely delay a potential sale or 
require concessions which could negatively impact the sales price. The 
approval of the Proposal as it is set forth will provide the Managing General 
Partner the flexibility to sell the remaining properties in an orderly 
fashion on an individual basis or as a package to maximize any potential 
return to the Limited Partners.  The approval of the Proposal would also 
allow the Managing General Partner to begin the winding up and dissolution of 
the Partnership without the expense of several proxy solicitations to obtain 
separate Limited Partner approvals of each sale and the winding up and 
dissolution of the Partnership following the final sale of Partnership 
property.  The approval of the Proposal will act as the approval of all 
future asset sales without the approval by the Limited Partners of the 
specific terms of such future sales.

      LIMITED PARTNERS' TAX REPORTING.  Even though future distributions to 
Partners are expected to cease, each Limited Partner will continue to have a 
partnership income tax reporting obligation with respect to his Units as long 
as the Partnership continues to exist.  There is no trading market for the 
Units, so Limited Partners generally are unable to dispose of their 
interests.  See "The Partnership - No Trading Market."  Following the 
approval of the Proposal and the dissolution and sale of the properties, the 
Limited Partners will recognize gain or loss or a combination of both under 
the federal income tax laws.  Thereafter, Limited Partners will have no 
further tax reporting obligations with respect to the Partnership.  See 
"Federal Income Tax Consequences."

                                       11

<PAGE>

IMPACT ON THE MANAGING GENERAL PARTNER

      The Managing General Partner will be economically impacted in two ways. 
 First, to the extent of its ownership of Units, liquidation will have the 
same effect on it as on the Limited Partners.  The Managing General Partner 
believes, on that basis, that it will realize a greater net present value 
from the sale of its Units than from distributions from continued operations. 
 See "--Estimate of Liquidating Distribution Amount," and "--Estimated Share 
of Limited Partners' Net Distributions from Continued Operations."  However, 
the dissolution and liquidation of the Partnership, together with liquidation 
of other partnerships from which the Managing General Partner receives 
operating fees, negatively impact the revenues of the Managing General 
Partner.  This is because once the Managing General Partner, directly and 
indirectly through the partnerships that it manages, no longer holds the 
majority interest in various wells, different operators are likely to be 
selected and it will therefore lose revenues that it currently realizes from 
its role as operator.  The Managing General Partner is making its 
recommendations as set forth below, on the basis of its fiduciary duty to the 
Limited Partners, rather than on the basis of the direct economic impact on 
the Managing General Partner.

RECOMMENDATION OF THE MANAGING GENERAL PARTNER

      For the foregoing reasons, the Managing General Partner believes that 
it is in the best interests of the Limited Partners to dissolve and liquidate 
the Partnership in an effort to maximize the value of the Partnership's 
remaining assets and the amounts distributable to Limited Partners.  The 
Managing General Partner believes that through the liquidation of the 
Partnership's remaining assets in the near term, Limited Partners will 
receive a greater liquidating cash distribution than if the Partnership were 
to continue to operate as a going concern, due to the anticipated 
continuation of declines in revenues and the continuing relatively fixed 
general and administrative and operating expenses that will be incurred by 
the Partnership.

      THE MANAGING GENERAL PARTNER RECOMMENDS THAT THE LIMITED PARTNERS VOTE 
FOR THE PROPOSAL.

                       FEDERAL INCOME TAX CONSEQUENCES

GENERAL

      The following summarizes certain federal income tax consequences to the 
Limited Partners arising from the Partnership's proposed sale of its oil and 
gas properties and liquidation pursuant to the Proposal.  Statements of legal 
conclusions regarding tax consequences  are based upon relevant provisions of 
the Internal Revenue Code of 1986, as amended (the "Code"), and accompanying 
Treasury Regulations, as in effect on the date hereof, upon reported judicial 
decisions and published positions of the Internal Revenue Service (the 
"Service"), and upon further assumptions that the Partnership constitutes a 
partnership for federal tax purposes and that the Partnership will be 
liquidated as described herein.  The laws, regulations, administrative 
rulings and judicial decisions which form the basis for conclusions with 
respect to the tax consequences described herein are complex and are subject 
to prospective or retroactive change at any time and any change may adversely 
affect Limited Partners.

      This summary does not describe all the tax aspects which may affect 
Limited Partners because the tax consequences may vary depending upon the 
individual circumstances of a Limited Partner.  It is generally directed 

                                       12

<PAGE>

to individual Limited Partners who are the original purchasers of the Units 
and hold interests in the Partnership as "capital assets" (generally, 
property held for investment).  Each Limited Partner that is a corporation, 
trust, estate, tax exempt entity, or other partnership is strongly encouraged 
to consult its own tax advisor as to the rules which are specifically 
applicable to it.  Except as otherwise specifically set forth herein, this 
summary does not address foreign, state or local tax consequences, and is 
inapplicable to nonresident aliens, foreign corporations, debtors under the 
jurisdiction of a court in a case under federal bankruptcy laws or in a 
receivership, foreclosure or similar proceeding, or an investment company, 
financial institution or insurance company.

TAXABLE GAIN OR LOSS UPON SALE OF PROPERTIES

      Limited Partners will realize and recognize gain or loss, or a 
combination of both, upon the Partnership's sale of its properties prior to 
liquidation.  The amount of gain realized with respect to each oil and gas 
property, or related asset, will be an amount equal to the excess of the 
amount realized by the Partnership and allocated to the Limited Partner 
(i.e., cash or consideration received) over the Limited Partner's adjusted 
tax basis for such property.  Conversely, the amount of loss realized with 
respect to each property or related asset will be an amount equal to the 
excess of the Limited Partner's tax basis over the amount realized by the 
Partnership for such property and allocated to the Limited Partner.  It is 
projected that taxable gain will be realized upon the sale of Partnership 
properties and that such gain will be allocated among the Limited Partners in 
accordance with the Partnership Agreement.  The Partnership Agreement 
includes an allocation provision that requires allocations pursuant to a 
liquidation be made among Partners in a fashion that equalizes capital 
accounts of the Partners so that the amount in each Partner's capital account 
will reflect such Partner's sharing ratio of income and loss.  The extent to 
which capital accounts can be equalized, however, is limited by the amount of 
gain and loss available to be allocated.

      Because the oil and gas properties, and related assets, owned by the 
Partnership are properties used in a trade or business, the character of 
gains and losses realized by the Partners generally will be governed by 
Section 1231 of the Code.  Deductions for intangible drilling and development 
costs, depletion and depreciation expenses with respect to these properties, 
however, may be subject to recapture as ordinary income, in an amount which 
does not exceed gain recognized.  With respect to intangible drilling and 
development costs incurred with respect to properties placed in service prior 
to 1987, the amount subject to recapture will be the LESSER OF: (a) the gain 
realized upon the sale of the property, OR (b) the previously deducted 
intangible drilling and development costs allocable to the property, REDUCED 
BY the amount by which depletion deductions would have been increased if the 
intangible drilling development costs were capitalized as part of the tax 
basis of such property.  With respect to properties placed in service after 
1986, Code Section 1254 recaptures all intangible drilling and development 
costs and depletion (to the extent of basis) as ordinary income.  The 
Partnership did not incur material amounts of intangible drilling and 
development costs, and accordingly the recapture of same is not expected to 
be material.

      Realized gains and losses generally must be recognized and reported in 
the year the sale occurs.  Accordingly, each Limited Partner will realize and 
recognize his allocable share of gains and losses in his tax year within 
which the Partnership properties are sold.  Each Limited Partner's recognized 
allocable share of the net Partnership 1231 gains or losses must be netted 
with that Limited Partner's individual section 1231 gains and losses 
recognized during the year in order to determine the character of such net 
gains or net losses under section 1231.  Net gains will be treated as capital 
gains except to the extent recharacterized as ordinary income due to 
recapture and net losses will be treated as ordinary losses.

                                       13

<PAGE>

LIQUIDATION OF THE PARTNERSHIP

      After sale of its properties, the Partnership's assets will consist 
solely of cash which it will distribute to its partners in complete 
liquidation.  The Partnership will not realize gain or loss upon such 
distribution of cash to its partners in liquidation.  If the amount of cash 
distributed to a Limited Partner in liquidation is less than such Limited 
Partner's adjusted tax basis in his Partnership interest, the Limited Partner 
will realize and recognize a capital loss to the extent of the excess.  If 
the amount of cash distributed is greater than such Limited Partner's 
adjusted tax basis in his Partnership interest, the Limited Partner will 
recognize a capital gain to the extent of the excess.  Because each Limited 
Partner paid a portion of syndication and formation costs upon entering the 
Partnership, neither of which costs were deductible expenses, it is 
anticipated that liquidating distributions to Limited Partners will be less 
than such Limited Partners' bases in their Partnership interests and thusly 
will generate capital losses.

CAPITAL GAIN TAX

      Net long-term capital gains of individuals, trusts and estates will be 
taxed at a maximum rate of 28%, while ordinarily income, including income 
from the recapture of intangible drilling and development costs, depreciation 
and depletion, will be taxed at a maximum rate depending on that Limited 
Partner's taxable income of 36% or 39.6%.  With respect to net capital 
losses, other than Section 1231 net losses, the amount of net long-term 
capital loss that can be utilized to offset ordinary income will be limited 
to the sum of net capital gains from other sources recognized by the Limited 
Partner during the tax year, plus $3,000 ($1,500, in the case of a married 
individual filing a separate return).  The excess amount of such net 
long-term capital loss may be carried forward and utilized in subsequent 
years subject to the same limitations.

PASSIVE LOSS LIMITATIONS

      Limited Partners that are individuals, trusts, estates, or personal 
service corporations are subject to the passive activity loss limitations 
rules that were enacted as part of the Tax Reform Act of 1986.

      A Limited Partner's allocable share of Partnership income, gain, loss, 
and deduction is treated as derived from a passive activity, except to the 
extent of Partnership portfolio income, which includes interest, dividends, 
royalty income and gains from the sale of property held for investment 
purposes.  A Limited Partner's allocable share of any gain realized on sale 
of Partnership properties (other than gain from the sale of portfolio 
investments) will be characterized as passive activity income that may be 
offset by passive activity losses from other passive activity investments.  
Moreover, because the sale of properties and liquidation of the Partnership 
will terminate the Limited Partner's interest in the passive activity, a 
Limited Partner's allocable share of any loss (i) previously realized as a 
Limited Partner in the Partnership and suspended because of its passive 
characterization, (ii) realized on the liquidating sale of Partnership 
properties, or (iii) realized by the Limited Partner upon liquidation of his 
Partnership interest, will not be characterized as losses from a passive 
activity.

      THE FOREGOING DISCUSSION IS FOR GENERAL INFORMATION ONLY AND IS 
INTENDED TO BE A SUMMARY OF CERTAIN INCOME TAX CONSIDERATIONS OF THE SALE OF 
PROPERTIES AND LIQUIDATION.  IT IS NOT INTENDED AS AN ALTERNATIVE FOR 
INDIVIDUAL TAX PLANNING.  EACH LIMITED PARTNER SHOULD CONSULT HIS OWN TAX 
ADVISOR CONCERNING THE FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX 
CONSEQUENCES TO HIM OF THE SALE OF PROPERTIES AND THE LIQUIDATION OF THE 
PARTNERSHIP.

                                       14

<PAGE>

                               THE PARTNERSHIP

GENERAL

      The Partnership is a Texas limited partnership formed May 13, 1986.  
The Partnership is engaged in operating and producing oil and gas properties 
within the continental United States.  In its first ten months the 
Partnership had expended approximately 80% of its original capital 
contributions of approximately $3.8 million for the purchase of oil and gas 
producing properties.  During recent years over 80% of the Partnership's 
production has consisted of natural gas.  The Partnership has, from time to 
time, performed workovers and recompletions of wells, in certain instances 
borrowing funds from third parties or the Managing General Partner to perform 
these operations, most of which amounts have been subsequently repaid from 
production.

      For more information regarding the business and properties of the 
Partnership, see the Annual Report of the Partnership on Form 10-K for the 
year ended December 31, 1994, included herewith.

THE MANAGING GENERAL PARTNER

      Subject to certain limitations set forth in the Partnership Agreement, 
the Managing General Partner has full, exclusive and complete discretion in 
the management and control of the business of the Partnership.  The Managing 
General Partner has general liability for the debts and obligations of the 
Partnership.

      The Managing General Partner is engaged in the business of oil and gas 
exploration, development and production, and the Managing General Partner 
serves as the general partner of a number of other oil and gas income and 
pension partnerships.  The Managing General Partner's common stock is traded 
on the New York and Pacific Stock Exchanges.

      The principal executive offices of the Managing General Partner are 
located at 16825 Northchase Drive, Suite 400, Houston, Texas 77060, telephone 
number (713) 874-2700.

PARTNERSHIP FINANCIAL PERFORMANCE AND CONDITION

      The Limited Partners have made contributions of $3,775,536, in the 
aggregate to the Partnership.  The Managing General Partner has made capital 
contributions with respect to its general partnership interest of $30,039.  
Additionally, pursuant to the presentment right set forth in Article XVIII of 
the Partnership Agreement, it purchased 681.70 Units from Limited Partners 
principally during the 1992 to 1994 period.

      From inception through October 1995 the Partnership has made cash 
distributions to its Limited Partners totalling $1,313,298.  Through October 
1995 the Managing General Partner has received cash distributions from the 
Partnership of $167,408 with respect to its general partnership interest, and 
$7,995 related to its limited partnership interests, totalling $175,403.  On 
a per Unit basis, Limited Partners had received, as of October 1995, $348 per 
$1,000 Unit, or approximately 34.8% of their initial capital contributions.  

      The Partnership acquired its properties at a time when oil and gas 
prices and industry projections of future prices were much higher than 
current prices.  When the Managing General Partner projects future oil and 
gas prices to evaluate the economic viability of an acquisition, it compares 
its forecasts with those made by banks, oil and gas industry sources, the 
U.S. government, and other companies acquiring producing properties.  In 
general, between 1985 and 1988, all of these sources forecasted increases in 
product prices that were greater than or equal to the then 

                                       15

<PAGE>

current rate of inflation, which price increases did not occur.  Acquisition 
decisions for the Partnership were based upon a range of increasing prices 
that were within the mainstream of the forecasts made by these outside 
parties.  At the time that the Partnership's producing properties were 
acquired, prices averaged about $27.76 per barrel of oil and $2.32 per Mcf of 
natural gas.  Oil and gas prices were expected to escalate to approximately 
$30.46 per barrel and $2.73 per Mcf during the first 6 years of the 
Partnership's operations.  The bulk of the Partnership's reserves were 
produced from 1986 to 1991 during which time the Partnership's oil prices in 
fact averaged $18.08 per barrel and natural gas prices averaged approximately 
$1.63 per Mcf.

      Lower prices also had an effect on the Partnership's proved reserves.  
These estimates of proved reserves represent quantities of oil and gas which, 
upon analysis of engineering and geologic data, appear with reasonable 
certainty to be recoverable in the future from known oil and gas reservoirs 
under existing economic and operating conditions.  When economic or operating 
conditions change, the Partnership's proved reserves can be revised either up 
or down.  If prices had risen as predicted, the volumes of oil and gas 
reserves might have been higher than the year-end levels actually reported 
because higher prices typically extend the life of reserves as production 
rates from mature wells remain economical for a longer period of time.  
Production enhancement projects that are not economically feasible at low 
prices can also be implemented as prices rise.  At present, because of the 
small remaining amount of reserves, a price increase would not have a 
significant impact on the Partnership's performance.

      As contemplated in the Partnership Agreement, the Partnership has 
expended all of the partners' net commitments available for property 
acquisitions to acquire producing oil and gas properties and to develop those 
properties.  The Partnership has borrowed funds in the past to drill and 
recomplete wells.  All loans have been repaid from sales of production, 
except $79,400 still outstanding as of September 30, 1995.  See 
"--Transactions Between the Managing General Partner and the Partnership."  
Additionally, the Partnership is obligated for gas imbalances valued at 
approximately $4,400 as of September 30, 1995.  The Partnership has not made 
any cash distributions to the parties since January 1995.  The Partnership 
Agreement does not allow for additional assessments against the partners to 
fund capital requirements.  Because of the Partnership's existing 
obligations, no funds are available at the current time from Partnership 
revenues or other sources to enable the Partnership to make additional 
capital expenditures and no new capital expenditures are planned.  The 
Managing General Partner anticipates that if sales of the Partnership's 
properties occur, there will be sufficient cash generated by the sales of the 
Partnership's properties to repay existing obligations and potentially make a 
final liquidating distribution.

NO TRADING MARKET

      There is no trading market for the Units, and none is expected to 
develop.  Under the Partnership Agreement, the Limited Partners have the 
right to present their Units to the Managing General Partner for repurchase 
at a price determined in accordance with the formula established by Article 
XVIII of the Partnership Agreement.  Originally 689 Limited Partners invested 
in the Partnership.  Through December 31, 1995, the Managing General Partner 
has purchased 681.70 Units from Limited Partners pursuant to the right of 
presentment.  As of December 31, 1995, there were 594 Limited Partners 
(excluding the Managing General Partner).  The Managing General Partner does 
not have an obligation to repurchase Limited Partner interests pursuant to 
this right of presentment but merely an option to do so when such interests 
are presented for repurchase.

                                       16

<PAGE>


TRANSACTIONS BETWEEN THE MANAGING GENERAL PARTNER AND THE PARTNERSHIP

      Under the Partnership Agreement the Managing General Partner is 
entitled to receive certain compensation for its services and reimbursement 
for expenditures made on behalf of the Partnership.  The following summarizes 
ongoing transactions between the Managing General Partner and the Partnership:

      -  The Managing General Partner receives per-well monthly operating fees 
         for producing wells as to which it or its affiliates serve as operator
         in accordance with the joint operating agreements for each of the 
         wells.  The fees that are set in the joint operating agreements are 
         negotiated with the other working interest owners.

      -  The Managing General Partner is entitled to be reimbursed for general 
         and administrative costs incurred on behalf of and allocable to the 
         Partnership, including employee salaries and office overhead.  
         Amounts are calculated on the basis of Limited Partner capital 
         contributions to the Partnership relative to limited partner 
         contributions of all partnerships for which the Managing General 
         Partner serves as managing general partner.   However, in 1992, the 
         Managing General Partner, in its discretion, determined that the 
         Partnership would not accrue the general and administrative 
         overhead allowance to which the Managing General Partner would 
         otherwise be entitled under the Partnership Agreement, thus 
         foregoing receipt of any amounts attributable to that allowance 
         since that time.  The Managing General Partner intends, however, to 
         stop absorbing such costs on behalf of the Partnership if the 
         Proposal is not approved by Limited Partners and  the Partnership 
         is not liquidated as a result.

      -  The Managing General Partner advanced money to the Partnership 
         from time to time for well workovers and recompletions at interest 
         rates equal to its cost of borrowed funds.  At September 30, 1995, 
         approximately $79,400 remained payable to the Managing General 
         Partner.

PRINCIPAL HOLDERS OF LIMITED PARTNER UNITS

      The Managing General Partner holds 18.05% of the Units of the 
Partnership.  To the knowledge of the Managing General Partner, 
there is no other holder of Units that holds more than 5% of the 
Units.

                                       17

<PAGE>

                                  BUSINESS

       In addition to the following information about the business of the 
Partnership, see the attached Annual Report on Form 10-K for the year ended 
December 31, 1994, which is incorporated herein by reference.

RESERVES

       For information about the Partnership's reserves, see the attached 
report summarizing the Partnership's estimated oil and gas reserves and 
future net revenue expected from the production of those reserves as of 
December 31, 1994, which report was audited by H. J. Gruy & Associates, Inc., 
independent petroleum consultants.  It should be noted that the reserve 
estimates in the Annual Report on Form 10-K reflect the entire Partnership 
reserves and that the reserve report in the attached letter from H. J. Gruy & 
Associates, Inc. reflects only the Limited Partners' share of the 
Partnership's estimated oil and gas reserves.  This report has not been 
updated to include the effect of production since year-end 1994, nor has the 
annual review of estimated quantities done each year-end taken place for 1995.

       There are numerous uncertainties inherent in estimating quantities of 
proved reserves and in projecting the future rates and timing of production 
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 in the attached report.  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 Managing General 
Partner, in accordance with criteria prescribed by the SEC, has used prices 
received as of December 31, 1994, 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 Managing General Partner does not believe that any favorable or 
adverse event causing a significant change in the estimated quantity of 
proved reserves set forth in the attached report has occurred between 
December 31, 1994, and the date of this Proxy Statement.

       Future prices received for the sale of the Partnership's products may 
be higher or lower than the prices used in the Partnership's estimates of oil 
and gas reserves; the operating costs relating to such production may also 
increase or decrease from existing levels.  The estimates presented in the 
attached report are in accordance with rules adopted by the SEC.

APPROVALS

      No federal or state regulatory requirements must be satisfied or 
approvals obtained in connection with this transaction.

LEGAL PROCEEDINGS

      The Managing General Partner is not aware of any material pending legal 
proceedings to which the Partnership is a party or of which any of its 
property is the subject.

                                       18

<PAGE>

     INCORPORATION OF CERTAIN INFORMATION BY REFERENCE AND ATTACHMENT OF
                          SUCH INFORMATION HERETO                       

      The Partnership's Annual Report for the year ended December 31, 1994, 
and its Quarterly Report for the period ended September 30, 1995, are 
attached hereto and incorporated herein by reference.

                               OTHER BUSINESS

      The Managing General Partner does not intend to bring any other 
business before the Meeting and has not been informed that any other matters 
are to be presented at the Meeting by any other person.

                                       SWIFT ENERGY COMPANY
                                       as Managing General Partner of
                                       Swift Energy Income Partners 1986-A, Ltd.


                                       ------------------------------------
                                       John R. Alden
                                       Secretary

                                       19


<PAGE>

                                    PROXY

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

          THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS FOR A
     SPECIAL MEETING OF LIMITED PARTNERS TO BE HELD ON MARCH 20, 1996

      The undersigned hereby constitutes and appoints A. Earl Swift, Bruce H. 
Vincent or John R. Alden, or any of them, with full power of substitution and 
revocation to each, the true and lawful attorneys and proxies of the 
undersigned at a Special Meeting of the Limited Partners (the "Meeting") of 
SWIFT ENERGY INCOME PARTNERS 1986-A, LTD. (the "Partnership") to be held on 
March 20, 1996 at 4:00 p.m. central time, at 16825 Northchase Drive, Houston, 
Texas, and any adjournments thereof, and to vote as designated, on the matter 
specified below, the Partnership Units standing in the name of the 
undersigned on the books of the Partnership (or which the undersigned may be 
entitled to vote) on the record date for the Meeting with all powers the 
undersigned would possess if personally present at the Meeting:

The adoption of a proposal                FOR     AGAINST     ABSTAIN     
("Proposal") for (a) sales of             / /       / /         / /       
substantially all of the 
assets of the Partnership and 
(b) the dissolution, winding 
up and termination of the 
Partnership.  The 
undersigned hereby directs 
said proxies to vote:

      THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE SPECIFICATIONS MADE 
HEREON.  IF NO CONTRARY SPECIFICATION IS MADE, IT WILL BE VOTED FOR THE 
PROPOSAL.

      Receipt of the Partnership's Notice of Special Meeting of Limited 
Partners and Proxy Statement dated February 14, 1996 is acknowledged.

        PLEASE SIGN AND RETURN THE PROXY IN THE ENCLOSED, POSTAGE-PAID,
                   PRE-ADDRESSED ENVELOPE BY MARCH 20, 1996.        

SIGNATURE                                     DATE
          ------------------------------           -------------

SIGNATURE                                     DATE
          ------------------------------           -------------

SIGNATURE                                     DATE
          ------------------------------           -------------

   IF LIMITED PARTNERSHIP UNITS ARE HELD JOINTLY, ALL JOINT TENANTS MUST SIGN.

<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, 1994

                                      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  33-1875-01

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                  (Exact name of registrant as specified 
                 in its Certificate of Limited Partnership)

        TEXAS                                   76-0185864
(State of Organization)            (I.R.S. Employer Identification No.)

                       16825 Northchase Dr., Suite 400 
                            Houston, Texas  77060      
                               (713) 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:
                                     None

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. 33-1875           Items 1 and 13
 on Form S-1

<PAGE>

                              TABLE OF CONTENTS      

                           FORM 10-K ANNUAL REPORT
                   FOR THE PERIOD ENDED DECEMBER 31, 1994   

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

ITEM NO.                       PART I                   PAGE
--------                       ------                   ----
   1   Business                                         I-1
   2   Properties                                       I-4
   3   Legal Proceedings                                I-6
   4   Submission of Matters to a Vote of 
        Security Holders                                I-6

                              PART II
                              -------
   5   Market Price of and Distributions on the
        Registrant's Units and Related Limited
        Partner 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-3
   9   Disagreements on Accounting and Financial
        Disclosure                                     II-3

                              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

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

                                    PART I

ITEM 1.  BUSINESS

GENERAL DESCRIPTION OF PARTNERSHIP

      Swift Energy Income Partners 1986-A, Ltd., a Texas limited partnership 
(the "Partnership" or the "Registrant"), is a partnership formed under a 
public serial limited partnership offering denominated Swift Energy Income 
Partners II (Registration Statement No. 33-1875 on Form S-1, originally 
declared effective January 14, 1986, and amended effective October 8, 1986 
[the "Registration Statement"]).  The Partnership was formed effective May 
13, 1986 under a Limited Partnership Agreement dated May 6, 1986.  The 
initial 689 limited partners made capital contributions of $3,775,536.

      The Partnership is principally engaged in the business of acquiring, 
developing and, when appropriate, disposing of working interests in proven 
oil and gas properties within the continental United States.  The Partnership 
does not engage in exploratory drilling.  Each working interest held by the 
Partnership entitles the Partnership to receive, in kind or in value, a share 
of the production of oil and gas from the producing property, and obligates 
the Partnership to participate in the operation of the property and to bear 
its proportionate share of all operating costs associated therewith.  The 
Partnership typically holds less than the entire working interest in its 
producing properties.

      At December 31, 1994, the Partnership had expended or committed to 
expend 100% of the limited partners' net commitments (i.e., limited partners' 
commitments available to the Partnership for property acquisitions after 
payment of organization fees and expenses) in the acquisition and development 
of producing properties, which properties are described under Item 2, 
"Properties," below.  The Partnership's revenues and profits are derived 
almost entirely from the sale of oil and gas produced from its properties and 
from the sale of acquired oil and gas properties, when the sale of such 
properties is economically preferable to continued operation.

      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.  Swift is the designated operator of many of the properties in which 
the Partnership owns interests.  The remaining properties are operated by 
industry operators designated by the owners of a majority of the working 
interest in each property.

      The general manner in which the Partnership acquires producing 
properties and otherwise conducts its business is described in detail in the 
Registration Statement under "Proposed Activities," which is incorporated 
herein by reference.

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-1

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, 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.

      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.

      PRICE CONTROLS -   Prior to January 1, 1993, the sale of natural gas 
production was subject to regulation under the Natural Gas Act and the 
Natural Gas Policy Act of 1978 ("NGPA").  Under the Natural Gas Wellhead 
Decontrol Act of 1989, however, all price regulation under the NGPA and 
Natural Gas Act rate, certificate and abandonment requirements were phased 
out effective as of January 1, 1993.

      FERC ORDER NO. 636 -   In April 1992, the Federal Energy Regulatory 
Commission ("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 capacity, and (iii) provide non-discriminatory access to upstream 
pipeline 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.  
These new rules should benefit the Managing General Partner and the 
Partnership in transporting natural gas.

      FERC ORDER NO. 500 -   Order No. 500 adopted by FERC 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-2

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, 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, 1994, Swift had 209 employees.  Swift's administrative and 
overhead expenses attributable to the Partnership's operations are borne by 
the Partnership.

                                     I-3

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

ITEM 2.  PROPERTIES

      As of December 31, 1994, the Partnership has acquired 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 Valentine Field is in La Fourche Parish, Louisiana (JPM and 
Valentine acquisition).  One well produces from the SC-3-A formation, 
accounting for 75% of the 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 of the 
Partnership has been examined.  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 sales volumes of the Partnership's 
net oil and gas production expressed in equivalent barrels of oil.  
Equivalent barrels are obtained by converting gas to oil on the basis of 
their relative energy content; one barrel equals 6,000 cubic feet of gas.

<TABLE>
<CAPTION>
                                           NET PRODUCTION       
                                   -----------------------------
                                        FOR THE YEARS ENDED     
                                            DECEMBER 31,        
                                   -----------------------------
                                    1994       1993       1992
                                   ------     ------     ------
<S>                                <C>        <C>        <C>
Net Volumes (Equivalent Bbls)      20,513     26,907     14,736

Average Sales Price
 per Equivalent Bbl                $13.20     $13.60     $12.51

Average Production Cost
 per Equivalent Bbl
 (includes production taxes)       $ 2.44     $ 4.46     $10.25
</TABLE>

                                     I-4

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

NET PROVED OIL AND GAS RESERVES

      Presented below are the estimates of the Partnership's proved reserves 
as of December 31, 1994, 1993 and 1992.  All of the Partnership's proved 
reserves are located in the United States.

<TABLE>
<CAPTION>
                                                        DECEMBER 31,
                                  -----------------------------------------------------------
                                       1994                 1993                 1992
                                  ----------------    -----------------     -----------------
                                           NATURAL              NATURAL               NATURAL
                                    OIL      GAS       OIL        GAS        OIL        GAS
                                  ------    ------    -----      ------     -----      -----
                                  (BBLS)    (MMCF)    (BBLS)     (MMCF)     (BBLS)     (MMCF)
<S>                               <C>        <C>      <C>         <C>
Proved developed
 reserves at end of year           7,359      201     15,741       406     57,568        648 
                                  ------     -----    ------      -----    ------      ------
                                  ------     -----    ------      -----    ------      ------
Proved reserves
  Balance at beginning
   of year                        15,741      406     57,568       648     90,840      1,004 

  Extensions, discoveries and 
   other additions                    --       --         --        --         --        -- 

  Revisions of previous estimates (6,155)     (95)   (36,191)     (114)   (30,148)      (286)

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

  Production                      (2,227)    (110)    (5,636)     (128)    (3,124)       (70)
                                  ------     -----    ------      -----    ------      ------
  Balance at end of year           7,359      201     15,741       406     57,568        648 
                                  ------     -----    ------      -----    ------      ------
                                  ------     -----    ------      -----    ------      ------
</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-5

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

      The following table summarizes by acquisition the Registrant's reserves 
and gross and net interests in producing oil and gas wells as of December 31, 
1994:

<TABLE>
<CAPTION>
                                  RESERVES
                              DECEMBER 31, 1994
                              -----------------
                                       NATURAL     WELLS
                                OIL      GAS    ------------
ACQUISITION        STATE(S)    (BBLS)   (MMCF)  GROSS   NET 
-----------        --------    ------   ------  -----  -----
<S>                <C>          <C>       <C>    <C>   <C>
Woolf & Magee      AL, LA, TX   3,645       9     78   1.021
JPM & Valentine    LA           3,465     108      9   0.822
Jones O'Brien      TX             193      48      5   0.444
Kaiser Francis I   AR, OK          56      36      7   0.060
                                -----     ---    ---   -----
                                7,359     201     99   2.347
                                -----     ---    ---   -----
                                -----     ---    ---   -----
</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, 1994 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, 1994 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 limited partners during the 
fourth quarter of the fiscal year covered by this report.

                                     I-6

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

                                    PART II

ITEM 5.  MARKET PRICE OF AND DISTRIBUTIONS ON THE REGISTRANT'S UNITS AND 
         RELATED LIMITED PARTNER MATTERS

MARKET INFORMATION

      Units in the Partnership were initially sold at a price of $1,000 per 
Unit.  Units are not traded on any exchange and there is no established 
public trading market for the Units.  Swift is aware of negotiated transfers 
of Units 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 Units have been transferred.

HOLDERS

      As of December 31, 1994, there were 689 Limited Partners holding Units 
in the Partnership.

DISTRIBUTIONS

      The Partnership generally makes distributions to Limited Partners on a 
quarterly basis, subject to the restrictions set forth in the Limited 
Partnership Agreement.  In the fiscal years ending December 31, 1993 and 
1994, the Partnership distributed a total of $43,400 and $47,200, 
respectively, to holders of its Units.  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 Units 
can be achieved or maintained.  Although it is anticipated that quarterly 
distributions will continue to be made through 1995, 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.

                                     II-1

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

ITEM 6. SELECTED FINANCIAL DATA

      The following selected financial data, prepared in accordance with 
generally accepted accounting principles as of December 31, 1994, 1993, 1992, 
1991 and 1990, should be read in conjunction with the financial statements 
included in Item 8.

<TABLE>
<CAPTION>

                      1994       1993        1992         1991          1990
                   ---------   --------   ----------   -----------   -----------
<S>                <C>         <C>        <C>          <C>           <C>
Revenues           $ 270,819   $365,853   $  184,486   $  328,089    $  358,978 
Income (Loss)      $(317,541)  $(79,144)  $ (254,157)  $  (13,647)   $ (107,022)
Total Assets       $ 289,548   $879,379   $1,029,847   $1,356,484    $1,488,299 
Cash Distributions $  76,080   $ 43,399   $   42,420   $  107,020    $  148,789 
</TABLE>

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
        RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

      The Partnership has expended all of the partners' net commitments 
available for property acquisitions ("net commitments") 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.  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 
will decline in future periods as the oil and gas produced from these 
properties also declines.

      The MGP anticipates that the Partnership will have adequate liquidity 
from income from continuing operations to satisfy any future capital 
expenditure requirements.  Funds generated from bank borrowings and proceeds 
from the sale of oil and gas properties will be used to supplement this 
effort if deemed necessary.

RESULTS OF OPERATIONS

      Oil and gas sales decreased 26 percent in 1994 vs. 1993.  Production 
volumes decreased 24 percent due to a 14 percent gas production decrease and 
a 60 percent oil production decline.  Since the partnership's reserves are 82 
percent gas, the decrease in gas production, due to an accelerated production 
decline on the Gautreaux #1 well, which was recompleted in 1993, and 
production curtailments due to declining prices, had a major impact on 
partnership performance.  The Partnership experienced a decline in oil prices 
of 12 percent or $1.93/BBL, which further contributed to the decreased 
revenues.  The average sales price per equivalent BBL decreased 3 percent in 
1994.

      Oil and gas sales increased 98 percent in 1993 vs. 1992.  Production 
volumes increased 83 percent due to an 83 percent gas production increase and 
an 80 percent oil production increase.  The successful recompletion of the 
Gautreaux #1 well in the third quarter of 1993 greatly increased 1993 
production volumes.  An increase of 9 percent in the average sales price per 
equivalent Bbl further increased revenues.  1993 gas prices increased 22 
percent or $.38/MCF compared to 1992.

      Production cost per equivalent Bbl decreased 45 percent in 1994 
compared to 1993 and total production costs decreased 58 percent in 1994.  
Production cost per equivalent Bbl decreased 56 percent in 1993 compared to 
1992 and total production costs decreased 20 percent in 1993.

      Associated depreciation expense decreased 21 percent in 1994 when 
compared to 1993 and increased 202 percent in 1993 when compared to 1992.

                                     II-2

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

      The Partnership recorded an additional provision in depreciation, 
depletion and amortization in 1994 and 1993 when the present value, 
discounted at ten percent, of estimated future net revenues from oil and gas 
properties, using the guidelines of the Securities and Exchange Commission, 
was below the fair market value paid for oil and gas properties resulting in 
a full cost ceiling impairment.

      During 1995, Partnership revenues and costs will be shared between the 
limited and general partners in a 90:10 ratio, based on the annualized rate 
of cash distributions by the Partnership during a certain period prior to 
December 31, 1994.  Based on current oil and gas prices, current levels of 
oil and gas production and expected cash distributions during 1995, the MGP 
anticipates that the Partnership sharing ratio will continue to be 90:10.

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 INCOME PARTNERS 1986-A, 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 March 
15, 1995 regarding the directors and executive officers of Swift.

                                     POSITION(S) WITH         
      NAME              AGE      SWIFT AND OTHER COMPANIES
      ----              ---      -------------------------
                         DIRECTORS
                         ---------
A. Earl Swift            61      President, Chief Executive Officer and   
                                 Chairman of the Board

Virgil N. Swift          66      Executive Vice President - Business   
                                 Development, Vice Chairman of the Board

G. Robert Evans          63      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          70      Director of Swift; President, R. O. Loen 
                                 Company

Henry C. Montgomery      59      Director of Swift; Chairman of the Board, 
                                 Montgomery Financial Services Corporation; 
                                 Director, Southwall Technology Corporation

Clyde W. Smith, Jr.      46      Director of Swift; President, Somerset 
                                 Properties, Inc.

Harold J. Withrow        67      Director of Swift

                     EXECUTIVE OFFICERS
                     ------------------

Terry E. Swift           39      Executive Vice President, Chief Operating 
                                 Officer

John R. Alden            49      Senior Vice President - Finance, Chief 
                                 Financial Officer and Secretary

Bruce H. Vincent         47      Senior Vice President - Funds Management

James M. Kitterman       50      Senior Vice President - Operations

Alton D. Heckaman, Jr.   37      Vice President - Finance and Controller

                                    III-1

<PAGE>

                 SWIFT ENERGY INCOME PARTNERS 1986-A, 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 have been 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

      Swift Energy Company, the Managing General Partner, located at 16825 
Northchase Drive, Suite 400, Houston, Texas  77060, owns 682 Limited 
Partnership Units, which is 18.05 percent of all outstanding Limited 
Partnership Units.  All Limited Partnership Units owned by Swift were 
acquired from investors who offered the Limited Partnership Units pursuant to 
their right of presentment.  As the Managing General Partner, Swift is not 
permitted generally, under the Limited Partnership Agreement, to vote its 
Limited Partnership Units.  Swift also owns a general partnership interest of 
9 percent of all partnership interests in the Partnership.

      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 described in the "Conflicts 
of Interest" section of the Amended Prospectus contained in the Registration 
Statement, which is incorporated herein by reference.

      Summarized below are the principal transactions that have occurred 
between the Partnership and Swift, VJM and their affiliates.

      1. The oil and gas properties acquired by the Partnership, as described 
in Item 2, "Properties" above, were typically acquired initially by Swift 
from the seller thereof and subsequently transferred to the Partnership.  
Such transfers were made by Swift at its Property Acquisition Costs (as 
defined in the Limited Partnership Agreement), less any amounts received from 
sale of production between the time of acquisition by Swift and the time of 
sale to the Partnership.

      2. Swift acts as operator for many of the wells in which the 
Partnership has acquired 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 INCOME PARTNERS 1986-A, LTD.

                                    PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

      a(1) FINANCIAL STATEMENTS                               PAGE NO.
           --------------------                               --------

           Report of Independent Public Accountants             IV-2

           Balance Sheets as of December 31, 1994 and 1993      IV-3

           Statements of Operations for the years ended
             December 31, 1994, 1993 and 1992                   IV-4

           Statements of Partners' Capital for the years ended
             December 31, 1994, 1993 and 1992                   IV-5

           Statements of Cash Flows for the years ended
             December 31, 1994, 1993 and 1992                   IV-6

           Notes to Financial Statements                        IV-7

      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 Certificate of Limited Partnership of Swift Energy Income 
                Partners 1986-A, Ltd. (including Limited Partnership 
                Agreement of Swift Energy Income Partners 1986-A, Ltd. dated 
                May 6, 1986), as filed May 13, 1986, with the Texas Secretary 
                of State (excluding list of limited partners filed as part of 
                Certificate).  (Form 10-K for year ended December 31, 1988, 
                Exhibit 3.1).

           99.1 A copy of the following sections of the Prospectus dated 
                January 14, 1986, contained in Pre-Effective Amendment No. 1 
                to Registration Statement No. 33-1875 on Form S-1 for Swift 
                Energy Income Partners II as filed on January 14, 1986, which 
                have been incorporated herein by reference: "Proposed 
                Activities" (pp. 27-32) and "Conflicts of Interest" (pp. 44-48).
                (Form 10-K for year ended December 31, 1989, 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, 1994.

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 1994 
fiscal year, or proxy statement, form of proxy or other proxy soliciting 
material has been sent to Limited Partners of the Partnership.

                                     IV-1

<PAGE>

                  REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS  

To Swift Energy Income Partners 1986-A, Ltd.:

      We have audited the accompanying balance sheets of Swift Energy Income 
Partners 1986-A, Ltd., (a Texas limited partnership) as of December 31, 1994 
and 1993, and the related statements of operations, partners' capital and 
cash flows for the years ended December 31, 1994, 1993 and 1992.  These 
financial statements are the responsibility of the 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 
Income Partners 1986-A, Ltd., as of December 31, 1994 and 1993, and the 
results of its operations and its cash flows for the years ended December 31, 
1994, 1993 and 1992, in conformity with generally accepted accounting 
principles.

                                       /s/ ARTHUR ANDERSEN LLP
                                       -------------------------
                                           Arthur Andersen LLP

Houston, Texas
February 17, 1995

                                     IV-2


<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                               BALANCE SHEETS
                         DECEMBER 31, 1994 AND 1993

<TABLE>
<CAPTION>
                                                     1994         1993
                                                 -----------  -----------
<S>                                                <C>          <C>
ASSETS:
Current Assets:
     Cash and cash equivalents                   $     1,415  $     1,363
     Oil and gas sales receivable                     37,947      119,130 
                                                 -----------  -----------
          Total Current Assets                        39,362      120,493 
                                                 -----------  -----------
Oil and Gas Properties, using full cost
     accounting                                    3,653,274    3,645,149 
Less-Accumulated depreciation, depletion
     and amortization                             (3,403,088)  (2,886,263)
                                                 -----------  -----------
                                                     250,186      758,886 
                                                 -----------  -----------
                                                 $   289,548  $   879,379 
                                                 -----------  -----------
                                                 -----------  -----------
LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts payable and accrued liabilities    $   121,183  $   315,506 
                                                 -----------  -----------

Deferred Revenues                                      4,426        6,313 

Partners' Capital                                    163,939      557,560 
                                                 -----------  -----------
                                                 $   289,548  $   879,379 
                                                 -----------  -----------
                                                 -----------  -----------
</TABLE>






                SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


                                     IV-3

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                          STATEMENTS OF OPERATIONS
             FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992





<TABLE>
<CAPTION>
                                     1994        1993       1992
                                  ---------   ---------   ---------
<S>                                 <C>          <C>        <C>
REVENUES:
   Oil and gas sales              $ 270,742   $ 365,811   $ 184,414 
   Interest income                       52          42          38 
   Other                                 25          --          34 
                                  ---------   ---------   ---------
                                    270,819     365,853     184,486 
                                  ---------   ---------   ---------
COSTS AND EXPENSES:
   Lease operating                   37,786      97,401     140,410 
   Production taxes                  12,306      22,708      10,668 
   Depreciation, depletion
     and amortization -
       Normal provision             186,273     236,128      78,067 
       Additional provision         330,552      66,595     177,464 
   General and administrative        21,443      20,068      22,935 
   Interest expense                      --       2,097       9,099 
                                  ---------   ---------   ---------
                                    588,360     444,997     438,643 
                                  ---------   ---------   ---------
INCOME (LOSS)                     $(317,541)  $( 79,144)  $(254,157)
                                  ---------   ---------   ---------
                                  ---------   ---------   ---------
</TABLE>




               SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


                                     IV-4

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                       STATEMENTS OF PARTNERS' CAPITAL
            FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992

<TABLE>
<CAPTION>
                                        LIMITED    GENERAL   COMBINING
                                        PARTNERS   PARTNERS  ADJUSTMENT    TOTAL
                                       ---------   --------  ----------  ---------
<S>                                    <C>         <C>        <C>        <C>
BALANCE,
 DECEMBER 31, 1991                     $ 859,975   $ 19,379   $ 97,326   $ 976,680

INCOME (LOSS)                           (234,923)      (484)   (18,750)   (254,157)

CASH DISTRIBUTIONS                       (37,600)    (4,820)        --     (42,420)
                                       ---------   --------   --------   ---------
BALANCE,
 DECEMBER 31, 1992                       587,452     14,075     78,576     680,103 
                                       ---------   --------   --------   ---------

INCOME (LOSS)                            (67,813)    15,913    (27,244)    (79,144)

CASH DISTRIBUTIONS                       (43,399)        --         --     (43,399)
                                       ---------   --------   --------   ---------
BALANCE,
 DECEMBER 31, 1993                       476,240     29,988     51,332     557,560 
                                       ---------   --------   --------   ---------

INCOME (LOSS)                           (285,543)    12,934    (44,932)   (317,541)

CASH DISTRIBUTIONS                       (47,200)   (28,880)        --     (76,080)
                                       ---------   --------   --------   ---------
BALANCE,
 DECEMBER 31, 1994                     $ 143,497   $ 14,042   $  6,400   $ 163,939 
                                       ---------   --------   --------   ---------
                                       ---------   --------   --------   ---------



LIMITED PARTNERS' NET INCOME (LOSS)
 PER UNIT

   1992                                $  (62.21)
                                       ---------
                                       ---------
   1993                                $  (17.96)
                                       ---------
                                       ---------
   1994                                $  (75.62)
                                       ---------
                                       ---------
</TABLE>




               SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


                                     IV-5

<PAGE>


                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                          STATEMENTS OF CASH FLOWS
             FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992

<TABLE>
<CAPTION>
                                                                  1994         1993         1992
                                                               ---------    ---------    ---------
<S>                                                             <C>          <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Income (Loss)                                                $(317,541)   $ (79,144)   $(254,157)
  Adjustments to reconcile income (loss) to
   net cash provided by operations:
    Depreciation, depletion and amortization                     516,825      302,723      255,531 
    Deferred revenues received (recouped)                         (1,887)      (1,418)          -- 
   Change in assets and liabilities:
     (Increase) decrease in oil and gas sales receivable          81,183      (91,700)      50,466 
     (Increase) decrease in other current assets                      --           --       25,799 
     Increase (decrease) in accounts payable
      and accrued liabilities                                   (194,323)      43,494       63,273 
                                                               ---------    ---------    ---------
       Net cash provided by (used in) operating activities        84,257      173,955      140,912 
                                                               ---------    ---------    ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas properties                            (10,781)     (95,917)     (13,891)
  Proceeds from sales of oil and gas properties                    2,656       35,474        8,985 
                                                               ---------    ---------    ---------
       Net cash provided by (used in) investing activities        (8,125)     (60,443)      (4,906)
                                                               ---------    ---------    ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions to partners                                 (76,080)     (43,399)     (42,420)
  Payments on note payable                                            --      (70,001)     (93,333)
                                                               ---------    ---------    ---------
       Net cash provided by (used in) financing activities       (76,080)    (113,400)    (135,753)
                                                               ---------    ---------    ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                  52          112          253 
                                                               ---------    ---------    ---------
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                     1,363        1,251          998 
                                                               ---------    ---------    ---------
CASH AND CASH EQUIVALENTS AT END OF YEAR                       $   1,415    $   1,363    $   1,251 
                                                               ---------    ---------    ---------
                                                               ---------    ---------    ---------
Supplemental disclosure of cash flow information:
  Cash paid during the year for interest                       $      --    $   2,528    $   9,852 
                                                               ---------    ---------    ---------
                                                               ---------    ---------    ---------
</TABLE>




               SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


                                     IV-6

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                        NOTES TO FINANCIAL STATEMENTS


(1) ORGANIZATION AND TERMS OF PARTNERSHIP AGREEMENT - 

     Swift Energy Income Partners 1986-A, Ltd., a Texas limited partnership 
(the Partnership), was formed on May 13, 1986, for the purpose of purchasing 
and operating producing oil and gas properties within the continental United 
States.  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 
general partners are required to contribute up to 1/99th of limited partner 
net contributions.  The 689 limited partners made total capital contributions 
of $3,775,536.

     Property acquisition costs and the management fee are borne 99 percent 
by the limited partners and one percent by the general partners.  
Organization and syndication costs were borne solely by the limited partners.

     Initially, all continuing costs (including development costs, operating 
costs, general and administrative reimbursements and direct expenses) and 
revenues are allocated 85 percent to the limited partners and 15 percent to 
the general partners.  After a certain period of partnership operations, but 
prior to partnership payout, as defined, one-third of these costs and 
revenues otherwise allocable to the general partners will be reallocated to 
the limited partners if the cash distribution rate (as defined in the 
Partnership Agreement) is less than 17.5 percent.  Through December 31, 1987, 
the Partnership's continuing costs and revenues were allocated 85 percent to 
the limited partners and 15 percent to the general partners.  Thereafter 
one-third of the general partners share was reallocated to the limited 
partners as the cash distribution rate fell below 17.5 percent.  Payout had 
not occurred as of December 31, 1994.

(2) SIGNIFICANT ACCOUNTING POLICIES - 

OIL AND GAS PROPERTIES -

     For financial reporting purposes, the Partnership follows the 
"full-cost" method of accounting for oil and gas property costs.  Under this 
method of accounting, all productive and nonproductive costs incurred in the 
acquisition and development of oil and gas reserves are capitalized.  Such 
costs include lease acquisitions, geological and geophysical services, 
drilling, completion, equipment and certain general and administrative costs 
directly associated with acquisition and development activities.  General and 
administrative costs related to production and general overhead are expensed 
as incurred.  No general and administrative costs were capitalized during the 
years ended December 31, 1994, 1993 and 1992.

     Future development, site restoration, dismantlement and abandonment 
costs, net of salvage values, are estimated on a property-by-property basis 
based on current economic conditions and are amortized to expense as the 
Partnership's capitalized oil and gas property costs are amortized.

     The unamortized cost of 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 proved 
properties using current prices, discounted at ten percent, and the lower of 
cost or fair value of unproved properties.  Proceeds from the sale or 
disposition of oil and gas properties are treated as a reduction of oil and 
gas property costs with no gains or losses being recognized except in 
significant transactions.

     The Partnership computes the provision for depreciation, depletion and 
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, including future development, 
site restoration, dismantlement and abandonment costs, by an overall 
amortization rate that is 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 at the beginning of the period.


                                     IV-7

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                  NOTES TO FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CASH FLOWS -

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

(3) OIL AND GAS CAPITALIZED COSTS - 

     The following table sets forth capital expenditures related to the 
Partnership's oil and gas operations:

<TABLE>
<CAPTION>
                                YEAR ENDED DECEMBER 31,
                              ---------------------------
                                1994      1993     1992
                              -------   -------   -------
       <S>                    <C>        <C>         <C>
     Acquisition of
      proved properties       $    --   $    --   $    -- 

     Development               10,781    95,917    13,891 
                              -------   -------   -------
                              $10,781   $95,917   $13,891 
                              -------   -------   -------
                              -------   -------   -------
</TABLE>

     All oil and gas property acquisitions are made by Swift on behalf of the 
Partnership.  The costs of the properties include the purchase price plus any 
costs incurred by Swift in the evaluation and acquisition of properties.

     During 1994, 1993 and 1992, the Partnership's unamortized oil and gas 
property costs exceeded the quarterly calculations of the "ceiling 
limitation" resulting in additional provisions for depreciation, depletion 
and amortization of $330,552, $66,595 and $177,464, respectively.  In 
computing the Partnership's third quarter 1994 ceiling limitation, the 
Partnership utilized the product prices in effect at the date of the filing 
of the Partnership's report on Form 10-Q.  Utilizing these subsequent prices, 
the write down recorded by the Partnership was $46,740 less than the amount 
that would have been recorded using product prices in effect at September 30, 
1994.

     In addition, the limited partners' share of unamortized oil and gas 
property costs exceeded their "ceiling limitation" in 1994, 1993 and 1992, 
resulting in valuation allowances of $297,277, $56,732 and $164,804, 
respectively.  These amounts are included in the income (loss) attributable 
to the limited partners shown in the statements of partners' capital together 
with "combining adjustments" for the differences between the limited 
partners' valuation allowances and the Partnership's valuation allowances.  
The "combining adjustments" change quarterly as the Partnership's total 
depreciation, depletion and amortization provision is more or less than the 
combined depreciation, depletion and amortization provision attributable to 
general and limited partners.

(4) RELATED-PARTY TRANSACTIONS -

     An affiliate of the Special General Partner, as Dealer Manager, received 
$94,388 for managing and overseeing the offering of limited partnership units.

     A one-time management fee of $94,388 was paid to Swift in 1986 for 
services performed for the Partnership.  In 1994, 1993 and 1992, Swift 
absorbed all the general and administrative overhead attributable to the 
Partnership.


                                     IV-8

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                  NOTES TO FINANCIAL STATEMENTS (CONTINUED)


(5) FEDERAL INCOME TAXES -

     The Partnership is not a tax-paying entity.  No provision is made in the 
accounts of the Partnership for federal or state income taxes, since such 
taxes are liabilities of the individual partners, and the amounts thereof 
depend upon their respective tax situations.

     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 ordinary income for federal income tax purposes is ultimately 
changed by the taxing authorities, the tax liability of the limited partners 
could be changed accordingly.  Ordinary income/(loss) reported on the 
Partnership's federal return of income for the years ended December 31, 1994, 
1993 and 1992 was $146,220, $178,940,  and $(34,685), respectively.  The 
difference between ordinary income/(loss) for federal income tax purposes 
reported by the Partnership and net income or loss reported herein primarily 
results from the exclusion of depletion (as described below) from ordinary 
income reported in the Partnership's federal return of income.

     For federal income tax purposes, depletion with respect to production of 
oil and gas is computed separately by the partners and not by the 
Partnership.  Since the amount of depletion on the production of oil and gas 
is not computed at the Partnership level, depletion 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 leasehold 
interests, and thus is treated as a separate item on the partners' Schedule 
K-1.  Depletion 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) DEFERRED REVENUES - 

     Deferred Revenues represent a gas imbalance liability assumed as part of 
property acquisitions.  The imbalance is accounted for on the entitlements 
method, whereby the Partnership records its share of revenue, based on its 
entitled amount.  Any amounts over or under the entitled amount are recorded 
as an increase or decrease to deferred revenues.

(7) CONCENTRATIONS OF CREDIT RISK -

     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.





                                     IV-9

<PAGE>


                  SWIFT ENERGY INCOME PARTNERS 1986-A, 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 INCOME
                                               PARTNERS 1986-A, LTD.
                                               (Registrant)

                                           By: SWIFT ENERGY COMPANY
                                               General Partner

Date:  March 15, 1995                      By: s/b A. Earl Swift
       -----------------------                 --------------------------------
                                               A. Earl Swift
                                               President

Date:  March 15, 1995                      By: s/b John R. Alden
       -----------------------                 --------------------------------
                                               John R. Alden
                                               Principal Financial Officer

Date:  March 15, 1995                      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 INCOME
                                               PARTNERS 1986-A, LTD.
                                               (Registrant)

                                           By: SWIFT ENERGY COMPANY
                                               General Partner

Date:  March 15, 1995                      By: s/b A. Earl Swift
       -----------------------                 --------------------------------
                                               A. Earl Swift
                                               Director and Principal
                                               Executive Officer

Date:  March 15, 1995                      By: s/b Virgil N. Swift
       -----------------------                 --------------------------------
                                               Virgil N. Swift
                                               Director and Executive
                                               Vice President - Business
                                               Development


                                     IV-10

<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.


Date:  March 15, 1995                      By: s/b G. Robert Evans
       -----------------------                 --------------------------------
                                               G. Robert Evans
                                               Director

Date:  March 15, 1995                      By: s/b Raymond O. Loen
       -----------------------                 --------------------------------
                                               Raymond O. Loen
                                               Director

Date:  March 15, 1995                      By: s/b Henry C. Montgomery
       -----------------------                 --------------------------------
                                               Henry C. Montgomery
                                               Director 

Date:  March 15, 1995                      By: s/b Clyde W. Smith, Jr.
       -----------------------                 --------------------------------
                                               Clyde W. Smith, Jr.
                                               Director

Date:  March 15, 1995                      By: s/b Harold J. Withrow
       -----------------------                 --------------------------------
                                               Harold J. Withrow
                                               Director


                                     IV-11

<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  SEPTEMBER 30, 1995

                                   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  33-1875-01


                SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


            TEXAS                                     76-0185864
(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>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.

                                    INDEX


PART I.    FINANCIAL INFORMATION                                      PAGE
                                                                      ----
    ITEM 1.  FINANCIAL STATEMENTS

         Balance Sheets

             - September 30, 1995 and December 31, 1994                 3

         Statements of Operations

             - Three month and nine month periods ended 
                September 30, 1995 and 1994                             4

         Statements of Cash Flows

             - Nine month periods ended September 30, 1995 and 1994     5

         Notes to Financial Statements                                  6

    ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS                       7


PART II.    OTHER INFORMATION                                           9


SIGNATURES                                                             10



<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                              SEPTEMBER 30,      DECEMBER 31,
                                                  1995               1994
                                              -------------      ------------
                                               (UNAUDITED)
<S>                                            <C>              <C>
 ASSETS:

 Current Assets:
      Cash and cash equivalents                $     1,462      $     1,415 
      Oil and gas sales receivable                  24,516           37,947 
                                               ------------     ------------
           Total Current Assets                     25,978           39,362 
                                               ------------     ------------
 Oil and Gas Properties, using full cost
   accounting                                    3,653,077        3,653,274 
 Less-Accumulated depreciation, depletion
   and amortization                             (3,488,005)      (3,403,088)
                                               ------------     ------------
                                                   165,072          250,186 
                                               ------------     ------------
                                               $   191,050      $   289,548 
                                               ------------     ------------
                                               ------------     ------------

 LIABILITIES AND PARTNERS' CAPITAL:

 Current Liabilities:
    Accounts payable and accrued liabilities   $    79,423      $   121,183 
                                               ------------     ------------

 Deferred Revenues                                   4,373            4,426 

 Partners' Capital                                 107,254          163,939 
                                               ------------     ------------
                                               $   191,050      $   289,548 
                                               ------------     ------------
                                               ------------     ------------
</TABLE>


                See accompanying notes to financial statements.

                                      3

<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                           STATEMENTS OF OPERATIONS
                                 (UNAUDITED)

<TABLE>
<CAPTION>
                                     THREE MONTHS ENDED      NINE MONTHS ENDED
                                        SEPTEMBER 30,          SEPTEMBER 30,
                                     -------------------  ---------------------
                                      1995        1994        1995        1994
                                     ------      ------      ------      ------
<S>                                 <C>        <C>          <C>        <C>
REVENUES:
   Oil and gas sales                $26,658    $  44,571    $ 87,534   $ 230,616 
   Interest income                       21           12          47          26 
   Other income                           9        --              9          15 
                                    --------   ---------   ---------   ----------
                                     26,688       44,583      87,590     230,657 
                                    --------   ---------   ---------   ----------

COSTS AND EXPENSES:
   Lease operating                    5,114       11,181      22,644      23,895 
   Production taxes                   2,142        2,023       6,683      10,127 
   Depreciation, depletion
     and amortization -
       Normal provision              14,392       36,827      51,501     157,401 
       Additional provision            --        132,446      33,416     238,958 
   General and administrative         4,232        5,061      13,681      17,259 
   Interest expense                   1,315        --          3,825        -- 
                                    --------   ---------   ---------   ----------
                                     27,195      187,538     131,750     447,640 
                                    --------   ---------   ---------   ----------
NET INCOME (LOSS)                   $  (507)   $(142,955)  $ (44,160)  $(216,983)
                                    --------   ---------   ---------   ----------
                                    --------   ---------   ---------   ----------


LIMITED PARTNERS' NET INCOME 
 (LOSS) PER UNIT                    $  (.13)   $  (37.86)  $  (11.69)  $  (57.46)
                                    --------   ---------   ---------   ----------
                                    --------   ---------   ---------   ----------
</TABLE>


                  SEE ACCOMPANYING NOTE TO FINANCIAL STATEMENTS.

                                       4


<PAGE>

                  SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
                           STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)
<TABLE>
<CAPTION>
                                                        NINE MONTHS ENDED
                                                          SEPTEMBER 30,
                                                    -------------------------
                                                        1995          1994
                                                    -----------   -----------
<S>                                                 <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                   $ (44,160)    $ (216,983)
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization         84,917        396,359
      Deferred revenues                                   (53)          (624)
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales 
          receivable                                   13,431         76,582 
        Increase (decrease) in accounts payable
          and accrued liabilities                     (41,760)      (182,106)
                                                    -----------    ----------
            Net cash provided by (used in) 
              operating activities                     12,375         73,228 
                                                    -----------    ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                   --         (11,809)
    Proceeds from sales of oil and gas properties         197          2,656 
                                                    -----------    ----------
            Net cash provided by (used in) 
              investing activities                        197         (9,153)
                                                    -----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                    (12,525)       (64,049)
                                                    -----------    ----------

NET INCREASE (DECREASE) IN CASH AND CASH 
  EQUIVALENTS                                              47             26
                                                    -----------    ----------

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD        1,415          1,363
                                                    -----------    ----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD           $  1,462       $  1,389
                                                    -----------    ----------
                                                    -----------    ----------
</TABLE>



                SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                      5

<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, 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, 
1994 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 note included in the latest Form 10-K.

(2)  DEFERRED REVENUES -

     Deferred Revenues represent a gas imbalance liability assumed as part of 
property acquisitions.  The imbalance is accounted for on the entitlements 
method, whereby the Partnership records its share of revenue, based on its 
entitled amount.  Any amounts over or under the entitled amount are recorded 
as an increase or decrease to deferred revenues.

(3)  CONCENTRATION OF CREDIT RISK - 

     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


<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS


GENERAL

     The Partnership was formed for the purpose of investing in producing oil 
and gas properties located within the continental United States.  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 is formed, it commences its "acquisition" phase, with all funds 
placed in short-term investments until required for such property 
acquisitions.  The interest earned on these pre-acquisition investments 
becomes the primary cash flow source for initial partner distributions.  As 
the Partnership acquires producing properties, net cash from operations 
becomes available for distribution, along with the investment income.  After 
partnership funds have been expended on producing oil and gas properties, the 
Partnership enters its "operations" phase.  During this phase, oil and gas 
sales generate substantially all revenues, and distributions to partners 
reflect those revenues less all associated partnership expenses.  The 
Partnership may also derive proceeds from the sale of acquired oil and gas 
properties, when the sale of such properties is economically appropriate or 
preferable to continued operation.

LIQUIDITY AND CAPITAL RESOURCES

     The Partnership has completed the acquisition of producing oil and gas 
properties, expending all of the limited partners' net commitments available 
for property acquisitions.

     The Partnership does not allow for additional assessments from the 
partners to fund capital requirements.  However, funds in addition to the 
remaining unexpended net capital commitments of the partners are available 
from partnership revenues, borrowings 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 following analysis explains changes in the revenue and expense 
categories for the quarter ended September 30, 1995 (current quarter) when 
compared to the quarter ended September 30, 1994 (corresponding quarter), and 
for the nine months ended September 30, 1995 (current period), when compared 
to the nine months ended September 30, 1994 (corresponding period).

THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

     Oil and gas sales declined $17,914 or 40 percent in the current quarter 
of 1995 when compared to the corresponding quarter in 1994, primarily due to 
decreased gas production.  Current quarter gas production declined 31 
percent, when compared to third quarter 1994 production volumes.  A decline 
in gas prices of 13 percent or $.24/MCF further contributed to decreased 
revenues.

     Associated depreciation expense decreased 61 percent or $22,435.

     The Partnership recorded an additional provision in depreciation, 
depletion and amortization in the third quarter of 1994 for $132,446 when the 
present value, discounted at ten percent, of estimated future net revenues 
from oil and gas properties based on the prices in effect at the filing date, 
using the guidelines of the Securities and Exchange Commission, was below the 
fair market value originally paid for oil and gas properties.  The additional 
provision results from the Managing General Partner's determination that the 
fair market value paid for properties may or may not coincide with reserve 
valuations determined according to guidelines of the Securities and Exchange 
Commission.  Using prices in effect at September 30, 1994, the Partnership 
would have recorded an additional provision at September 30, 1994 in the 
amount of $179,186.



                                     7


<PAGE>


                   SWIFT ENERGY INCOME PARTNERS 1986-A, LTD.
            MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
             CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

     Oil and gas sales decreased $143,083 or 62 percent in the first nine 
months of 1995 over the corresponding period in 1994.  A decline of 51 
percent in gas production was a contributing factor to the decreased revenues 
for the period.  Also, current period gas prices decreased 37 percent or 
$.82/MCF compared to the corresponding period in 1994, further contributing 
to decreased income.

     Associated depreciation expense decreased 67 percent or $105,900.

     The Partnership recorded an additional provision in depreciation, 
depletion and amortization in the first nine months of 1995 and 1994 for 
$33,416 and $238,958, respectively, when the present value, discounted at ten 
percent, of estimated future net revenues from oil and gas properties, using 
the guidelines of the Securities and Exchange Commission, was below the fair 
market value originally paid for oil and gas properties.  The additional 
provision results from the Managing General Partner's determination that the 
fair market value paid for properties may or may not coincide with reserve 
valuations determined according to guidelines of the Securities and Exchange 
Commission.

     During 1995, partnership revenues and costs will be shared between the 
limited partners and general partners in a 90:10 ratio.  



                                    8


<PAGE>

                   SWIFT ENERGY INCOME PARTNERS 1986-A, 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 INCOME
                                           PARTNERS 1986-A, LTD.
                                           (Registrant)

                                       By: SWIFT ENERGY COMPANY
                                           Managing General Partner


Date:  November 13, 1995               By: /s/ John R. Alden
       -----------------                   -------------------------------
                                           John R. Alden
                                           Senior Vice President, Secretary
                                           and Principal Financial Officer

Date:  November 13, 1995               By: /s/ Alton D. Heckaman, Jr.
       -----------------                   -------------------------------
                                           Alton D. Heckaman, Jr.
                                           Vice President, Controller
                                           and Principal Accounting Officer






                                     10




<PAGE>

H.J. GRUY AND ASSOCIATES, INC.
-----------------------------------------------------------------------------
1200 SMITH STREET, SUITE 3040, HOUSTON, TEXAS 77002 -
FAX (713) 739-6112 - (713)739-1000


                              February 17, 1995


Swift Energy Company
16825 Northchase Drive, Suite 400
Houston, Texas 77060


                                     SWIFT ENERGY INCOME PARTNERS 1986-A LTD.
                                     94-003-116


Gentlemen:

At your request, we have made an audit of the reserves and future net revenue 
as of December 31, 1994, prepared by Swift Energy Company ("Swift") for 
certain interests owned by the limited partners in Swift Energy Income 
Partners 1986-A Ltd. This audit has been conducted according to the standards 
pertaining to the estimating and auditing of oil and gas reserve information 
approved by the Board of Directors of the Society of Petroleum Engineers on 
October 30, 1979. We have reviewed these properties and where we disagreed 
with the Swift reserve estimates, Swift revised its estimates to be in 
agreement. The estimated net reserves, future net revenue and discounted 
future net revenue are summarized by reserve category as follows:

<TABLE>
<CAPTION>
                         ESTIMATED                 ESTIMATED
                        NET RESERVES           FUTURE NET REVENUE
                    ---------------------------------------------------
                      OIL &                                   DISCOUNTED
                    CONDENSATE    GAS                           AT 10%
                    (BARRELS)    (Mcf)      NONDISCOUNTED       PER YEAR
                    ----------  --------    -------------     ------------
<S>                  <C>         <C>         <C>              <C>
Proved Developed     6,623      181,321     $   269,784       $   225,167

Proved Undeveloped     -0-          -0-             -0-                -0-
                    ----------  --------    -------------     ------------

Total Proved         6,623      181,321     $   269,784       $   225,167

G & A                                       $   (24,291)      $   (16,186)
                    ----------  --------    -------------     ------------

TOTAL                6,623      181,321     $   245,493       $   208,981
</TABLE>



<PAGE>


Swift Energy Company               -2-                       February 17, 1995

The discounted future net revenue is not represented to be the fair market 
value of these reserves and the estimated reserves included in this report 
have not been adjusted for risk.

The estimated future net revenue shown is that revenue which will be realized 
from the sale of the estimated net reserves after deduction of royalties, ad 
valorem and production taxes, direct operating costs and required capital 
expenditures, when applicable. Surface and well equipment salvage values and 
well plugging and field abandonment costs have not been considered in the 
revenue projections. Future net revenue as stated in this report is before the 
deduction of federal income tax.

In the economic projections, prices, operating costs and development costs 
remain constant for the projected life of each lease.

For those wells with sufficient production history, reserve estimates and 
rate projections are based on the extrapolation of established performance 
trends. Reserves for other producing and nonproducing properties have been 
estimated from volumetric calculations and analogy with the performance of 
comparable wells. The reserves included in this study are estimates only and 
should not be construed as exact quantities. Future conditions may affect 
recovery of estimated reserves and revenue, and all categories of reserves 
may be subject to revision as more performance data become available. The 
proved reserves in this report conform to the applicable definitions 
promulgated by the Securities and Exchange Commission. Attachment 1, 
following this letter, sets forth all reserve definitions incorporated in 
this study.

Extent and character of ownership, oil and gas prices, production data, 
direct operating costs, capital expenditure estimates and other data provided 
by Swift have been accepted as represented. The production data available to 
us were through the month of October, 1994 except in those instances in 
which data were available through December. Interim production to December 
31, 1994 has been estimated. No independent well tests, property inspections 
or audits of operating expenses were conducted by our staff in conjunction 
with this study. We did not verify or determine the extent, character, 
obligations, status or liabilities, if any, arising from any current or 
possible future environmental liabilities that might be applicable.

In order to audit the reserves, costs and future revenues shown in this 
report, we have relied in part on geological, engineering and economic data 
furnished by our client. Although we have made a best efforts attempt to 
acquire all pertinent data and analyze it carefully with methods accepted by 
the petroleum industry, there is no guarantee that the volumes of oil and gas 
or the revenues projected will be realized.

Production rates may be subject to regulation and contract provisions and may 
fluctuate according to market demand or other factors beyond the control of 
the operator. The reserve and revenue projections presented in this report 
may require revision as additional data become available.


<PAGE>

Swift Energy Company               -3-                       February 17, 1995

We are unrelated to Swift and we have no interest in the properties included 
in the information reviewed by us. In particular:

     1.  We do not own a financial interest in Swift or its oil and gas 
         properties.

     2.  Our fee is not contingent on the outcome of our work or report.

     3.  We have not performed other services for or have any other 
         relationship with Swift that would affect our independence.

If investments or business decisions are to be made in reliance on these 
estimates by anyone other than our client, such person with the approval of 
our client is invited to visit our office at his expense so that he can 
evaluate the assumptions made and the completeness and extent of the data 
available on which our estimates are based.

Any distribution or publication of this report or any part thereof must 
include this letter in its entirety.

                                       Yours very truly,

                                       H.J. GRUY AND ASSOCIATES, INC.


                                       /s/ JAMES H. HARTSOCK
                                       -------------------------------------
                                           James H. Hartsock, Ph/D., P.E.
                                           Executive Vice President



JHH:llb


Attachment



<PAGE>





















                                ATTACHMENT 1









<PAGE>

                                 ATTACHMENT 1
                     DEFINITIONS FOR OIL AND GAS RESERVES


PROVED OIL AND GAS RESERVES

Proved oil and gas reserves are the estimated quantities of crude oil, 
natural gas, and natural gas liquid which geological and engineering data 
demonstrate with reasonable certainty to be recoverable in future years from 
known reservoirs under existing economic and operating conditions, i.e., 
prices and costs as of the date the estimate is made. Prices include 
consideration of changes in existing prices provided only by contractual 
arrangements, but not on escalations based upon future conditions.

Reservoirs are considered proved if economic producibility is supported by 
either actual production or conclusive formation test. The area of a 
reservoir considered proved includes (A) that portion delineated by drilling 
and defined by gas-oil and/or oil-water contacts, if any, and (B) the 
immediately adjoining portions not yet drilled, but which can be reasonable 
judged as economically productive on the basis of available geological and 
engineering data. In the absence of information on fluid contacts, the lowest 
known structural occurrence of hydrocarbons controls the lower proved limit 
of the reservoir.

Reserves which can be produced economically through application of improved 
recovery techniques (such as fluid injection) are included in the "proved" 
classification when successful testing by a pilot project, or the operation 
of an installed program in the reservoir, provides support for the 
engineering analysis on which the project or program was based.

Estimates of proved reserves do not include the following: (A) Oil that may 
become available from known reservoirs but is classified separately as 
"indicated additional reserves"; (B) crude oil, natural gas, and natural gas 
liquids, the recovery of which is subject to reasonable doubt because of 
uncertainty as to geology, reservoir characteristics, or economic factors; 
(C) crude oil, natural gas, and natural gas liquids, that may occur in 
undrilled prospects; and (D) crude oil, natural gas, and natural gas liquids, 
that may be recovered from oil shales, coal, gilsonite and other such sources.

PROVED DEVELOPED OIL AND GAS RESERVES

Proved developed oil and gas reserves are reserves that can be expected to be 
recovered through existing wells with existing equipment and operating 
methods. Additional oil and gas expected to be obtained through the 
application of fluid injection or other improved recovery techniques for 
supplementing the natural forces and mechanisms of primary recovery should be 
included as "proved developed reserves" only after testing by a pilot project 
or after the operation of an installed program has confirmed through 
production response that increased recovery will be achieved.


<PAGE>

PROVED UNDEVELOPED RESERVES

Proved undeveloped oil and gas reserves that are expected to be recovered 
from new wells on undrilled, acreage, or from existing wells where a 
relatively major expenditure is required for recompletion. Reserves on 
undrilled acreage shall be limited to those drilling units offsetting 
productive units that are reasonably certain of production when drilled. 
Proved reserves for other undrilled units can be claimed only where it can be 
demonstrated with certainty that there is continuity of production from the 
existing productive formation. Under no circumstances should estimates for 
proved undeveloped reserves be attributable to any acreage for which an 
application of fluid injection or other improved recovery technique is 
contemplated, unless such techniques have been proved effective by actual 
tests in the area and in the same reservoir.