November 3, 1999
RE: Swift Energy Pension Partners 1994-B, Ltd.
Dear Interest Holder:
Recently, your Partnership, Swift Energy Pension Partners 1994-B, Ltd.,
sold its most significant property, its interests in the Rancho Viejo Field
located in Webb County, Texas. This sale followed successful negotiations
between Swift Energy Company, as Managing General Partner for the Partnership,
and the operator of the property, EEX Operating, L.P. These negotiations were
initiated by EEX after EEX submitted an extensive work plan for the field
requiring substantial expenditures, which your Partnership was unable to fund.
Swift also sold all of its corporate and general partner interest, and the
entire interest held by other partnerships in the property. The enclosed check
represents your portion of the net proceeds from this property sale.
As you may recall, during 1998 Swift Energy Company, as Managing
General Partner, embarked on a liquidation strategy for most of its
partnerships. However, due to a drastic change in market conditions during 1998
while the transaction was under regulatory review, this liquidation plan was
terminated. The issues facing the partnerships leading to the 1998 liquidation
proposal still exist and in your Partnership have been heightened by the sale of
the Rancho Viejo property.
Oil and gas prices have rebounded during 1999 to levels that again have
led the Managing General Partner to initiate another liquidation proposal for a
number of its partnerships. On September 13, 1999, Swift filed preliminary proxy
statements with the Securities and Exchange Commission for five partnerships,
including this Partnership. These proxy statements set forth a proposal to sell
the assets and dissolve each of the partnerships. Swift is awaiting the SEC's
review and comments in order to finalize these proxy statements, which will
fully discuss the proposal, before mailing the proxy statements to or discussing
the proposal with investors.
In the interim, if you have any questions concerning other matters,
please contact the Investor Relations Department at (800) 777-2750 or (281)
874-2750.
Sincerely,
/s/ Bruce H. Vincent
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Senior Vice President
