<PAGE>

                               AMENDMENT NO. 1 TO
                                    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, 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: 0-21610


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                           <C>
                  Texas                                   76-6078395
(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 OPERATING PARTNERS 1992-B, LTD.

                                      INDEX



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

            Balance Sheets

                - September 30, 1999 and December 31, 1998                                    3

            Statements of Operations

                - Three month and nine month periods ended September 30, 1999 and 1998        4

            Statements of Cash Flows

                - Nine month periods ended September 30, 1999 and 1998                        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 OPERATING PARTNERS 1992-B, LTD.
                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                                September 30,          December 31,
                                                                                    1999                  1998
                                                                               ---------------       ---------------
                                                                                (Unaudited)
<S>                                                                          <C>                   <C>
ASSETS:

Current Assets:
     Cash and cash equivalents                                               $        266,535      $        211,622
     Oil and gas sales receivable                                                     330,034               307,405
     Receivable due to property disposition                                                --               136,838
     Other                                                                             23,699                17,653
                                                                               ---------------       ---------------
          Total Current Assets                                                        620,268               673,518
                                                                               ---------------       ---------------

Gas Imbalance Receivable                                                              312,851               351,495
                                                                               ---------------       ---------------

Oil and Gas Properties, using full cost
     accounting                                                                     9,084,145             9,064,596
Less-Accumulated depreciation, depletion
     and amortization                                                              (7,755,253)           (7,612,087)
                                                                               ---------------       ---------------
                                                                                    1,328,892             1,452,509
                                                                               ===============       ===============
                                                                             $      2,262,011      $      2,477,522
                                                                               ===============       ===============


LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts Payable                                                        $         88,010      $        117,240
                                                                               ---------------       ---------------

Deferred Revenues                                                                     372,644               401,888

Interest Holders' Capital (8,631,378 Interest Holders'
                          SDIs; $1.00 per SDI)                                      1,757,283             1,919,030

General Partners' Capital                                                              44,074                39,364
                                                                               ---------------       ---------------
          Total Partners' Capital                                                   1,801,357             1,958,394
                                                                               ===============       ===============
                                                                             $      2,262,011      $      2,477,522
                                                                               ===============       ===============
</TABLE>


                See accompanying notes to financial statements.

                                        3


<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                    Three Months Ended                       Nine Months Ended
                                                      September 30,                            September 30,
                                             ---------------------------------        ---------------------------------
                                                 1999               1998                  1999               1998
                                             --------------     --------------        --------------     --------------
<S>                                       <C>                 <C>                  <C>                <C>
REVENUES:
     Oil and gas sales                    $        205,934    $       182,959      $        480,375   $        609,958
     Interest income                                 4,293              4,670                12,382             12,619
     Other                                              --                 --                    --              3,354
                                             --------------     --------------        --------------     --------------
                                                   210,227            187,629               492,757            625,931
                                             --------------     --------------        --------------     --------------


COSTS AND EXPENSES:
     Lease operating                                65,904             68,052               191,101            229,746
     Production taxes                               12,701             11,724                30,247             37,116
     Depreciation, depletion
          and amortization                          50,057             73,827               143,166            235,794
     General and administrative                     29,450             28,902               107,071            102,953
                                             --------------     --------------        --------------     --------------
                                                   158,112            182,505               471,585            605,609
                                             ==============     ==============        ==============     ==============
NET INCOME (LOSS)                         $         52,115    $         5,124      $         21,172   $         20,322
                                             ==============     ==============        ==============     ==============



Limited Partners' net income (loss)
     per SDI                              $             --    $            --      $             --   $             --
                                             ==============     ==============        ==============     ==============
</TABLE>


                 See accompanying notes to financial statements.

                                        4


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                            Nine Months Ended
                                                                                              September 30,
                                                                                   -------------------------------------
                                                                                        1999                  1998
                                                                                   ---------------       ---------------
<S>                                                                              <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Income (loss)                                                               $         21,172      $         20,322
     Adjustments to reconcile income (loss) to
          net cash provided by operations:
          Depreciation, depletion and amortization                                        143,166               235,794
          Change in gas imbalance receivable
               and deferred revenues                                                        9,400               (18,058)
          Change in assets and liabilities:
               (Increase) decrease in oil and gas sales receivable                        (22,629)              121,779

               (Increase) decrease in other current assets                                 (6,046)               (7,417)
               Increase (decrease) in accounts payable                                    (29,230)              (17,426)
                                                                                   ---------------       ---------------
          Net cash provided by (used in) operating activities                             115,833               334,994
                                                                                   ---------------       ---------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to oil and gas properties                                                  (19,715)              (47,819)
     Proceeds from sales of oil and gas properties                                        137,004               254,264
                                                                                   ---------------       ---------------
          Net cash provided by (used in) investing activities                             117,289               206,445
                                                                                   ---------------       ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Cash Distributions to partners                                                      (178,209)             (577,427)
                                                                                   ---------------       ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                       54,913               (35,988)
                                                                                   ---------------       ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                          211,622               255,689
                                                                                   ===============       ===============
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                       $        266,535      $        219,701
                                                                                   ===============       ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        5


<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-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,  1998  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 Operating Partners 1992-B,  Ltd., a Texas limited
        partnership  ("the  Partnership"),  was formed on June 30, 1992, for the
        purpose of  purchasing  and operating  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 interest
        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) 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 585 Interest Holders made total capital
        contributions of $8,631,378.

                  Generally,  all continuing costs (including development costs,
        operating costs,  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.

(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.

      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.

      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 statement.

                                       6

<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


                  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, 1999 and 1998.

                  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 -

                  Effective  June 30, 1992, the  Partnership  entered into a Net
        Profits and Overriding  Royalty Interest  Agreement ("NP/OR  Agreement")
        with Swift Energy Pension Partners 1992-B, Ltd. ("Pension Partnership"),
        an affiliated  partnership managed by Swift for the purpose of acquiring
        nonoperating  interests in producing oil and gas  properties.  Under the
        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 the Pension  Partnership's  proportionate share of the
        property acquisition costs.

(5)  Gas Imbalances -

                  The Partnership  recognizes its ownership  interest in natural
        gas  production as revenue.  Actual  production  quantities  sold may be
        different than the  Partnership's  ownership share in a given period. If
        the  Partnership's  sales exceed its ownership share of production,  the
        differences are recorded as deferred revenue. Gas balancing  receivables
        are  recorded  when the  Partnership's  ownership  share  of  production
        exceeds sales.

(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.

                                        7

<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)

                  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.

(8)  Year 2000 -

                  The  Year  2000  issue  results  from  computer  programs  and
        embedded computer chips with date fields that cannot distinguish between
        the years 1900 and 2000. The Managing  General  Partner has  implemented
        the 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 has either replaced or updated mission  critical systems
        and has  substantially  completed  testing  and will  continue  remedial
        actions as needed.

                  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  has  received
        certification  as to Year 2000  compliance  from  vendors or third party
        consultants.

                  The  Managing  General  Partner  does not  believe  that costs
        incurred  to address  the Year 2000 issue with  respect to its  business
        systems  will 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
        is  projected to be less than  $150,000,  most of which was spent during
        the testing phase. The  Partnership's  share of this cost is expected to
        be insignificant.

                  The  failure  to correct a material  Year 2000  problem  could
        result  in an  interruption,  or  failure  of  certain  normal  business
        activities or  operations.  Based on  activities  to date,  the Managing
        General  Partner  believes  that it has resolved any Year 2000  problems
        concerning   its   financial   and   administrative   systems.   It   is
        undeterminable  how all the  aspects  of the Year 2000 will  impact  the
        Partnership.  The most  reasonably  likely  worst  case  scenario  would
        involve 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 be prone to Year  2000  problems  that  could not be  assessed  or
        detected by the Managing General  Partner.  The Managing General Partner
        has  contacted its major  purchasers,  customers,  suppliers,  financial
        institutions  and others  with whom it conducts  business  to  determine
        whether  they will be able to resolve  in a timely  manner any Year 2000
        problems directly  affecting the Managing General Partner or Partnership
        and to inform them of the Managing General Partner's internal assessment
        of its Year 2000  review.  There  can be no  assurance  that such  third
        parties will not fail to appropriately address their Year 2000 issues or
        will not  themselves  suffer a Year 2000  disruption  that  could have a
        material  adverse  effect  on the  Partnership's  activities,  financial
        condition  or  operating  results.  Based upon these  responses  and any
        problems  that  arise,  contingency  plans or back-up  systems  would be
        determined and addressed.

                                       8

<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-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 and Canada. 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 Interest Holder  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 or Interest Holders 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

      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 net proceeds
from sale of oil and gas production  after payment of lease  operating  expense,
taxes and  development  costs,  less  general and  administrative  expenses.  In
addition,  future  partnership  cash  requirements  are taken  into  account  to
determine necessary cash reserves.


      Net cash provided by operating  activities  totaled  $115,833 and $334,994
for the nine  months  ended  September  30,  1999 and  1998,  respectively.  The
decrease in cash provided by operating  activities in 1999 is related to changes
in oil and gas sales  receivable  and declines in the  Partnership's  production
from property  sales in 1998.  Cash  provided by property sale proceeds  totaled
$137,004 and $254,264  for the nine months  ended  September  30, 1999 and 1998,
respectively.  Cash  distributions  totaled  $178,209  and $577,427 for the nine
months  ended  September  30,  1999  and  1998,  respectively.   In  1999,  cash
distributions  were  effected  by  production  declines  from the  Partnership's
property sales in 1998 and low oil and gas prices received during the first part
of this year.

      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, 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, 1999  (current  quarter) when
compared to the quarter ended September 30, 1998  (corresponding  quarter),  and
for the nine months ended September 30, 1999 (current period),  when compared to
the nine months ended September 30, 1998 (corresponding period).


                                       9

<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


Three Months Ended September 30, 1999 and 1998

      Oil and gas sales increased  $22,974 or 13 percent in the third quarter of
1999 when  compared  to the  corresponding  quarter  in 1998,  primarily  due to
increased oil and gas prices.  Oil prices increased 147 percent or $10.92/BBL to
an average of $18.36/BBL  and gas prices  increased 33 percent or $.64/MCF to an
average of $2.61/MCF for the quarter. Increased oil and gas prices helped offset
the effect of decreased production. Current quarter production volumes decreased
23  percent  as oil and gas  production  declined  22  percent  and 23  percent,
respectively, when compared to third quarter 1998 production volumes. Production
declines are related to normal  depletion  and  partially  to the  Partnership's
property sales in 1998.

      Corresponding  production costs per equivalent MCF increased 27 percent in
the  third  quarter  of 1999  compared  to the third  quarter  of 1998 and total
production remained flat.

      Associated  depreciation  expense  decreased 32 percent or $23,770 in 1999
compared to third quarter 1998.

Nine Months Ended September 30, 1999 and 1998

      Oil and gas sales declined $129,583 or 21 percent in the first nine months
of 1999 when  compared to the  corresponding  period in 1998,  primarily  due to
decreased oil and gas production. Current period production volumes decreased 35
percent  as  oil  and  gas  production  declined  35  percent  and  34  percent,
respectively,  when compared to the same period in 1998. Production declines are
related to normal depletion and partially to the Partnership's property sales in
1998.  Oil prices  increased 63 percent or $5.53/BBL to an average of $14.38/BBL
and gas prices  increased 7 percent or $.15/MCF to an average of  $2.21/MCF  for
the current  period.  Increased  oil and gas prices  helped offset the effect of
decreased production.

      Corresponding  production costs per equivalent MCF increased 27 percent in
the first nine months of 1999 compared to the  corresponding  period in 1998 and
total production costs decreased 17 percent.

      Associated  depreciation  expense  decreased 39 percent or $92,628 in 1999
compared to the first nine months of 1998.

      During 1999,  partnership  revenues  and costs will be shared  between the
Interest Holders and general partners in an 85:15 ratio.

                                       10


<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-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 Amendment No. 1 to Form 10-Q of
Swift Energy Operating Partners 1992-B, Ltd. for the third quarter of 1999 to be
signed on its behalf by the undersigned thereunto duly authorized.


                                        SWIFT ENERGY OPERATING
                                        PARTNERS 1992-B, LTD.
                                        (Registrant)

                             By:        SWIFT ENERGY COMPANY
                                        Managing General Partner


Date:  January 20, 2000      By:        /s/ John R. Alden
       ----------------                 ----------------------------------------
                                        John R. Alden
                                        Senior Vice President, Secretary
                                        and Principal Financial Officer

Date:  January 20, 2000      By:        /s/ Alton D. Heckaman, Jr.
       ----------------                 ----------------------------------------
                                        Alton D. Heckaman, Jr.
                                        Vice President, Controller
                                        and Principal Accounting Officer

                                       12