NT 10-K 1 f12b25co7.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 12b-25 NOTIFICATION OF LATE FILING Commission File Number: 0-15408 -------- (Check one) X Form 10-K and Form 10-KSB Form 20-F Form 11-K --- --- --- Form 10-Q and Form 10-QSB Form N-SAR --- --- For Period Ended December 31, 2001 ------------------ __ 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: ----------------- 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: ------------------------------------------------------------ ----------- PART I -- REGISTRANT INFORMATION Full Name of Registrant: Southwest Royalties, Inc. Income Fund V --------------------------------------- Former Name if applicable: --------------------------------- Address of Principal Executive Office (Street and Number): 407 North Big Spring, Suite 300 -------------------------------- City, State and Zip Code: Midland, Texas 79701 ---------------------- 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 Partnership 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 Partnership's Annual Report of Form 10-K by April 1, 2002, the required filing date, without unreasonable effort and expense. PART IV -- OTHER INFORMATION (1) Name and telephone number of person to contact in regard to this notification Lisa Hailes (915) 686-9927 ----------- -------------------------------- (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 --- -- (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 --- -- 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 partnership for the twelve months ended December 31, 2001 expects to report an 87% drop in net income as compared to 2000, in which we experienced a net income of approximately $254,400. The decrease in 2001 is in relation to the drop in oil and gas commodity prices experienced during the last six months of 2001. The net income for the twelve months ended December 31, 2000 was due predominately to an increase in oil and gas commodity prices received throughout 2000. SIGNATURE Southwest Royalties, Inc. Income Fund V ------------------------------------------- (Name of Registrant as Specified in the Limited Partnership Agreement) have caused this notification to be signed on their behalf by the undersigned hereto duly authorized Dated: April 1, 2002 Southwest Royalties, Inc. Income Fund V, a Tennessee limited partnership By: Southwest Royalties, Inc. Managing General Partner By: /s/ H.H. Wommack, III ------------------------- H.H. Wommack, III President