<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, 1999
                                       OR
            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

            For the transition period from             to
                                           -----------     ----------


                         Commission File number 0-23994

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                    (Exact name of registrant as specified in
                    its Certificate of Limited Partnership)

         TEXAS                                         76-0407728
(State of Organization)                  (I.R.S. Employer Identification No.)


                         16825 Northchase Dr., Suite 400
                              Houston, Texas 77060
                                 (281) 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:
                       4,115,977 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. 33-37983            Items 1 and 13
     on Form S-1


<PAGE>



                                TABLE OF CONTENTS

                             Form 10-K Annual Report
                     For the Period Ended December 31, 1999

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
<TABLE>
<CAPTION>
ITEM NO.                                             PART I                        PAGE
--------                                             ------                        ----
  <S>                      <C>                                                    <C>
   1                       Business                                                 I-1
   2                       Properties                                               I-5
   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 SDIs and Related Interest
                             Holder 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-4
   9                       Disagreements on Accounting and Financial
                             Disclosure                                            II-4


                                                     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
</TABLE>


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.

                                     PART I

Item 1.  Business

General Description of Partnership

          Swift  Energy  Pension   Partners   1993-C,   Ltd.,  a  Texas  limited
partnership (the  "Partnership" or the  "Registrant"),  is a partnership  formed
under a public serial limited partnership  offering denominated Swift Depositary
Interests  I  (Registration  Statement  No.  33-37983  on Form  S-1,  originally
declared  effective March 19, 1991, and amended  effective May 1, 1992, April 1,
1993,  April  19,  1994 and May 9,  1995 [the  "Registration  Statement"]).  The
Partnership was formed effective  September 30, 1993 under a Limited Partnership
Agreement  dated  September  30, 1993.  The initial 385  investors  made capital
contributions of $4,115,977.  Investors in the Partnership hold Swift Depositary
Interests  ("SDIs")   representing   beneficial   ownership   interests  in  the
Partnership.

         The  Partnership  is  principally  engaged in the business of acquiring
nonoperating  interests  (i.e.,  net profits  interests,  royalty  interests and
overriding  royalty  interests)  in proven  oil and gas  properties  within  the
continental United States. The Partnership does not acquire working interests in
or operate oil and gas properties,  and does not engage in drilling  activities.
At December 31, 1999, the  Partnership  had expended or committed to expend 100%
of the Interest  Holders'  commitments  in the  acquisition  and  development of
nonoperating  interests in producing properties,  which properties are described
under Item 2, "Nonoperating  Interests in Properties,"  below. The Partnership's
income is  derived  almost  entirely  from its  nonoperating  interests  and the
disposition thereof.

         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.

         The  general  manner in which  the  Partnership  acquires  nonoperating
interests  and  otherwise  conducts  its  business is described in detail in the
Registration Statement under "Proposed Activities of the Partnerships," which is
incorporated herein by reference. The following is intended only as a summary of
the Partnership's manner of doing business and specific activities to date.

Liquidation

         During the first quarter of 2000, the Managing  General  Partner mailed
proxy material to the Interest Holders  proposing to sell all the  Partnership's
nonoperating  interests in oil and gas properties and dissolve and liquidate the
Partnership. In March 2000, the Interest Holders of the Partnership approved the
proposal to liquidate the Partnership.  The Managing General Partner anticipates
liquidation will be substantially completed within the next two years.

Manner of  Acquiring  Nonoperating  Interests  in  Properties;  Net  Profits and
       Overriding Royalty Interest Agreement

         The nonoperating  interests owned by the Registrant have typically been
acquired  pursuant to a Net Profits and Overriding  Royalty  Interest  Agreement
dated  September 30, 1993 (the "NP/OR  Agreement")  between the  Registrant  and
Swift Energy Operating Partners 1993-C, Ltd. (the "Operating Partnership").  The
Operating  Partnership  is a Texas limited  partnership  that is also managed by
Swift and VJM.  The  Operating  Partnership  was formed to acquire  and  develop
producing oil and gas properties.

         Under the NP/OR Agreement, the Registrant and the Operating Partnership
have, in effect,  combined their funds to acquire  producing  properties.  Using
funds  committed to the NP/OR  Agreement  by both  partnerships,  the  Operating
Partnership  acquires producing  properties,  then promptly conveys nonoperating
interests therein to the Registrant. The Operating Partnership retains a working
interest in each such property, and is responsible for the production of oil and
gas therefrom. For the sake of legal and administrative  convenience,  producing
properties  are usually  acquired from the third party  sellers by Swift,  which
then  conveys  a  working  interest  in  each  such  property  to the  Operating
Partnership.  The Registrant  initially  committed  $4,115,977 and the Operating
Partnership  initially  committed  $5,810,456 for  acquisitions  under the NP/OR
Agreement.  The Operating  Partnership is obligated under the NP/OR Agreement to
convey to the  Registrant  a 41%  fixed  net  profits  interest  and a  variable
overriding  royalty  interest in specified  depths of all  producing  properties
acquired under the NP/OR Agreement.

                                       I-1

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


         Under the NP/OR  Agreement,  the Operating  Partnership  is required to
convey  to  the  Registrant,   and  the  Registrant  is  required  to  purchase,
nonoperating  interests in all  producing  properties  acquired by the Operating
Partnership, except that:

                   1. properties anticipated to require significant  development
operations and nonoperating  interests  offered to the Operating  Partnership by
third  parties may be purchased by the Operating  Partnership  outside the NP/OR
Agreement, without participation by the Registrant;

                   2. during a specified  one-year  period,  the  Registrant  is
entitled to reduce the amount originally  committed by it to purchases under the
NP/OR  Agreement  and to redirect  such funds to the  purchase  of  nonoperating
interests from sources other than the Operating Partnership; and

                  3. the  Registrant's  funds  will be  released  from the NP/OR
Agreement if they are not completely spent by the Operating Partnership within a
specified  period,  or if there is a prior  withdrawal of funds by the Operating
Partnership  to  purchase   properties   anticipated   to  require   significant
development.

         Purchases of nonoperating  interests by the Registrant  using withdrawn
or  released  funds  may be made  from  the  Managing  General  Partner  and its
affiliates,   other  partnerships  affiliated  with  the  Operating  Partnership
(possibly through the Registrant's  entry into a new NP/OR  Agreement),  or from
unaffiliated third parties.

         In accordance with its  obligations  under the NP/OR  Agreement,  as of
December 31, 1999,  the Operating  Partnership  had conveyed to the Registrant a
41% net profits interest  burdening  certain depths of all producing  properties
acquired  by the  Operating  Partnership  thereunder.  Typically,  a net profits
interest in an oil and gas property entitles the owner to a specified percentage
share of the gross proceeds generated by the burdened property, net of operating
costs.  The net  profits  interest  conveyed to the  Registrant  under the NP/OR
Agreement differs from the typical net profits interest in that it is calculated
over  the  entire  group  of  producing  properties  conveyed  under  the  NP/OR
Agreement; i.e., all operating costs attributable to the burdened depths of such
properties are  aggregated,  and the total is then  subtracted from the total of
all gross  proceeds  attributable  to such depths in order to calculate  the net
profits to which the Registrant is entitled.  The net profits interest  conveyed
to the Registrant  burdens only those depths of each subject property which were
evaluated to contain proved reserves at the date of  acquisition,  to the extent
such depths underlie specified surface acreage.

         The Operating Partnership has also conveyed to the Registrant under the
NP/OR  Agreement  an  overriding  royalty  interest  in each  property  acquired
thereunder. An overriding royalty interest is a fractional interest in the gross
production  (or the gross  proceeds  therefrom)  of oil and gas from a property,
free of any exploration,  development,  operation or maintenance expenses. Under
the NP/OR  Agreement,  the overriding  royalty  interest burdens the portions of
each producing  property that were  evaluated at the date of acquisition  not to
contain proved reserves.

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-2

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, 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.

         FERC Orders

         Several major  regulatory  changes have been implemented by the Federal
Energy Regulatory  Commission  ("FERC") from 1985 to the present that affect the
economics of natural gas production,  transportation and sales. In addition, the
FERC  continues  to  promulgate  revisions  to various  aspects of the rules and
regulations  affecting  those  segments of the natural gas industry  that remain
subject to the FERC's jurisdiction. In April 1992, the FERC issued Order No. 636
pertaining to pipeline restructuring. This rule requires interstate pipelines to
unbundle  transportation  and sales services by separately  stating the price of
each service and by providing  customers  only the particular  service  desired,
without  regard to the source for  purchase of the gas.  The rule also  requires
pipelines to (i) provide  nondiscriminatory  "no-notice"  service  allowing firm
commitment  shippers to receive  delivery of gas on demand up to certain  limits
without  penalties,  (ii) establish a basis for release and reallocation of firm
upstream  pipeline  capacity  and  (iii)  provide  non-discriminatory  access to
capacity by firm  transportation  shippers on a  downstream  pipeline.  The rule
requires interstate  pipelines to use a straight fixed variable rate design. The
rule imposes these same requirements upon storage facilities.

         FERC Order No. 500  affects the  transportation  and  marketability  of
natural gas.  Traditionally,  natural gas has been sold by producers to pipeline
companies,  which then  resold the gas to  end-users.  FERC Order No. 500 alters
this market structure by requiring  interstate  pipelines that transport gas for
others to provide  transportation  service to  producers,  distributors  and all
other shippers of natural gas on a nondiscriminatory, "first-come, first-served"
basis ("open access  transportation"),  so that producers and other shippers can
sell natural gas directly to end-users.  FERC Order No. 500 contains  additional
provisions intended to promote greater competition in natural gas markets.

         It is not anticipated  that the  marketability  of and price obtainable
for natural gas production from  Partnership  Properties  will be  significantly
affected  by FERC  Order No.  500.  Gas  produced  from  Partnership  Properties
normally  will be sold to  intermediaries  who have entered into  transportation
arrangements with pipeline companies.  These  intermediaries will accumulate gas
purchased from a number of producers and sell the gas to end-users  through open
access pipeline transportation.

                                      I-3

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.

         State Regulations

         Production  of any oil  and gas  from  Partnership  Properties  will be
affected  to some  degree  by  state  regulations.  Many  states  in  which  the
Partnership will operate have statutory provisions regulating the production and
sale  of oil  and  gas,  including  provisions  regarding  deliverability.  Such
statutes, and the regulations promulgated in connection therewith, are generally
intended to prevent  waste of oil and gas and to protect  correlative  rights to
produce  oil and  gas  between  owners  of a  common  reservoir.  Certain  state
regulatory  authorities  also  regulate  the amount of oil and gas  produced  by
assigning allowable rates of production to each well or proration unit.

         Federal Leases

         Some of the Partnership's properties are located on federal oil and gas
leases  administered by various federal  agencies,  including the Bureau of Land
Management.   Various  regulations  and  orders  affect  the  terms  of  leases,
exploration and development plans, methods of operation and related matters.

         Employees

         The  Partnership  has no  employees.  Swift,  however,  has a staff  of
geologists,   geophysicists,   petroleum  engineers,   landmen,  and  accounting
personnel who  administer  the  operations of Swift and the  Partnership.  As of
December 31, 1999, Swift had 173 employees.  Swift's administrative and overhead
expenses  attributable  to  the  Partnership's   operations  are  borne  by  the
Partnership.

                                      I-4

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


Item 2.  Nonoperating Interests in Properties

         As of December  31, 1999,  the  Partnership  has acquired  nonoperating
interests in producing  oil and gas  properties  which are  generally  described
below.

Principal Oil and Gas Producing Properties

         The most  valuable  fields  in the  Partnership,  based  upon  year-end
engineering  estimates of discounted  future net revenues using constant pricing
and costs, are described below.

         1. The Second  Bayou  Field is located  in  Cameron  Parish,  Louisiana
(American Cometra-So. Louisiana acquisition). This field accounts for 45% of the
value.

         2. The Greenbranch Field is in McMullen County, Texas (American Cometra
acquisition).  This  field  produces  gas and oil from  multiple  pay  zones and
accounts for 25% of Partnership value.

         The remaining  value in the  Partnership  is  attributable  to numerous
properties  none of which equals or exceeds 15 percent of the total  Partnership
value.

Title to Properties

         Title to substantially  all significant  producing  properties in which
the Partnership owns  nonoperating  interests has been examined.  In addition to
the nonoperating interests owned by the Partnership,  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.  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.  Average Net  Nonoperating  Interest  Price per
Equivalent  MCF is  determined  by dividing the related oil and gas revenue from
nonoperating interests by the equivalent MCF's produced.
<TABLE>
<CAPTION>
                                                  Net Production
                                    --------------------------------------------
                                                For the Years Ended
                                                   December 31,
                                    --------------------------------------------
                                      1999             1998               1997
                                    -------           --------          --------
<S>                                  <C>               <C>               <C>
Net Volumes (Equivalent MCFs)        98,787            153,773           254,199

Average Net Nonoperating
   Interest Price per
   Equivalent MCF                    $1.22              $0.80             $1.92
</TABLE>

                                      I-5


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


Net Proved Oil and Gas Reserves

         Presented below are the estimates of the Partnership's  proved reserves
as of December 31, 1999,  1998 and 1997. The  Partnership  does not itself own a
direct  interest in proved  reserves.  The proved reserve  estimates shown below
represent an estimate of the proved reserves owned by the Operating  Partnership
equal to the percentage net profits interest  conveyed to the Partnership by the
Operating Partnership. All of the Partnership's nonoperating interests in proved
reserves are located in the United States.
<TABLE>
<CAPTION>
                                                                      December 31,
                                    -------------------------------------------------------------------------------
                                            1999                          1998                        1997
                                    ----------------------      -----------------------      ----------------------
                                                   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            76,593           540        72,859            569        57,268           644
                                    ========      ========      ========      =========      ========      ========
Proved reserves
   Balance at beginning
     of year                         103,838           939        92,155          1,019       108,357         1,384

   Extensions, discoveries
     and other additions                  --             2            --             --            --            --

   Revisions of previous
     estimates                        24,927            83        24,958             24         7,557          (192)

   Sales of minerals in
     place                            (8,113)          (51)       (2,480)           (15)       (7,956)          (14)

   Production                         (7,229)          (55)      (10,795)           (89)      (15,803)         (159)
                                    --------      --------      --------      ---------      --------      --------

   Balance at end of year            113,423           918       103,838            939        92,155         1,019
                                    ========      ========      ========      =========      ========      ========
</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-6

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


         The following table summarizes by acquisition the  Registrant's  proved
reserves equal to the percentage net profits interests conveyed by the Operating
Partnership  and its  nonoperating  interests in gross and net producing oil and
gas wells as of December 31, 1999:
<TABLE>
<CAPTION>
                                                       Reserves
                                                   December 31, 1999
                                                 ---------------------
                                                            Natural                  Wells
                                               Oil            Gas            -------------------------
Acquisition                 State(s)         (BBLS)         (MMCF)            Gross             Net
----------                 ---------        --------        -------          -------          --------
<S>                        <C>               <C>               <C>               <C>            <C>
American Cometra           AL, CO, LA
                           ND, NM, NV,
                           OK, TX, WY         74,223            174              793             7.103
AMC - SO. Louisiana                            7,465            690               49             0.423
Genesis                    TX                 12,945             43               15             0.263
L L & E                    AL, MS             18,790             11               19             0.123
                                            --------        -------          -------          --------
                                             113,423            918              876             7.912
                                            ========        =======          =======          ========
</TABLE>

         There are numerous  uncertainties  inherent in estimating quantities of
proved  reserves and in projecting  the future rates of  production,  timing and
plan of  development.  Oil and gas reserve  engineering  must be recognized as a
subjective process of estimating  underground  accumulations of oil and gas that
cannot be measured  in an exact way,  and  estimates  of other  engineers  might
differ  from  those  above,  audited  by H. J.  Gruy and  Associates,  Inc.,  an
independent petroleum consulting firm. The accuracy of any reserve estimate is a
function of the quality of  available  data and of  engineering  and  geological
interpretation  and  judgment.  Results  of  drilling,  testing  and  production
subsequent  to the date of the estimate may justify  revision of such  estimate,
and, as a general rule,  reserve  estimates based upon  volumetric  analysis are
inherently  less  reliable  than  those  based on  lengthy  production  history.
Accordingly,  reserve  estimates are often  different from the quantities of oil
and gas that are ultimately recovered.

         In estimating  the oil and natural gas  reserves,  the  Registrant,  in
accordance with criteria  prescribed by the Securities and Exchange  Commission,
has used prices received as of December 31, 1999 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, 1999 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 Interest  Holders  during the
fourth quarter of the fiscal year covered by this report.

                                      I-7

<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


                                     PART II

Item   5. Market Price of and Distributions on the Registrant's SDIs and Related
       Interest Holder Matters

Market Information

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

Holders

         As of December 31, 1999,  there were 370 Interest  Holders holding SDIs
in the Partnership.

Distributions

         The Partnership  generally makes distributions to Interest Holders on a
quarterly  basis,   subject  to  the  restrictions  set  forth  in  the  Limited
Partnership Agreement. In the fiscal years ended December 31, 1998 and 1999, the
Partnership  distributed a total of $220,200 and $53,400,  respectively,  to the
holders of its SDIs. Cash distributions constitute net proceeds from sale of oil
and  gas  production  after  payment  of  lease  operating  expenses  and  other
partnership expenses.  Some or all of such amounts or any proceeds from the sale
of partnership  properties  could be deemed to constitute a return of investors'
capital.

         Oil and gas  investments  involve a high risk of loss, and no assurance
can be given that any particular  level of  distributions to holders of SDIs can
be  achieved  or  maintained.   Although  it  is   anticipated   that  quarterly
distributions  will continue to be made through 2000, 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  and  provisions  prohibiting  the  transfer  of  Limited
Partnership  Units  in any  fiscal  year in  excess  of a limit  which  has been
established in order to comply with certain federal income tax regulations.

                                      II-1

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


Item 6. Selected Financial Data

         The following  selected  financial  data,  prepared in accordance  with
generally accepted accounting  principles for the years ended December 31, 1999,
1998,  1997,  1996 and 1995,  should be read in  conjunction  with the financial
statements included in Item 8:
<TABLE>
<CAPTION>
                                  1999               1998                1997              1996             1995
                             --------------     ---------------    ---------------     -------------     -------------
<S>                          <C>                <C>                <C>                 <C>               <C>
Revenues                     $      119,786     $       127,225    $       499,053     $     504,948     $     367,275
Income (Loss)                $      (17,705)    $      (573,920)   $       101,099     $    (203,766)    $      57,289
Total Assets                 $    1,015,700     $     1,141,892    $     1,902,998     $   2,210,551     $   2,750,377
Cash Distributions           $       59,977     $       240,774    $       409,676     $     338,575     $     390,352
Long Term Obligations        $           --     $            --    $            --     $          --     $          --
Interest Holders' Net
   Income (Loss) Per SDI     $         (.01)    $          (.11)   $           .02     $        (.03)    $        (.02)
Interest Holders' Cash
   Distributions Per SDI     $          .01     $           .05    $           .09     $         .07     $         .08
</TABLE>


Item   7.  Management's  Discussion  and  Analysis of  Financial  Condition  and
       Results of Operations

Liquidation

         During the first quarter of 2000, the Managing  General  Partner mailed
proxy material to the Interest Holders  proposing to sell all the  Partnership's
nonoperating  interests in oil and gas properties and dissolve and liquidate the
Partnership. In March 2000, the Interest Holders of the Partnership approved the
proposal to liquidate the Partnership.  The Managing General Partner anticipates
liquidation will be substantially completed within the next two years.

Liquidity and Capital Resources

      Oil and gas reserves are depleting  assets and therefore often  experience
significant  production  declines each year from the date of acquisition through
the end of the life of the  property.  The primary  source of  liquidity  to the
Partnership comes almost entirely from the income generated from the sale of oil
and gas produced from ownership interests in oil and gas properties. This source
of  liquidity  and  the  related  results  of  operations,   and  in  turn  cash
distributions,  will decline in future  periods as the oil and gas produced from
these properties also declines while  production and general and  administrative
costs remain relatively stable making it unlikely that the Partnership will hold
the properties  until they are fully depleted,  but will likely liquidate when a
substantial  majority of the reserves have been produced.  Cash distributions to
partners  or  Interest  Holders  are  determined  quarterly,  based upon the net
profits interest payment received from the companion operating partnership, less
general  and  administrative  expenses.  The net  profits  interest  payment  is
determined  based upon net proceeds  from sale of oil and gas  production  after
payment of lease operating  expense,  taxes and development  costs. In addition,
future  partnership  cash  requirements  are taken  into  account  to  determine
necessary cash reserves.

      Net cash  provided by (used in)  operating  activities  totaled  $(7,112),
$235,395  and  $403,595  in 1999,  1998 and  1997,  respectively.  Cash  used in
operating  activities  in 1999 is  related  to a  decrease  in  production  from
property sales and a decrease in accounts  payable  related to prior period well
costs.  Cash  provided by proceeds  from the sale of  nonoperating  interests in
properties  totaled  $107,663,  $3,515  and  $76,396  in 1999,  1998  and  1997,
respectively.  Capital  expenditures  in 1999,  1998 and 1997  totaled  $23,769,
$72,182 and  $115,186,  respectively.  Cash  distributions  to partners  totaled
$59,977,  $240,774 and $409,676 in 1999, 1998 and 1997,  respectively.  In 1999,
cash  distributions  were  effected by the use of available  cash to repay prior
well costs,  production  declines from the Partnership's  property sales and low
oil and gas prices received during the first part of this year.

                                      II-2

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


      The  Partnership  has  expended  all  of  the  partners'  net  commitments
available for property  acquisitions and development by acquiring  producing oil
and gas  properties.  The  partnership  invests  primarily  in proved  producing
properties  with nominal  levels of future costs of  development  for proven but
undeveloped reserves.  Significant purchases of additional reserves or extensive
drilling  activity  are not  anticipated.  The  Partnership  does not  allow for
additional  assessments  from the  partners or Interest  Holders to fund capital
requirements. However, funds are available from partnership revenues or proceeds
from the sale of partnership  property. As of December 31, 1999, the Partnership
anticipates  that its net profits  interest will be burdened with  approximately
$96,504, $47,090 and $2,094 over the next three years, respectively,  to develop
and enhance the proved oil and gas reserves related to its nonoperating property
interests.  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

         Income  from  nonoperating  interests  decreased 6 percent in 1999 over
1998.  Oil and gas  sales  declined  $39,181  or 14  percent  in 1999 vs.  1998,
primarily due to decreased oil and gas production.  In 1999,  production volumes
decreased  36  percent as oil and gas  production  declined  33  percent  and 38
percent,  respectively,  when compared to 1998. Production declines were related
to normal depletion and the  Partnership's  property sales. Oil prices increased
63 percent or $6.54/BBL to an average of $16.88/BBL and gas prices  increased 15
percent or $0.29/MCF to an average of $2.24/MCF for 1999.  Increased oil and gas
prices helped offset the effect of decreased production.

         Corresponding  production costs per equivalent MCF increased 21 percent
in 1999 compared to 1998,  and total  production  costs  decreased 22 percent in
1999, due to production declines.

         Total  amortization  expense for 1999  decreased 88 percent or $561,749
when compared to 1998. In 1998, two components, the normal provision, calculated
on the units of production method, and the additional provision, relating to the
ceiling  limitation,  make up total amortization  expense.  Normal  amortization
expense decreased 55 percent or $91,599 in 1999 compared to 1998, related to the
decline in production volumes.

         Income from  nonoperating  interests  decreased 75 percent in 1998 over
1997. Oil and gas sales  decreased 60 percent in 1998 vs. 1997. 1998 oil and gas
prices   decreased  43  percent  or  $7.64/BBL   and  26  percent  or  $.70/MCF,
respectively.  These price  declines  had a  significant  impact on  partnership
performance.  Also,  production volumes decreased 40 percent due to a 44 percent
gas production decrease and a 32 percent oil production decline. The decrease in
gas  production,  due to  accelerated  depletion  on high volume  wells in south
Louisiana  (AMC  -  So.  Louisiana   acquisition)  further  contributed  to  the
partnership's  decreased  revenues.  Oil production  declines were partially the
result of the partnership's sale in late 1997 of several low value properties.

         Total  amortization  expense for 1998 increased 102 percent or $321,814
when compared to 1997. Two components,  the normal provision,  calculated on the
units of  production  method,  and the  additional  provision,  relating  to the
ceiling  limitation,  make up total amortization  expense.  Normal  amortization
expense decreased 43 percent or $123,414 in 1998 when compared to 1997, relating
to the 40 percent decrease in production volumes.

         The  Partnership  recorded an additional  provision in  amortization in
1998 and 1997 of $470,150 and  $24,922,  respectively,  when the present  value,
discounted  at ten percent,  of estimated  future net revenues  from oil and gas
properties,  using the guidelines of the Securities and Exchange Commission, was
below the fair market value for oil and gas properties  resulting in a full cost
ceiling impairment.

         During 2000,  Partnership  revenues and costs are expected to be shared
between the Interest  Holders and general  partners in an 85:15 ratio.  Based on
current oil and gas prices,  anticipated  levels of oil and gas  production  and
expected  cash   distributions   during  2000,  the  Managing   General  Partner
anticipates that the Partnership sharing ratio will continue to be 85:15.

                                      II-3

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


Year 2000

         The Year 2000  issue  resulted  from  computer  programs  and  embedded
computer  chips with date fields which could not  distinguish  between the years
1900 and 2000. The Managing General Partner  implemented steps necessary to make
its  operations  and  the  related  operations  of the  Partnership  capable  of
addressing the Year 2000. These steps included upgrading, testing and certifying
its  computer  systems and field  operation  services  and  obtaining  Year 2000
compliance  certification  from all important business  suppliers.  The Managing
General  Partner  formed a task force during 1998 to address the Year 2000 issue
and prepare its business systems for the Year 2000. The Managing General Partner
either replaced or updated mission critical systems and completed testing before
2000 began.

         The Managing  General  Partner's  business  systems are almost entirely
comprised of off-the-shelf  software.  Most of the necessary changes in computer
instructional  code were made by  upgrading  this  software.  In  addition,  the
Managing General Partner received  certification as to Year 2000 compliance from
vendors or third party consultants.

         The costs  incurred to address the Year 2000 issue with  respect to the
Managing  General  Partners'  business systems did not have a material effect on
the  Partnership's  results  of  operations,  or  its  liquidity  and  financial
condition.  The estimated total cost to the Managing  General Partner to address
Year 2000  issues  was less than  $150,000,  most of which was spent  during the
testing phase. The Partnership's share of this cost was insignificant.

         The most  reasonably  likely  worst  case  scenario  would  have been a
prolonged disruption of external power sources upon which core equipment relies,
resulting in a substantial  decrease in the Partnership's oil and gas production
activities.  In addition,  the pipeline  operators to whom the Managing  General
Partner  sells the  Partnership's  natural gas, as well as other  customers  and
suppliers,  could  have  been  prone to Year  2000  problems  that  could not be
assessed or detected by the Managing General Partner.

         As of the filing of this report,  the Managing  General  Partner is not
aware of any Year 2000 problems either  experienced by it or by parties which it
does business, and does not expect to experience such problems in the future.

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-4

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, 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 10,
2000 regarding the directors and executive officers of Swift.
<TABLE>
<CAPTION>
                                                                                Position(s) with
         Name                              Age                              Swift and Other Companies
         ----                              ---                              -------------------------
                                                                   DIRECTORS
                                                                   ---------
<S>                                        <C>                         <C>
A. Earl Swift                              66                          Chief Executive Officer and
                                                                       Chairman of the Board

Virgil N. Swift                            71                          Executive Vice President - Business
                                                                       Development, Vice Chairman of the Board

G. Robert Evans                            68                          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                            75                          Director of Swift; President, R. O. Loen
                                                                       Company

Henry C. Montgomery                        64                          Director of Swift; Chairman of the Board,
                                                                       Montgomery Financial Services Corporation;
                                                                       Director, Southwall Technology Corporation

Clyde W. Smith, Jr.                        51                          Director of Swift; President, Somerset
                                                                       Properties, Inc.

Harold J. Withrow                          72                          Director of Swift

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

Terry E. Swift                             44                          President

Joe A. D'Amico                             51                          Chief Operating Officer

John R. Alden                              54                          Senior Vice President - Finance,
                                                                       Chief Financial Officer and Secretary

Bruce H. Vincent                           52                          Senior Vice President - Funds Management

James M. Kitterman                         55                          Senior Vice President - Operations

Alton D. Heckaman, Jr.                     42                          Vice President - Finance and Controller
</TABLE>

                                     III-1

<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-C, 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  were 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  Interest  Holder  is  known  to the  Partnership  to be the
beneficial owner of more than five percent of the Partnership's SDIs.

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

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

Certain Transactions with General Partners

         1.  As  described  in  Item  1,  "Business,"  above,  during  1993  the
Partnership  entered into an NP/OR  Agreement  with the  Operating  Partnership,
which is also managed by Swift and VJM.  Pursuant to such NP/OR  Agreement,  the
Operating Partnership acquired the oil and gas properties described under Item 2
above and conveyed nonoperating interests therein to the Partnership.

         2.  Swift  acts  as  operator  for  many  of the  wells  in  which  the
Partnership has  nonoperating  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.


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


                                     PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K
<TABLE>
<CAPTION>
      a(1)     FINANCIAL STATEMENTS                                                PAGE NO.
               --------------------                                                --------
               <S>                                                                   <C>
               Report of Independent Public Accountants                              IV-2

               Balance Sheets as of December 31, 1999 and 1998                       IV-3

               Statements of Operations for the years ended
                  December 31, 1999, 1998 and 1997                                   IV-4

               Statements of Partners' Capital for the years ended
                  December 31, 1999, 1998 and 1997                                   IV-5

               Statements of Cash Flows for the years ended
                  December 31, 1999, 1998 and 1997                                   IV-6

               Notes to Financial Statements                                         IV-7
</TABLE>

       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    Limited  Partnership  Agreement  of Swift  Energy  Pension
                      Partners  1993-C,  Ltd.,  dated September 30, 1993.  (Form
                      10-K for year ended December 31, 1993, Exhibit 3.1).

               3.2    Certificate of Limited Partnership of Swift Energy Pension
                      Partners  1993-C,  Ltd., as filed September 30, 1993, with
                      the Texas  Secretary  of State.  (Form 10-K for year ended
                      December 31, 1993, Exhibit 3.2).

               10.1   Net  Profits and  Overriding  Royalty  Interest  Agreement
                      between Swift Energy  Pension  Partners  1993-C,  Ltd. and
                      Swift Energy Income Partners 1993-C,  Ltd. dated September
                      30,  1993.  (Form 10-K for year ended  December  31, 1993,
                      Exhibit 10.1).

               99.1   A copy of the following section of the Prospectus dated
                      April 1, 1993, contained in Post-Effective Amendment No. 4
                      to  Registration  Statement  No.  33-37983 on Form S-1 for
                      Swift Energy Depositary  Interests I, as filed on April 1,
                      1993,  which have been  incorporated  herein by reference:
                      "Proposed  Activities"  (pp  25 - 35)  and  "Conflicts  of
                      Interests"  (pp  92 -  96).  (Form  10-K  for  year  ended
                      December 31, 1993, Exhibit 99.1).

       b(1)    REPORTS ON FORM 8-K

               No reports on Form 8-K have been filed  during the quarter  ended
December 31, 1999.

Supplemental  Information to be Furnished with Reports Filed Pursuant to Section
15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to
Section 12 of the Act.

         No annual report to security  holders covering the  Partnership's  1999
fiscal year has been sent to Interest Holders of the Partnership.

                                      IV-1

<PAGE>



                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To Swift Energy Pension Partners 1993-C, Ltd.:

         We have audited the accompanying balance sheets of Swift Energy Pension
Partners 1993-C, Ltd., (a Texas limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners' capital and cash flows
for the years ended December 31, 1999, 1998 and 1997. These financial statements
are  the  responsibility  of the  Managing  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 auditing standards generally
accepted in the United States.  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 Pension
Partners 1993-C,  Ltd., as of December 31, 1999 and 1998, and the results of its
operations  and its cash flows for the years ended  December 31, 1999,  1998 and
1997, in conformity with accounting  principles generally accepted in the United
States.

                                               ARTHUR ANDERSEN LLP




Houston, Texas
February 9, 2000


                                      IV-2

<PAGE>



                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                                 BALANCE SHEETS
                           DECEMBER 31, 1999 AND 1998


<TABLE>
<CAPTION>
                                                                      1999                  1998
                                                                  --------------        --------------

      ASSETS:
      <S>                                                         <C>                   <C>
      Current Assets:
           Cash and cash equivalents                              $       18,088        $        1,283
           Nonoperating interests income receivable                       49,733                33,784
                                                                  --------------        --------------
                Total Current Assets                                      67,821                35,067
                                                                  --------------        --------------

      Nonoperating interests in oil and gas
           properties, using full cost accounting                      4,088,913             4,172,807
      Less-Accumulated amortization                                   (3,141,034)           (3,065,982)
                                                                  --------------        --------------
                                                                         947,879             1,106,825
                                                                  --------------        --------------
                                                                  $    1,015,700        $    1,141,892
                                                                  ==============        ==============


      LIABILITIES AND PARTNERS' CAPITAL:

      Current Liabilities:
           Accounts Payable                                       $       14,938        $       63,448
                                                                  --------------        --------------


      Interest Holders' Capital (4,115,977 Interest Holders'
                                   SDIs;  $1.00 per SDI)                 995,955             1,073,389
      General Partners' Capital                                            4,807                 5,055
                                                                  --------------        --------------
                Total Partners' Capital                                1,000,762             1,078,444
                                                                  --------------        --------------
                                                                  $    1,015,700        $    1,141,892
                                                                  ==============        ==============
</TABLE>




                 See accompanying notes to financial statements.

                                      IV-3

<PAGE>



                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


<TABLE>
<CAPTION>
                                                          1999               1998               1997
                                                     ---------------    ---------------    ---------------
      REVENUES:
           <S>                                       <C>                <C>                <C>
           Income from nonoperating interests        $       119,021    $       126,325    $       496,916
           Interest income                                       765                900              2,137
                                                     ---------------    ---------------    ---------------

                                                             119,786            127,225            499,053
                                                     ---------------    ---------------    ---------------


      COSTS AND EXPENSES:
           Amortization -
                Normal                                        75,052            166,651            290,065
                Additional                                        --            470,150             24,922
           General and administrative                         62,439             64,344             82,967
                                                     ---------------    ---------------    ---------------
                                                             137,491            701,145            397,954
                                                     ---------------    ---------------    ---------------
      NET INCOME (LOSS)                              $       (17,705)   $      (573,920)   $       101,099
                                                     ===============    ===============    ===============
</TABLE>





                 See accompanying notes to financial statements.

                                      IV-4

<PAGE>



                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                         STATEMENTS OF PARTNERS' CAPITAL
              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

<TABLE>
<CAPTION>
                                      Interest           General           Combining
                                       Holders           Partners          Adjustment           Total
                                   ---------------    ---------------    ---------------    ---------------
     <S>                           <C>                <C>                <C>                <C>
     Balance,
          December 31, 1996        $     1,901,280    $        18,436    $       281,999    $     2,201,715

     Income (Loss)                          63,986             59,653            (22,540)           101,099

     Cash Distributions                   (349,900)           (59,776)                --           (409,676)
                                   ---------------    ---------------    ---------------    ---------------

     Balance,
          December 31, 1997              1,615,366             18,313            259,459          1,893,138
                                   ---------------    ---------------    ---------------    ---------------

     Income (Loss)                        (456,052)             7,316           (125,184)          (573,920)

     Cash Distributions                   (220,200)           (20,574)                --           (240,774)
                                   ---------------    ---------------    ---------------    ---------------

     Balance,
          December 31, 1998                939,114              5,055            134,275          1,078,444
                                   ---------------    ---------------    ---------------    ---------------

     Income (Loss)                         (25,784)             6,329              1,750            (17,705)

     Cash Distributions                    (53,400)            (6,577)                --            (59,977)
                                   ---------------    ---------------    ---------------    ---------------

     Balance,
          December 31, 1999        $       859,930    $         4,807    $       136,025    $     1,000,762
                                   ===============    ===============    ===============    ===============


     Interest Holders' net income (loss)
          per SDI

          1997                     $          0.02
                                   ===============

          1998                     $         (0.11)
                                   ===============

          1999                     $         (0.01)
                                   ===============
</TABLE>



                 See accompanying notes to financial statements.

                                      IV-5

<PAGE>



                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


<TABLE>
<CAPTION>
                                                                                   1999              1998             1997
                                                                               -------------     -------------    -------------

CASH FLOWS FROM OPERATING ACTIVITIES:
     <S>                                                                       <C>               <C>              <C>
     Income (loss)                                                             $     (17,705)    $    (573,920)   $     101,099
     Adjustments to reconcile income (loss) to
          net cash provided by operations:
          Amortization                                                                75,052           636,801          314,987
          Change in assets and liabilities:
               (Increase) decrease in nonoperating interests income receivable       (15,949)          118,926          (13,515)
               Increase (decrease) in accounts payable                               (48,510)           53,588            1,024
                                                                               -------------     -------------    -------------
          Net cash provided by (used in) operating activities                         (7,112)          235,395          403,595
                                                                               -------------     -------------    -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to nonoperating interests in oil and gas properties                   (23,769)          (72,182)        (115,186)
     Proceeds from sales of nonoperating interests in oil and gas properties         107,663             3,515           76,396
                                                                               -------------     -------------    -------------
          Net cash provided by (used in) investing activities                         83,894           (68,667)         (38,790)
                                                                               -------------     -------------    -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Cash distributions to partners                                                  (59,977)         (240,774)        (409,676)
                                                                               -------------     -------------    -------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                  16,805           (74,046)         (44,871)
                                                                               -------------     -------------    -------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                         1,283            75,329          120,200
                                                                               -------------     -------------    -------------
CASH AND CASH EQUIVALENTS AT END OF YEAR                                       $      18,088     $       1,283    $      75,329
                                                                               =============     =============    =============
</TABLE>


                 See accompanying notes to financial statements.

                                      IV-6

<PAGE>



                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                          NOTES TO FINANCIAL STATEMENTS

(1) Organization and Terms of Partnership Agreement -

         Swift Energy Pension Partners 1993-C, Ltd., a Texas limited partnership
("the  Partnership"),  was formed on  September  30,  1993,  for the  purpose of
purchasing  net  profits  interest,  overriding  royalty  interests  and royalty
interests  (collectively,  "nonoperating  interests")  in producing  oil and gas
properties within the continental United States and Canada. Swift Energy Company
("Swift"),  a Texas  corporation,  and VJM  Corporation  ("VJM"),  a  California
corporation,  serve as Managing  General  Partner and Special General Partner of
the  Partnership,  respectively.  The sole limited partner of the Partnership is
Swift Depositary  Company,  which has assigned all of its beneficial (but not of
record)  rights  and  interests  as  limited  partner  to the  investors  in the
Partnership  ("Interest  Holders"),  in the form of Swift  Depositary  Interests
("SDIs").

         The  Managing  General  Partner  has  paid or  will  pay out of its own
corporate funds (as a capital contribution to the Partnership)  $535,077,  which
includes  all  selling  commissions,  offering  expenses,  printing,  legal  and
accounting  fees and other  formation  costs  incurred  in  connection  with the
offering of SDIs and the  formation of the  Partnership,  for which the Managing
General Partner will receive an interest in continuing costs and revenues of the
Partnership.  The 385  Interest  Holders  made total  capital  contributions  of
$4,115,977.

         Generally,  all continuing costs (including  general and administrative
reimbursements and direct expenses) and revenues are allocated 85 percent to the
Interest  Holders  and 15 percent to the  general  partners.  After  partnership
payout, as defined in the Partnership  Agreement,  continuing costs and revenues
will be shared 75 percent by the Interest Holders, and 25 percent by the general
partners. Payout had not occurred as of December 31, 1999.

         During the first quarter of 2000, the Managing  General  Partner mailed
proxy material to the Interest Holders  proposing to sell all the  Partnership's
nonoperating  interests in oil and gas properties and dissolve and liquidate the
Partnership. In March 2000, the Interest Holders of the Partnership approved the
proposal to liquidate the Partnership.  The Managing General Partner anticipates
liquidation will be substantially completed within the next two years.

(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 Revenues --

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

Nonoperating Interests in Oil and Gas Properties --

         The  Partnership  accounts  for its  ownership  interest in oil and gas
properties   using  the   proportionate   consolidation   method,   whereby  the
Partnership's share of assets, liabilities, revenues and expenses is included in
the appropriate classification in the financial statements.

         For  financial   reporting   purposes,   the  Partnership  follows  the
"full-cost"  method of  accounting  for  nonoperating  interests  in oil and gas
property  costs.  Under this  method of  accounting,  all costs  incurred in the
acquisition of nonoperating interests in oil and gas properties are capitalized.
The  unamortized  cost of  nonoperating  interests in oil and gas  properties is
limited to the "ceiling limitation", (calculated separately for the partnership,
limited partner,  and general partners).  The "ceiling limitation" is calculated
on a quarterly  basis and  represents  the  estimated  future net revenues  from
nonoperating interests in proved properties using current prices,  discounted at
ten percent.  Proceeds from the sale or disposition of nonoperating interests in
oil  and  gas  properties  are  treated  as a  reduction  of  the  cost  of  the
nonoperating  interests with no gains or losses recognized except in significant
transactions.

                                      IV-7

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


         The Partnership computes the provision for amortization of nonoperating
interests in oil and gas  properties on the  units-of-production  method.  Under
this method,  the provision is calculated by multiplying  the total  unamortized
cost of  nonoperating  interests  in oil and gas  properties  by an overall rate
determined  by dividing  the physical  units of oil and gas produced  during the
period by the total estimated units of proved oil and gas reserves  attributable
to the Partnership's nonoperating interests at the beginning of the period.

         The  calculation  of the "ceiling  limitation"  and the  provision  for
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.

Cash and Cash Equivalents --

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

Reclassifications --

         Certain  reclassifications have been made to the prior year balances to
conform with the current year presentation.

(3) Acquisition of Nonoperating Interests in Oil and Gas Property Costs -

         Effective  September  30,  1993,  the  Partnership  entered  into a Net
Profits and Overriding  Royalty  Interests  Agreement  ("NP/OR  Agreement") with
Swift Energy Operating Partners 1993-C, Ltd. ("Operating Partnership"),  managed
by Swift,  for the  purpose of  acquiring  interests  in  producing  oil and gas
properties.  Under the terms of the NP/OR  Agreement,  the  Partnership has been
conveyed a nonoperating interest in the aggregate net profits (i.e., oil and gas
sales net of related  operating  costs) of the properties  acquired equal to its
proportionate  share of the property  acquisition  costs,  as defined.  Property
acquisition costs are amounts actually paid by the Operating Partnership for the
properties  plus costs  incurred by the Operating  Partnership  in acquiring the
properties  and costs  related to screening and  evaluation  of  properties  not
acquired.  In  1999,  1998  and  1997,  the  Partnership  acquired  nonoperating
interests in producing oil and gas properties for $23,769, $72,182 and $115,186,
respectively.

         During  1998  and  1997,  the  Partnership's  unamortized  oil  and gas
property costs exceeded the quarterly  calculations of the "ceiling  limitation"
resulting in an additional  provision for  amortization of $470,150 and $24,922,
respectively.  In addition,  the Interest  Holders' share of unamortized oil and
gas property costs exceeded their "ceiling  limitation" in 1998,  resulting in a
valuation allowance of $340,706. These amounts are included in the income (loss)
attributable to the Interest Holders shown in the statement of partners' capital
together with a "combining  adjustment" for the difference  between the Interest
Holders' valuation allowance and the Partnership's full cost ceiling write down.
The  "combining   adjustment"  changes  quarterly  as  the  Partnership's  total
amortization  provision  is more or less than  combined  amortization  provision
attributable to the general partners and Interest Holders.

(4) Related Party Transactions -

         During 1999, 1998 and 1997, the Partnership paid Swift $33,870, $51,282
and $61,740, respectively, as a general and administrative overhead allowance.

         During  1999,  1998  and  1997,  the  Partnership  also  paid  Swift an
incentive amount, as defined in the Partnership Agreement, for services rendered
to the Partnership. Such amounts totaled $2,546 in 1999, $731 in 1998 and $5,772
in 1997 and are included in general and administrative expenses.

(5) Federal Income Taxes -

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

                                      IV-8

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, 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  royalty  income for federal  income tax  purposes  is  ultimately
changed by the taxing  authorities,  the tax  liability of the Interest  Holders
could be changed  accordingly.  Royalty  income  reported  on the  Partnership's
federal  return of income for the years ended  December 31, 1999,  1998 and 1997
was $74,517, $5,917 and $308,518,  respectively.  The difference between royalty
income for federal income tax purposes reported by the Partnership and income or
loss from  nonoperating  interests  reported herein  primarily  results from the
exclusion of amortization  (as described below) from ordinary income reported in
the Partnership's federal return of income.

         For  federal  income  tax  purposes,   amortization   with  respect  to
nonoperating interests in oil and gas is computed separately by the partners and
not by the  Partnership.  Since  the  amount  of  amortization  on  nonoperating
interests in oil and gas is not computed at the Partnership level,  amortization
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 nonoperating interests in oil and gas properties,  and thus is treated as
a separate item on the partners'  Schedule K-1.  Amortization for federal income
tax purposes may vary from that  computed for  financial  reporting  purposes in
cases where a ceiling  adjustment is recorded,  as such amount is not recognized
for tax purposes.

(6) Vulnerability Due to Certain Concentrations -

         The Partnership's revenues are primarily the result of sales of its oil
and natural gas  production.  Market prices of oil and natural gas may fluctuate
and adversely affect operating results.

         In the normal  course of  business,  the  Partnership  extends  credit,
primarily  in the form of  monthly  oil and gas sales  receivables,  to  various
companies in the oil and gas industry which results in a concentration of credit
risk. This  concentration  of credit risk may be affected by changes in economic
or other conditions and may accordingly impact the Partnership's  overall credit
risk. However,  the Managing General Partner believes that the risk is mitigated
by the size,  reputation,  and nature of the companies to which the  Partnership
extends  credit.  In  addition,  the  Partnership  generally  does  not  require
collateral or other security to support customer receivables.

(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.

                                      IV-9

<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-C, 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 PENSION
                                                   PARTNERS 1993-C, LTD.
                                                   (Registrant)

                                          By:      SWIFT ENERGY COMPANY
                                                    General Partner

Date:      March 10, 2000                 By:      s/b A. Earl Swift
         -----------------                         ----------------------------
                                                   A. Earl Swift
                                                   Chief Executive Officer

Date:      March 10, 2000                 By:      s/b John R. Alden
         -----------------                         ----------------------------
                                                   John R. Alden
                                                   Principal Financial Officer

Date:      March 10, 2000                 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 PENSION
                                                   PARTNERS 1993-C, LTD.
                                                   (Registrant)

                                          By:      SWIFT ENERGY COMPANY
                                                    General Partner

Date:      March 10, 2000                 By:      s/b A. Earl Swift
         -----------------                         ----------------------------
                                                   A. Earl Swift
                                                   Director and Principal
                                                   Executive Officer

Date:      March 10, 2000                 By:      s/b Virgil N. Swift
         -----------------                         ----------------------------
                                                   Virgil N. Swift
                                                   Director and Executive
                                                   Vice President - Business
                                                   Development

                                      V-1

<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-C, LTD.


                                   SIGNATURES




Date:      March 10, 2000                 By:      s/b G. Robert Evans
         -----------------                         ----------------------------
                                                   G. Robert Evans
                                                   Director

Date:      March 10, 2000                 By:      s/b Raymond O. Loen
         -----------------                         ----------------------------
                                                   Raymond O. Loen
                                                   Director

Date:      March 10, 2000                 By:      s/b Henry C. Montgomery
         -----------------                         ----------------------------
                                                   Henry C. Montgomery
                                                   Director

Date:      March 10, 2000                 By:      s/b Clyde W. Smith, Jr.
         -----------------                         ----------------------------
                                                   Clyde W. Smith, Jr.
                                                   Director

Date:      March 10, 2000                 By:      s/b Harold J. Withrow
         -----------------                         ----------------------------
                                                   Harold J. Withrow
                                                   Director

                                      V-2