<PAGE>

                                    FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


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

                For the quarterly period ended September 30, 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

          - September 30, 1997 and December 31, 1996                                   3

      Statements of Operations

          - Three month and nine month periods ended September 30, 1997 and 1996       4

      Statements of Cash Flows

          - Nine month periods ended September 30, 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                                                         11


SIGNATURES                                                                            12
</TABLE>


<PAGE>

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



<TABLE>
<CAPTION>
                                                                                        September 30,        December 31,
                                                                                            1997                 1996
                                                                                       ---------------     ----------------
                                                                                        (Unaudited)
         <S>                                                                           <C>                  <C>           
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $      459,843       $      497,687
              Oil and gas sales receivable                                                    351,266              593,383
              Receivable due to property disposition                                               --              120,429
              Other                                                                             6,288                   --
                                                                                       ---------------     ----------------
                   Total Current Assets                                                       817,397            1,211,499
                                                                                       ---------------     ----------------

         Gas Imbalance Receivable                                                             107,343              135,382
                                                                                       ---------------      ---------------

         Oil and Gas Properties, using full cost
              accounting                                                                    8,394,562            8,324,548
         Less-Accumulated depreciation, depletion
              and amortization                                                             (5,417,275)          (5,069,106)
                                                                                       ---------------     ----------------
                                                                                            2,977,287            3,255,442
                                                                                       ---------------     ----------------
                                                                                       $    3,902,027       $    4,602,323
                                                                                       ===============     ================


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts payable and accrued liabilities                                 $       64,843       $      233,712
                                                                                       ---------------     ----------------

         Deferred Revenues                                                                     61,912               69,446

         Partners' Capital                                                                  3,775,272            4,299,165
                                                                                       ---------------     ----------------
                                                                                       $    3,902,027       $    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                  Nine Months Ended
                                                        September 30,                      September 30,
                                              ---------------------------------  ---------------------------------
                                                   1997              1996             1997               1996
                                              ---------------   ---------------  ---------------   ---------------
<S>                                           <C>               <C>              <C>               <C>            
REVENUES:
   Oil and gas sales                          $       372,971   $       463,233  $     1,213,067   $     1,436,033
   Interest income                                      5,627             2,508           17,631             2,907
   Other                                                1,368             4,291            6,033            15,441
                                              ---------------   ---------------  ---------------   ---------------
                                                      379,966           470,032        1,236,731         1,454,381
                                              ---------------   ---------------  ---------------   ---------------

COSTS AND EXPENSES:
   Lease operating                                    101,830           106,365          324,318           300,722
   Production taxes                                    21,705            24,443           64,795            77,737
   Depreciation, depletion
      and amortization                                116,534           121,748          348,169           386,226
   General and administrative                          28,455            35,852          124,333           109,788
   Interest expense                                        --                --               --               395
                                              ---------------   ---------------  ---------------   ---------------
                                                      268,524           288,408          861,615           874,868
                                              ---------------   ---------------  ---------------   ---------------
NET INCOME (LOSS)                             $       111,442   $       181,624  $       375,116   $       579,513
                                              ===============   ===============  ===============   ===============



Limited Partners' net income (loss)
   per unit                                   $          1.34   $          2.18  $          4.50   $          6.96
                                              ===============   ===============  ===============   ===============
</TABLE>



                 See accompanying notes to financial statements.

                                        4


<PAGE>

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

<TABLE>
<CAPTION>
                                                                                         Nine Months Ended
                                                                                            September 30,
                                                                               ----------------------------------------
                                                                                    1997                     1996
                                                                               ---------------          ---------------
<S>                                                                             <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                               $      375,116          $       579,513
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization                                         348,169                  386,226
      Change in gas imbalance receivable
          and deferred revenues                                                         20,505                    1,303
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales receivable                            242,117                  (59,052)
        (Increase) decrease in receivable due to property disposition                  120,429                       --
        (Increase) decrease in other current assets                                     (6,288)                      --
        Increase (decrease) in accounts payable
          and accrued liabilities                                                     (168,869)                (257,435)
                                                                               ---------------          ---------------
               Net cash provided by (used in) operating activities                     931,179                  650,555
                                                                               ---------------          ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                                                (74,350)                (199,219)
    Proceeds from sales of oil and gas properties                                        4,336                  331,884
                                                                               ---------------          ---------------
               Net cash provided by (used in) investing activities                     (70,014)                 132,665
                                                                               ---------------          ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                                    (899,009)                (414,535)
    Payments on note payable                                                                --                  (25,000)
                                                                               ---------------          ---------------
               Net cash provided by (used in) financing activities                    (899,009)                (439,535)
                                                                               ---------------          ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                   (37,844)                 343,685
                                                                               ---------------          ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                       497,687                    1,892
                                                                               ---------------          ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $      459,843          $       345,577
                                                                               ===============          ===============
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  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 nine  months  ended
        September 30, 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  will  convey  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  Company'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  in  addition  to the
remaining  unexpended net capital commitments of the partners are available from
partnership  revenues,  borrowings  or  proceeds  from the  sale of  partnership
property.  The  Managing  General  Partner  believes  that the  funds  currently
available to the Partnership  will be adequate to meet any  anticipated  capital
requirements.

RESULTS OF OPERATIONS

      The  following  analysis  explains  changes  in the  revenue  and  expense
categories  for the quarter  ended  September  30, 1997  (current  quarter) when
compared to the quarter ended September 30, 1996  (corresponding  quarter),  and
for the nine months ended September 30, 1997 (current period),  when compared to
the nine months ended September 30, 1996 (corresponding period).

Three Months Ended September 30, 1997 and 1996

     Oil and gas sales  declined  $90,262 or 20 percent in the third  quarter of
1997 when  compared  to the  corresponding  quarter  in 1996,  primarily  due to
decreased oil and gas prices. A decline of 23 percent or $4.75/BBL in oil prices
and 17 percent or $.48/MCF in gas prices had a significant impact on partnership
performance.  Also,  current  quarter  gas  production  declined 9 percent  when
compared to third quarter 1996 gas production, further contributing to decreased
revenues.

      Associated depreciation expense decreased 4 percent or $5,214.


                                       9


<PAGE>

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


Nine Months Ended September 30, 1997 and 1996

     Oil and gas sales decreased $222,966 or 16 percent in the first nine months
of 1997 over the  corresponding  period in 1996.  A decline of 17 percent in gas
production and 12 percent in oil production were major  contributing  factors to
the  decreased  revenues  for the period.  Decreased  oil prices of 5 percent or
$.84/BBL further contributed to the decline.

      Associated depreciation expense declined 10 percent or $38,057.

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


                                       10


<PAGE>


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




ITEM 5.    OTHER INFORMATION


                                     -NONE-






                                       11


<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:  November 4, 1997     By:        /s/ John R. Alden
       ----------------                ----------------------------------------
                                       John R. Alden
                                       Senior Vice President, Secretary
                                       and Principal Financial Officer

Date:  November 4, 1997     By:        /s/ Alton D. Heckaman, Jr.
       ----------------                ----------------------------------------
                                       Alton D. Heckaman, Jr.
                                       Vice President, Controller
                                       and Principal Accounting Officer



                                       12