U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section
30(f) of the Investment Company Act of 1940.
1. Name and Address of Reporting Person
Corey, H. Allen
633 Chestnut Street
Chattanooga, TN 37450-1800
2. Issuer Name and Ticker or Trading Symbol
Southwest Royalties Institutional Income Fund VII-B, L.P.
3. IRS or Social Security Number of Reporting Person
###-##-####
4. Statement for Month/Year
November 1998
5. If Amendment, Date of Original
N/A
6. Relationship of Reporting Person to Issuer
Southwest Royalties, Inc. as Managing General Partner, of
which reporting person is Secretary and Director.
TABLE I
1. Title of Security
Limited partnership interest
Units
Date Code Units Acquired Price Owned Ownership Nature
---- ---- ----- -------- ----- ----- --------- ------
11-13-98 P 5.00 A $83.51 1,670.50 I *
11-10-98 P 6.00 A $83.51 1,676.50 I *
* Southwest Royalties, Inc. as Managing General Partner, of which
reporting person is Secretary and Director.
Date: February 10, 1999 /s/ H. Allen Corey
---------------------------------
- -----
H. Allen Corey, Secretary and
Director of Southwest Royalties,
Inc. the Managing General
Partner
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