<PAGE>


                         AMENDMENT #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, 1996

                                       OR

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

                For the transition period from _____________    to _____________

                       Commission File number 33-11773-01


                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                                             <C>       
                  Texas                                                                     76-0226425
(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)

                                  (713)874-2700
              (Registrant's telephone number, including area code)

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


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

Yes  X      No
   ----       ----

<PAGE>


                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                        September 30,        December 31,
                                                                                            1996                 1995
                                                                                       ---------------      ---------------
                                                                                         (Unaudited)
         <S>                                                                           <C>                  <C>           
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $        3,222       $        1,039
              Oil and gas sales receivable                                                    365,993              460,307
              Other                                                                             7,886                   --
                                                                                       ---------------      ---------------
                   Total Current Assets                                                       377,101              461,346
                                                                                       ---------------      ---------------

         Gas Imbalance Receivable                                                                  --                5,085
                                                                                       ---------------      ---------------

         Oil and Gas Properties, using full cost
              accounting                                                                   24,727,166           25,068,651
         Less-Accumulated depreciation, depletion
              and amortization                                                            (20,237,798)         (19,807,484)
                                                                                       ---------------      ---------------
                                                                                            4,489,368            5,261,167
                                                                                       ---------------      ---------------
                                                                                       $    4,866,469       $    5,727,598
                                                                                       ===============      ===============

         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts payable and accrued liabilities                                 $       46,050       $      832,159
              Current portion of note payable                                                      --               42,669
                                                                                       ---------------      ---------------
                   Total Current Liabilities                                                   46,050              874,828
                                                                                       ---------------      ---------------

         Deferred Revenues                                                                    219,142              248,292

         Partners' Capital                                                                  4,601,277            4,604,478
                                                                                       ---------------      ---------------

                                                                                       $    4,866,469       $    5,727,598
                                                                                       ===============      ===============
</TABLE>



                 See accompanying notes to financia statements.

                                        3


<PAGE>



                                   SIGNATURES



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


                                                SWIFT ENERGY INCOME
                                                PARTNERS 1987-B, LTD.
                                                (Registrant)

                                     By:        SWIFT ENERGY COMPANY
                                                Managing General Partner


Date:  November 14, 1996             By:        /s/ John R. Alden
       -----------------                        --------------------------------
                                                John R. Alden
                                                Senior Vice President, Secretary
                                                and Principal Financial Officer

Date:  November 14, 1996             By:        /s/ Alton D. Heckaman, Jr.
       -----------------                        --------------------------------
                                                Alton D. Heckaman, Jr.
                                                Vice President, Controller
                                                and Principal Accounting Officer

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