SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 8
TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Southwest Royalties, Inc. Income Fund V
(Name of Issuer)
Limited Partnership Interests
(Title of Class of Securities)
Not Applicable
(CUSIP Number)
Check the following box if a fee is being paid with this
statement. [ ___ ] (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7).
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CUSIP No. Not Applicable
(1) Names of Reporting Persons Southwest Royalties, Inc.
S.S. or I.R.S. Identification 75-1917432
Nos. of Above Persons
(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 1,204.50 Units
(8) Share Voting Power None
(9) Sole Dispositive Power 1,204.50 Units
(10) Shared Dispositive Power None
(11) Aggregate Amount Beneficially
Owned by Each Reporting Person 1,204.50 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) 16.0% of class of
7,500 Units
(14) Type of Reporting
Person
CO (Managing General
Partner of Issuer)
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Item 1. Type of Security:
Limited Partnership
Interests ("Units")
Name of Issuer:
Southwest Royalties, Inc.
Income Fund V
Address of Issuer's 407 N. Big Spring St.
Principal Executive Suite 300
Offices: Midland, Texas 79701-4326
Item 2(a). Name of Person
Filing: Southwest Royalties, Inc.
Item 2(b). Address of Principal 407 N. Big
Spring St.
Business Office: Midland, Texas 79701-4326
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:
Satisfied 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.
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Item 5. Interest in Securities
The Reporting Person, which is the Issuer: Managing General
Partner of the Issuer, holds a total of 1,204.50 Units of
limited partnership interests over which it has sole voting
and dispositive powers. These Units represent 16.0% of the
total 7,500 Units which are issued and outstanding. The
purchase transactions which resulted in the ownership of the
Reporting Person increasing from 15.0% to 16.0% occurred
between August 1, 1997 and February 28, 1998 when the
Reporting Person purchased an additional 78.0 Units as part
of the Issuer's Right of Presentment program. The price per
unit ranged from $310.64 to $311.18.
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
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: March 9, 1998 By: /s/ Bill E. Coggin
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Bill E. Coggin, Vice-President and
CFO, of Southwest Royalties, Inc.
the Managing General Partner
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