0000859911-98-000007 4 1 19971231 19980102 NONE SOUTHWEST ROYALTIES INSTITUTIONAL INCOME FUND X-B LP 0000859911 1311 752332174 DE 1231 4 34 000-19601 98500454 407 N BIG SPRING STE 300 MIDLAND TX 79701 9156869927 407 N BIG SPRING ST SUITE 300 MIDLAND TX 79701 PERSON J STEVEN 0001033333 OWNER 4 C/O N BIG SPRING 407 N BIG SPRING SUITE 300 NIDLAND TX 79701 9156869927 4 1 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 Person, J Steven 407 N. Big Spring Street Midland, TX 79701 2. Issuer Name and Ticker or Trading Symbol Southwest Royalties Institutional Income Fund X-B, L.P. 3. IRS or Social Security Number of Reporting Person 000-00-0000 4. Statement for Month/Year December 1997 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 Vice-President of Marketing. TABLE I 1. Title of Security Limited partnership interest Units Date Code Units Acquired Price Owned Ownership Nature ---- ---- ----- -------- ----- ----- --------- ------ 12-16-97 P 6.00 A $131.55 279.00 I * * Southwest Royalties, Inc. as Managing General Partner, of which reporting person is Vice-President of Marketing. Date: January 2, 1998 /s/ J Steven Person --------------------------------- - J Steven Person, Vice-President of Marketing of Southwest Royalties, Inc. the Managing General Partner