<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  33-11773-01

                          SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                          (EXACT NAME OF REGISTRANT AS SPECIFIED IN
                           ITS CERTIFICATE OF LIMITED PARTNERSHIP)

                    TEXAS                                   76-0226425
           (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: 
                     260,255.25 Limited Partnership Units             


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. 33-11773                  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 1987-B, LTD.   

ITEM NO.                      PART I                                 PAGE
--------                      ------                                 ----
   1           Business                                               I-1
   2           Properties                                             I-4
   3           Legal Proceedings                                      I-7
   4           Submission of Matters to a Vote of 
                 Security Holders                                     I-7


                              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 1987-B, LTD.  
                                                              
                                    PART I                    

ITEM 1.  BUSINESS

GENERAL DESCRIPTION OF PARTNERSHIP

     Swift Energy Income Partners 1987-B, 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 III (Registration Statement No. 33-11773 on Form S-1, originally 
declared effective March 19, 1987, and amended effective March 28, 1988, May 
4, 1989 and May 1, 1990 [the "Registration Statement"]).  The Partnership was 
formed effective July 23, 1987 under a Limited Partnership Agreement dated 
July 21, 1987.  The initial 3,177 limited partners made capital contributions 
of $26,025,525.

     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. 

                                       I-1

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, 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.  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.

                                       I-2

<PAGE>
 
                     SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.


     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.

     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 1987-B, 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.   Approximately 18% of the Partnership's value is from the Giddings 
Field in Fayette and Burleson Counties, Texas (NRG acquisition).  The wells 
produce from the Austin Chalk and Edwards zones.

     2.   Approximately 18% of the Partnership's value is from the AWP Field 
in McMullen County, Texas (Bracken acquisition).  The wells produce from the 
Olmos formation.

     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 MCFs of oil.  Equivalent MCFs are 
obtained by converting oil to gas 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 MCFs)  891,082  1,131,998  1,269,565

     Average Sales Price
        per Equivalent MCF          $1.87    $2.06      $2.13

     Average Production Cost
        per Equivalent MCF
        (includes production taxes) $0.87    $0.70      $0.77 
</TABLE>

                                       I-4

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, 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 301,002   5,379   454,206   5,696  472,477   7,018
                         -------   -----   -------   -----  -------   -----
                         -------   -----   -------   -----  -------   -----
PROVED RESERVES                                             
 Balance at beginning                                       
  of year                490,638   6,612   530,952   7,797  508,246   8,944
                                                            
 Extensions, discoveries                                    
  and other additions        449       3       828       1    9,900     115 
                                                            
 Revisions of previous                                      
  estimates              120,535)   (125)   27,192    (286)  65,933    (307)
                                                            
 Sales of minerals in                                       
  place                     (697)     (5)  (14,151)    (93)    (247)     (3)
                                                            
 Production              (42,636)   (635)  (54,183)   (807) (52,880)   (952)
                         -------   -----   -------   -----  -------   -----

 Balance at end of year  327,219   5,850   490,638   6,612  530,952   7,797
                         -------   -----   -------   -----  -------   -----
                         -------   -----   -------   -----  -------   -----
</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 1987-B, 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>  
Reata                TX            31,732        25        11     2.578
Kaiser-Francis I     AR, OK           291       220         7     0.713
Kaiser-Francis II    KS, LA, OK,
                     TX             5,510     1,022         9     1.158
Majestic             TX             7,329        27        10     0.730
Pitco I & II         OK                26        11         1     0.017
IR Energy            MT, UT         8,215        23         4     0.979
Wells Tucker         TX            35,257        --         5     0.516
Texas Drlg.
   (Scott Oil)       TX                52       251         2     0.250
Golden Buckeye       WY               519        --         2     0.038
Wainoco              LA, MI, OK,
                     TX                --        53         6     1.032
NRG                  TX           113,797     2,414        74     4.777
Presidio             CO, LA, ND,
                     NM, OK, TX,  
                     WY             3,968       235       220    22.849
Sue Ann              TX             1,933       193         2     0.838
Kimbrel & Cook       TX            61,210        --         9     4.050
Broyles I & II,
   Inverness Homes   LA                --       311        13     1.764
Bracken              TX            52,270     1,035        45     1.674
Union Pacific II     TX                --        26         2     0.112
Norcen Explorer      WY             5,110         4        29     0.067
                                  -------    ------      ----    ------
                                  327,219     5,850       451    44.142
                                  -------    ------      ----    ------
                                  -------    ------      ----    ------
</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. 

                                       I-6

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.



     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-7

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, 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 $100 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 3,177 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 $845,800 and $487,900, 
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 the from 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 1987-B, 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 
included in Item 8:

<TABLE>
<CAPTION>
                         1995           1994           1993           1992             1991
                      ----------     ----------     ----------     -----------      -----------
<S>                   <C>            <C>            <C>            <C>              <C>
Revenues              $1,751,110     $2,403,877     $2,739,790     $ 3,009,506      $ 3,920,598 
Income (Loss)         $(788,796)     $  380,984     $  410,517     $(1,389,052)     $(3,107,633)
Total Assets          $5,727,598     $7,064,687     $7,832,101     $ 8,801,735      $11,511,142
Cash Distributions    $  553,384     $  959,619     $1,199,325     $ 1,440,086      $ 2,726,041
</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.

     Subject to 1996 market conditions remaining comparable with 1995, the 
Managing General Partner ("MGP") anticipates an increase in liquidity 
provided that certain development work scheduled in 1996 is completed 
successfully.  The Partnership plans to spend in the next two years an 
estimated $495,000 for capital expenditures needed for this development work 
and the enhancement of proved oil and gas reserves.  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 28 percent in 1995 vs. 1994.  Production 
volumes decreased 21 percent due to a 21 percent gas production decrease and 
a 21 percent oil production decline.  Since the Partnership's reserves are 
75 percent gas, the decrease in gas production, due to accelerated production 
declines on mature wells, had a major impact on partnership performance.  A 
decline in the 1995 gas prices of 18 percent or $.35/MCF further contributed 
to the Partnership's decreased revenues.  The average sales price per 
equivalent MCF decreased 9 percent in 1995.

     Production cost per equivalent MCF increased 24 percent in 1995 compared 
to 1994; however, total production costs decreased 3 percent in 1995.

     Associated depreciation expense decreased 20 percent in 1995 when 
compared to 1994.
                                       II-2

<PAGE>
 
                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.


     Oil and gas sales decreased 13 percent in 1994 vs. 1993.  Production 
volumes decreased 11 percent due to a 15 percent gas production decrease.  
Since the partnership's reserves are 69 percent gas, the decrease in gas 
production, due to accelerated production declines on mature wells and 
production curtailments due to declining prices, had a significant impact on 
partnership performance.  Declines in both 1994 gas and oil prices further 
contributed to the decreased revenues.  The Partnership experienced a decline 
in gas prices of 3 percent or $.06/MCF and a decline in oil prices of 
8 percent or $1.24/BBL. The average sales price per equivalent MCF decreased 
3 percent in 1994.

     Production cost per equivalent MCF decreased 9 percent in 1994 compared 
to 1993 and total production costs decreased 18 percent in 1994.


     Associated depreciation expense decreased 10 percent in 1994 when 
compared to 1993.

     The Partnership recorded an additional provision in depreciation, 
depletion and amortization in 1995 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 1987-B, 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.

                                            POSITION(S) WITH
     NAME               AGE             SWIFT AND OTHER COMPANIES
     ----               ---             -------------------------

                              DIRECTORS
                              ---------
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 


                                      III-1

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, 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

     No single limited partner is known to the Partnership to be the 
beneficial owner of more than five percent of the Partnership's Units.

     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 1987-B, 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 1987-B, Ltd. (including Limited Partnership 
                Agreement of Swift Energy Income Partners 1987-B, Ltd., dated 
                July 21, 1987), as filed July 23, 1987, 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 section of the Prospectus dated 

                March 19, 1987, contained in Pre-Effective Amendment No. 1 to 
                Registration Statement No. 33-11773 on Form S-1 for Swift 
                Energy Income Partners III, as filed on March 19, 1987, which 
                have been incorporated herein by reference:  "Proposed 
                Activities" (pp 30 - 36) and "Conflicts of Interest" (pp. 70 - 
                78). (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.
 
                                      IV-1

<PAGE>

                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To Swift Energy Income Partners 1987-B, Ltd.:

     We have audited the accompanying balance sheets of Swift Energy Income 
Partners 1987-B, Ltd., (a Texas limited partnership) as of December 31, 1995 
and 1994, and the related statements of operations, partners' capital and 
cash flows for 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.

     In our opinion, the financial statements referred to above present 
fairly, in all material respects, the financial position of Swift Energy 
Income Partners 1987-B, 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 1987-B, LTD.
                                BALANCE SHEETS             
                          DECEMBER 31, 1995 AND 1994       
<TABLE>
<CAPTION>

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

Current Assets:                                              
     Cash and cash equivalents                $      1,039   $      1,452
     Oil and gas sales receivable                  460,307        536,357
                                              ------------   ------------
          Total Current Assets                     461,346        537,809
                                              ------------   ------------
                                              ------------   ------------
Gas Imbalance Receivable                             5,085             --
                                                             
Oil and Gas Properties, using full cost                      
     accounting                                 25,068,651     24,879,507
Less-Accumulated depreciation, depletion                     
     and amortization                          (19,807,484)   (18,352,629)
                                              ------------   ------------
                                                 5,261,167      6,526,878
                                              ------------   ------------
                                              $  5,727,598   $  7,064,687
                                              ------------   ------------
                                              ------------   ------------

LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts payable and accrued liabilities  $   832,159    $   660,538
     Current portion of note payable                42,669        170,674
                                              ------------   ------------
          Total Current Liabilities                874,828        831,212
                                              ------------   ------------
Note payable to a Bank, net
     of current portion                                 --         42,669

Deferred Revenues                                  248,292        244,148

Partners' Capital                                4,604,478      5,946,658 
                                              ------------   ------------
                                               $ 5,727,598    $ 7,064,687 
                                              ------------   ------------
                                              ------------   ------------
</TABLE>

                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                       IV-3

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, 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                $1,715,654       $2,377,940      $2,723,532 
   Interest income                       5,534               50              39 
   Other                                29,922           25,887          16,219 
                                    ----------       ----------      ----------
                                     1,751,110        2,403,877       2,739,790 
                                    ----------       ----------      ----------

COSTS AND EXPENSES:
   Lease operating                     677,019          667,221         829,077 
   Production taxes                     94,111          130,767         146,083 
   Depreciation, depletion
     and amortization -
        Normal provision               681,097          848,951         942,559 
        Additional provision           773,758               --              -- 
   General and administrative          252,670          325,024         351,065 
   Interest expense                     61,251           50,930          60,489 
                                    ----------       ----------      ----------
                                     2,539,906        2,022,893       2,329,273 
                                    ----------       ----------      ----------
INCOME (LOSS)                       $ (788,796)      $  380,984      $  410,517
                                    ----------       ----------      ----------
                                    ----------       ----------      ----------
</TABLE>


                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                       IV-4

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, 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       $ 6,433,669   $ 163,621   $ 716,811   $ 7,314,101 

INCOME (LOSS)                 354,160     123,678     (67,321)      410,517 

CASH DISTRIBUTIONS         (1,073,700)   (125,625)         --    (1,199,325)
                          -----------   ---------   ---------   ----------- 
BALANCE,
  DECEMBER 31, 1993         5,714,129     161,674     649,490     6,525,293 
                          -----------   ---------   ---------   ----------- 
INCOME (LOSS)                 329,202     110,102     (58,320)      380,984 

CASH DISTRIBUTIONS           (845,800)   (113,819)         --      (959,619)
                          -----------   ---------   ---------   ----------- 
BALANCE,
  DECEMBER 31, 1994         5,197,531     157,957     591,170     5,946,658 
                          -----------   ---------   ---------   ----------- 
INCOME (LOSS)                (672,346)     55,327    (171,777)     (788,796)

CASH DISTRIBUTIONS           (487,900)    (65,484)         --      (553,384)
                          -----------   ---------   ---------   ----------- 
BALANCE,
  DECEMBER 31, 1995       $ 4,037,285   $ 147,800   $ 419,393   $ 4,604,478
                          -----------   ---------   ---------   ----------- 
                          -----------   ---------   ---------   ----------- 

LIMITED PARTNERS' NET 
  INCOME (LOSS) PER UNIT

    1993                  $      1.36
                          ----------- 
                          ----------- 
    1994                  $      1.26
                          ----------- 
                          ----------- 
    1995                  $     (2.58)
                          ----------- 
                          ----------- 
</TABLE>


                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                       IV-5

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                            STATEMENTS OF CASH FLOWS
               FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<TABLE>
<CAPTION>
                                                                1995           1994           1993
                                                             ----------    -----------    -----------
<S>                                                          <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Income (Loss)                                              $ (788,796)   $   380,984  $     410,517 
  Adjustments to reconcile income (loss) to
    net cash provided by operations:
    Depreciation, depletion and amortization                  1,454,855        848,951        942,559 
    Change in gas imbalance receivable
      and deferred revenues                                        (941)        11,373          (905)
    Change in assets and liabilities:
      (Increase) decrease in oil and gas sales receivable        76,050         56,790        227,891 
      Increase (decrease) in accounts payable
        and accrued liabilities                                 171,621        (29,478)       (51,916)
                                                             ----------    -----------    -----------
          Net cash provided by (used in) operating activities   912,789      1,268,620      1,528,146 
                                                             ----------    -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas properties                          (210,980)      (192,659)      (206,616)
  Proceeds from sales of oil and gas properties                  21,836         54,554          5,995 
                                                             ----------    -----------    -----------
          Net cash provided by (used in) investing activities  (189,144)      (138,105)      (200,621)
                                                             ----------    -----------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions to partners                               (553,384)      (959,619)    (1,199,325)
  Payments on note payable                                     (170,674)      (170,674)      (128,005)
                                                             ----------    -----------    -----------
          Net cash provided by (used in) financing activities  (724,058)    (1,130,293)    (1,327,330)
                                                             ----------    -----------    -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS               (413)           222            195 
                                                             ----------    -----------    -----------
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                    1,452          1,230          1,035 
                                                             ----------    -----------    -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR                     $    1,039    $     1,452    $     1,230 
                                                             ----------    -----------    -----------
                                                             ----------    -----------    -----------
Supplemental disclosure of cash flow information:
    Cash paid during the year for interest                   $   34,829    $    24,853    $    31,239 
                                                             ----------    -----------    -----------
                                                             ----------    -----------    -----------
</TABLE>


                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                       IV-6

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                           NOTES TO FINANCIAL STATEMENTS            

(1) ORGANIZATION AND TERMS OF PARTNERSHIP AGREEMENT - 

     Swift Energy Income Partners 1987-B, Ltd., a Texas limited partnership 
(the Partnership), was formed on July 23, 1987, 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 3,177 limited partners made total capital 
contributions of $26,025,525.

     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 90 percent to the limited partners and ten percent to 
the general partners.  If prior to partnership payout, as defined, however, 
the cash distribution rate for a certain period equals or exceeds 
17.5 percent, then for the following calendar year, these continuing costs and 
revenues will be allocated 85 percent to the limited partners and 15 percent 
to the general partners.  After partnership payout, continuing costs and 
revenues will be shared 85 percent by the limited partners, and 15 percent by 
the general partners, even if the cash distribution rate is less than 
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 1987-B, 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             210,980   192,659   206,616 
                            --------  --------  ---------
                            $210,980  $192,659  $206,616 
                            --------  --------  ---------
                            --------  --------  ---------
</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.

     Interest expense, presented in the accompanying statements of 
operations, includes amortization of the discount recorded on gas imbalance 
liabilities assumed in property acquisitions ($30,391 in 1995, $28,053 in 
1994 and $28,053 in 1993).

     During 1995, the Partnership's unamortized oil and gas property costs 
exceeded the quarterly calculations of the "ceiling limitation" resulting in 
an additional provision for depreciation, depletion and amortization of 
$773,758. 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, no write down was required by the Partnership.  The write 
down would have been $298,948 using product prices in effect at September 30, 
1994.

                                       IV-8

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                     NOTES TO FINANCIAL STATEMENTS (CONTINUED)

     In addition, the limited partners' share of unamortized oil and gas 
property costs exceeded their "ceiling limitation" in 1995 , resulting in a 
valuation allowance of $646,310.  This amount is included in the income 
(loss) attributable to the limited partners shown in the statement of 
partners' capital together with a "combining adjustment" for the difference 
between the limited partners' valuation allowance and the Partnership's 
valuation allowance.  The "combining adjustment" changes 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 
$650,638 for managing and overseeing the offering of limited partnership 
units.

     A one-time management fee of $650,638 was paid Swift in 1987 for 
services performed  for the Partnership.  During 1995, 1994 and 1993, the 
Partnership paid Swift $143,378, $207,186 and $243,681, respectively, as 
general and administrative overhead allowances.

(5)  NOTE PAYABLE TO A BANK -

     Note payable to a bank at December 31, 1995 and 1994 follows:

<TABLE>
<CAPTION>
                                                            1995        1994
                                                          --------    ---------
     <S>                                                   <C>        <C>
     Date of current note:   December 29, 1992

     Note payable at 1.25% above the bank's base
      rate (9.75% at December 31, 1995 and
      December 31, 1994), principal payable in
      quarterly installments of $42,669, with the
      balance due at maturity (January 1, 1996),
      collateralized by partnership assets                $ 42,669    $ 213,343 

     Less:   Current portion                               (42,669)    (170,674)
                                                          --------    ---------
                     
     Long-term portion                                    $      --   $  42,669 
                                                          --------    ---------
                                                          --------    ---------
</TABLE>

     As provided by the Partnership Agreement, the note payable was obtained 
to fund development wells.

(6) 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.

                                       IV-9

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                     NOTES TO FINANCIAL STATEMENTS (CONTINUED)

     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 reported on the Partnership's 
federal return of income for the years ended December 31, 1995, 1994 and 1993 
was $677,386, $1,076,658 and $1,165,078, respectively.  The difference 
between ordinary income 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.

(7) GAS IMBALANCES -

     The gas imbalance receivable and deferred revenues represent imbalances 
assumed as part of property acquisitions.  The imbalances 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.

(8) 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.

(9) 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-10

<PAGE>

                     SWIFT ENERGY INCOME PARTNERS 1987-B, 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 1987-B, 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 1987-B, 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 1987-B, 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