UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check one):x Form 10-K ¨Form 20-F ¨Form 11-K ¨Form 10-Q ¨ Form 10-D ¨Form N-SAR
¨Form N-CSR
For Period Ended: | December 31, 2006 |
¨Transition Report on Form 10-K
¨Transition Report on Form 20-F
¨Transition Report on Form 11-K
¨Transition Report on Form 10-Q
¨Transition Report on Form N-SAR
For the Transition Period Ended: | |
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
______________________________________________________________________________________
PART I — REGISTRANT INFORMATION |
| |
Southwest Royalties, Inc. Income Fund V |
| Full Name of Registrant |
| |
| |
| Former Name if Applicable |
| |
6 Desta Drive, Suite 6500 |
Address of Principal Executive Office (Street and Number) |
| |
Midland, Texas 79705 |
| City, State and Zip Code |
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(b), the following should be completed. (Check box if appropriate)
| | (a) The reason 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 Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, 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 Form 10-Q or subject distribution report on Form 10-D, 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 why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Southwest Royalties, Inc. Income Fund V (the “Partnership”) needs additional time to verify the accuracy of its oil and gas reserve report. Information from the reserve report is utilized in the preparation of its financial statements. Because the reserve report requires more detailed analysis to ensure its accuracy, the preparation of finalization of these financial statements cannot be completed by April 2, 2007 without unreasonable effort or expense.
(Attach extra Sheets if Needed)
PART IV — OTHER INFORMATION
| (1) Name and telephone number of person to contact in regard to this notification |
Michael L. Pollard | | 432 | | 688-3029 |
| (Name) | | (Area Code) | | (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 report(s) been filed ? If answer is no identify report(s). Yes x No ¨ |
(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? Yes¨ No x |
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.
Southwest Royalties, Inc. Income Fund V |
| (Name of Registrant as Specified in Charter) |
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | April 2, 2007 | | By: | /s/ L. Paul Latham |
| | | | | L. Paul Latham |
| | | | | President and Chief Executive Officer |
| | | | | of Southwest Royalties, Inc., |
| | | | | Managing General Partner |
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.
