<PAGE>

                                    FORM 10-Q



                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


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

                  For the quarterly period ended March 31, 1997

                                       OR

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

  For the transition period from ____________________ to _______________________

                       Commission File number 33-11773-09


                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                           <C>
                  Texas                                   76-0279533
(State or other jurisdiction of organization) (I.R.S. Employer Identification No.)
</TABLE>

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

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

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


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

Yes  X      No
   ----       ----




<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.

                                      INDEX



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

            Balance Sheets

                - March 31, 1997 and December 31, 1996                   3

            Statements of Operations

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

            Statements of Cash Flows

                - Three month periods ended March 31, 1997 and 1996      5

            Notes to Financial Statements                                6

      ITEM 2.    Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                 9

PART II.    OTHER INFORMATION                                           10


SIGNATURES                                                              11
</TABLE>


<PAGE>
                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                                 BALANCE SHEETS



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

         Current Assets:
              Cash and cash equivalents                                                $      600,819       $      497,687
              Oil and gas sales receivable                                                    484,160              593,383
              Receivable due to property disposition                                               --              120,429
              Other                                                                             5,776                   --
                                                                                       --------------       --------------
                   Total Current Assets                                                     1,090,755            1,211,499
                                                                                       --------------       --------------

         Gas Imbalance Receivable                                                             137,830              135,382
                                                                                       --------------       --------------

         Oil and Gas Properties, using full cost
              accounting                                                                    8,341,505            8,324,548
         Less-Accumulated depreciation, depletion
              and amortization                                                             (5,195,487)          (5,069,106)
                                                                                       --------------       --------------
                                                                                            3,146,018            3,255,442
                                                                                       --------------       --------------
                                                                                       $    4,374,603       $    4,602,323
                                                                                        =============       ==============


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts payable and accrued liabilities                                 $       94,829       $      233,712
                                                                                       --------------       --------------

         Deferred Revenues                                                                     69,227               69,446

         Partners' Capital                                                                  4,210,547            4,299,165
                                                                                       --------------       --------------
                                                                                       $    4,374,603       $    4,602,323
                                                                                       ==============       ==============
</TABLE>


                 See accompanying notes to financial statements.

                                        3


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)




<TABLE>
<CAPTION>
                                                                                          Three Months Ended
                                                                                              March 31,
                                                                                 ---------------------------------
                                                                                       1997               1996
                                                                                 ---------------   ---------------
         <S>                                                                     <C>               <C>
         REVENUES:
             Oil and gas sales                                                   $       510,828   $       466,737
             Interest income                                                               5,284                83
             Other                                                                         2,720             5,937
                                                                                 ---------------   ---------------
                                                                                         518,832           472,757
                                                                                 ---------------   ---------------
         COSTS AND EXPENSES:
             Lease operating                                                              99,024            87,768
             Production taxes                                                             26,668            25,614
             Depreciation, depletion
               and amortization                                                          126,381           129,063
             General and administrative                                                   50,139            36,224
             Interest expense                                                                 --               395
                                                                                 ---------------   ---------------
                                                                                         302,212           279,064
                                                                                 ---------------   ---------------
         NET INCOME (LOSS)                                                       $       216,620   $       193,693
                                                                                 ===============   ===============
</TABLE>


         Limited Partners' net income (loss)
             per unit

         March 31, 1997                       $          2.60
                                              ===============
         March 31, 1996                       $          2.33
                                              ===============


                 See accompanying note to financial statements.

                                        4


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                            Three Months Ended
                                                                                                  March 31,
                                                                                ---------------------------------------
                                                                                       1997                   1996
                                                                                ----------------        ---------------
<S>                                                                             <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (loss)                                                               $        216,620        $       193,693
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization                                           126,381                129,063
      Change in gas imbalance receivable
          and deferred revenues                                                           (2,667)                   663
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales receivable                              109,223                (58,834)
        (Increase) decrease in receivable due to property disposition                    120,429                     --
        (Increase) decrease in other current assets                                       (5,776)                    --
        Increase (decrease) in accounts payable
          and accrued liabilities                                                       (138,883)               (62,361)
                                                                                ----------------         --------------
               Net cash provided by (used in) operating activities                       425,327                202,224
                                                                                ----------------         --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                                                  (17,935)               (81,086)
    Proceeds from sales of oil and gas properties                                            978                     --
                                                                                ----------------         --------------
               Net cash provided by (used in) investing activities                       (16,957)               (81,086)
                                                                                ----------------         --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                                      (305,238)               (96,102)
    Payment on notes payable                                                                  --                (25,000)
                                                                                ----------------         --------------
               Net cash provided by (used in) financing activities                      (305,238)              (121,102)
                                                                                ----------------         --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                     103,132                     36
                                                                                ----------------         --------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                         497,687                  1,892
                                                                                ----------------         --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $        600,819        $         1,928
                                                                                ================        ===============
  Supplemental disclosure of cash flow information:
    Cash paid during the period for interest                                    $             --        $           605
                                                                                ================        ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        5


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)

(1)  General Information -

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

(2)  Organization and Terms of Partnership Agreement -

                  Swift Energy  Income  Partners  1989-B,  Ltd., a Texas limited
        partnership  ("the  Partnership"),  was formed on June 30, 1989, 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 661 limited partners made total capital contributions
        of $8,329,500.

                  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.

                  Generally,  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,
        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.  During
        1992 and 1991, the cash distribution rate (as defined in the Partnership
        Agreement)  exceeded  17.5  percent  and  thus,  in 1993 and  1992,  the
        continuing  costs and  revenues  were  being  shared 85  percent  by the
        limited  partners and 15 percent by the general  partners.  During 1996,
        1995, 1994 and 1993, the cash  distribution rate fell below 17.5 percent
        and  thus,  in 1997,  1996,  1995 and  1994,  the  continuing  costs and
        revenues will be (were) shared 90 percent by the limited partners and 10
        percent by the general partners.

(3)  Significant Accounting Policies -

     Use of Estimates --

                  The  preparation  of financial  statements in conformity  with
        generally accepted  accounting  principles  requires  management to make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities  at the date of the  financial  statements  and the reported
        amounts of revenues and expenses  during the  reporting  period.  Actual
        results could differ from estimates.


                                       6


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)

     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 three  months  ended
        March 31, 1997 and 1996.

                  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.

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

(4)  Related-Party Transactions -

                  An  affiliate  of  the  Special  General  Partner,  as  Dealer
        Manager,  received  $202,238 for managing and overseeing the offering of
        the limited partnership units. A one-time management fee of $208,238 was
        paid to Swift for services performed for the Partnership.

                  Effective  June 30, 1989, the  Partnership  entered into a Net
        Profits and Overriding  Royalty Interest  Agreement ("NP/OR  Agreement")
        with Swift  Energy  Managed  Pension  Assets  Partnership  1989-B,  Ltd.
        (Pension  Partnership),  managed by Swift for the  purpose of  acquiring
        working  interests in producing oil and gas  properties.  Under terms of
        the  NP/OR  Agreement,  the  Partnership  has  conveyed  to the  Pension
        Partnership a nonoperating  interest in the aggregate net profits (i.e.,
        oil and gas  sales net of  related  operating  costs) of the  properties
        acquired equal to its  proportionate  share of the property  acquisition
        costs.


                                       7


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


(5)  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.

(6)  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.

(7)  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.


                                       8


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


General

      The  Partnership  was formed for the purpose of investing in 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  result  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  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  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

     Oil and gas sales  increased  $44,091 or 9 percent in the first  quarter of
1997 when  compared to the same period in 1996,  primarily  due to increased gas
and oil prices.  An increase in gas prices of 32 percent or $.77/MCF  and in oil
prices of 17  percent  or  $2.91/BBL  had a  significant  impact on  partnership
performance.  Current  quarter  oil  production  declined  20  percent  and  gas
production  declined 5 percent when  compared to first  quarter 1996  production
volumes, partially offsetting the effect of increased gas and oil prices.

      Associated depreciation expense decreased 2 percent or $2,682.

      During 1997,  partnership  revenues  and costs will be shared  between the
limited partners and general partners in an 90:10 ratio.


                                       9


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1989-B, LTD.
                           PART II - OTHER INFORMATION




ITEM 5.    OTHER INFORMATION


                                     -NONE-



                                       10


<PAGE>


                                   SIGNATURES



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


                                                SWIFT ENERGY INCOME
                                                PARTNERS 1989-B, LTD.
                                                (Registrant)

                                     By:        SWIFT ENERGY COMPANY
                                                Managing General Partner


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

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



                                       11