(1)
|
Names of Reporting Persons
|
Southwest Royalties, Inc.
|
(2)
|
Check the Appropriate Box
|
(a)
|
if a Member of a Group
|
(b) x
|
|
(3)
|
SEC Use Only
|
|
(4)
|
Source of Funds
|
WC
|
(5)
|
Check if Disclosure of Legal
|
|
Proceedings is Required
|
||
Pursuant to Items 2(d) or 2(e)
|
Not Applicable
|
|
(6)
|
Citizenship or Place of
|
|
Organization
|
Delaware corporation
|
|
Number of Shares/Units Beneficially Owned by Each Reporting Person With:
|
||
(7)
|
Sole Voting Power
|
6,454.5 Units
|
(8)
|
Share Voting Power
|
None
|
(9)
|
Sole Dispositive Power
|
6,454.5 Units
|
(10)
|
Shared Dispositive Power
|
None
|
(11)
|
Aggregate Amount Beneficially
|
|
Owned by Each Reporting Person
|
6,454.5 Units
|
|
(12)
|
Check if the Aggregate Amount
|
|
in Row (11) Excludes Certain Shares
|
Not Applicable
|
|
(13)
|
Percent of Class Represented
|
|
by Amount in Row (11)
|
43.0% of class of 15,000 Units
|
|
(14)
|
Type of Reporting Person
|
CO (Managing General Partner of Issuer)
|
Item 1.
|
Type of Security:
|
Limited Partnership Interests ("Units")
|
Name of Issuer:
|
Southwest Royalties Institutional Income Fund VII-B, L.P.
|
|
Address of Issuer's
|
6 Desta Drive
|
|
Principal Executive
|
Suite 6500
|
|
Offices:
|
Midland, Texas 79705-5510
|
|
Item 2(a).
|
Name of Person Filing:
|
Southwest Royalties, Inc.
|
Item 2(b).
|
Address of Principal
|
6 Desta Drive, Suite 6500
|
Business Office:
|
Midland, Texas 79705-5510
|
|
Item 2(c).
|
Present Occupation:
|
Not Applicable
|
Item 2(d).
|
Criminal Convictions:
|
None
|
Item 2(e).
|
Civil Securities Laws
|
|
Injunctions or Prohibitions:
|
None
|
|
Item 2(f).
|
Citizenship:
|
Delaware, U.S.A.
|
Item 3.
|
Source of Funds:
|
Working capital of the Reporting Person.
|
Item 4.
|
Purpose of Transactions:
|
|
The Reporting Person satisfied the requirements of the Right of Presentment contained in the Issuer's Agreement of Limited Partnership whereby the Reporting Person, as Managing General Partner, agrees to acquire Units from limited partners seeking an exit from the Issuer at a formula price.
|
||
Item 5.
|
Interest in Securities
|
|
The Reporting Person, which is the Managing General Partner of the Issuer, holds a total of 6,454.5 Units of limited partnership interests over which it has sole voting and dispositive powers. These Units represent 43.0% of the total 15,000 Units which are issued and outstanding. The purchase transactions which resulted in the ownership of the Reporting Person increasing from 42.0% to 43.0% occurred between July 1, 2009 and June 18, 2010 when the Reporting Person purchased an additional 157 Units as part of the Issuer's Right of Presentment program. The price per unit ranged from $179.09 to $200.98.
|
||
Item 6.
|
Contracts, Arrangements,
|
|
Undertakings or Relationships
|
||
with Respect to Securities of the Issuer:
|
Not Applicable
|
|
Item 7.
|
Material to Be Filed as Exhibits:
|
Not Applicable
|
Date: June 25, 2010
|
By:
|
/s/ L. Paul Latham
|
L. Paul Latham, President and
|
||
Chief Executive Officer,
|
||
of Southwest Royalties, Inc.
|
||
the Managing General Partner
|
||