UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number: 000-23701
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(Check one)
Form 10-K and Form 10-KSB Form 20-F Form 11-K
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X Form 10-Q and Form 10-QSB Form
N-SAR
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For Period Ended December 31, 1999
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__ Transition Report on Form 10-K and Form
10-KSB
__ Transition Report on Form 20-F
__ Transition Report on Form 11-K
__ Transition Report on Form 10-Q and Form
10-QSB
__ Transition Report on Form N-SAR
For the Transition Period Ended:
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Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
If the notification relates to a portion of the filing
checked above, identify the item(s) to which the
notification relates:
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PART I -- REGISTRANT INFORMATION
Full Name of Registrant: SOUTHWEST ROYALTIES, INC.
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SOUTHWEST ROYALTIES HOLDINGS, INC.
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Former Name if applicable:
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Address of Principal Executive Office (Street and Number):
407 North Big Spring, Suite 300
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City, State and Zip Code:
Midland, Texas 79701
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PART II -- RULES 12b-25 (b) and (c)
If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks
relief pursuant to Rule 12b-25, the following should be
completed.
(Check box if appropriate):
[x] (a) The reasons described in reasonable
detail in Part III of this form could not be eliminated
without unreasonable effort or expense;
[x] (b) The subject annual report, semi-annual
report, transition report on Forms 10-K, 10-KSB, Form
20-F, 11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly
report or transition report on Forms 10-Q, 10-QSB, or
portion thereof will be filed on or before the fifth
calendar day following the prescribed due date; and
[ ] (c) The accountant's statement or other
exhibit required by Rule 12b-25 (c) has been attached
if applicable.
PART III -- NARRATIVE
State below in reasonable detail the reasons why the Forms
10-K, 10-KSB, 20-F, 11-K, 10-Q, 10-QSB, N-SAR, or the
transition report or portion thereof, could not be filed
within the prescribed time period. (Attach extra sheets if
needed)
The Company has not been able to develop the requisite
financial data and other narrative information necessary to
enable it to have sufficient time to complete the Company's
Annual Report of Form 10-K by March 30, 2000, the required
filing date, without unreasonable effort and expense.
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PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in
regard to this
notification
Bryan Dixon (915) 686-9927
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(Name) (Area code and Telephone Number)
(2) Have all other periodic reports required under Section
13 or 15(d) of the Securities Exchange Act of 1934 or
Section 30 of the Investment Company Act of 1940 during the
preceding 12 months (or for such shorter period that the
registrant was required to file such reports) been filed? If
answer is no, identify report(s).
X Yes No
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(3) Is it anticipated that any significant change in
results of operations from the corresponding period for the
last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion
thereof?
X Yes No
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If so, attach an explanation of the anticipated change,
both narratively and quantitatively, and, if
appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
The company for the three months and twelve months
ended December 31, 1999 expects a decrease in net
losses from the comparable periods in 1998, in which we
experienced net losses of approximately $48.2 million
and $96.1 million, respectively. The loss for the
three and twelve months ended December 31, 1998 was due
predominately to an impairment of oil and gas
properties of $64.0 million for the year, of which
$35.0 million was recognized in the fourth quarter of
1998. The write down was attributable to the decline
in the oil economy experienced during the fourth
quarter of 1997 and throughout the year of 1998. The
Company does not anticipate any losses from impairment
of oil and gas properties in 1999.
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SIGNATURES
SOUTHWEST ROYALTIES, INC.
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(Name of Registrant as Specified in Charter)
SOUTHWEST ROYALTIES HOLDINGS, INC.
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(Name of Registrant as Specified in Charter)
have caused this notification to be signed on their behalf
by the undersigned hereto duly authorized
Dated: March 30,2000 SOUTHWEST
ROYALTIES, INC.
By: /s/ H.H. Wommack, III
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H.H. Wommack, III
Chairman, President, and
Chief Executive Officer
SOUTHWEST ROYALTIES HOLDINGS,
INC.
By: /s/ H.H. Wommack, III
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H.H. Wommack, III
Chairman, President, and
Chief Executive Officer
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