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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001480290-10-000001.txt : 20100108
<SEC-HEADER>0001480290-10-000001.hdr.sgml : 20100108
<ACCEPTANCE-DATETIME>20100108164709
ACCESSION NUMBER:		0001480290-10-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Securities Act Section 4(6)
FILED AS OF DATE:		20100108
DATE AS OF CHANGE:		20100108
EFFECTIVENESS DATE:		20100108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Foundation Energy Fund III - B, LP
		CENTRAL INDEX KEY:			0001480290
		IRS NUMBER:				270669946
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-137625
		FILM NUMBER:		10518084

	BUSINESS ADDRESS:	
		STREET 1:		14800 LANDMARK BLVD
		STREET 2:		SUITE 220
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		9729348385

	MAIL ADDRESS:	
		STREET 1:		14800 LANDMARK BLVD
		STREET 2:		SUITE 220
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001480290</cik>
        <entityName>Foundation Energy Fund III - B, LP</entityName>
        <issuerAddress>
            <street1>14800 LANDMARK BLVD</street1>
            <street2>SUITE 220</street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>75254</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>9729348385</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eddie</firstName>
                <middleName>W</middleName>
                <lastName>Rhea</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>14800 Landmark Blvd</street1>
                <street2>Suite 220</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75254</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Rhea is an executive officer of Foundation Energy Company, LLC, the managing member of Foundation Energy Company III - GP, LLC, the general partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>G</middleName>
                <lastName>Wetzel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>14800 Landmark Blvd</street1>
                <street2>Suite 220</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75254</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Wetzel is an executive officer of Foundation Energy Company, LLC, the managing member of Foundation Energy Company III - GP, LLC, the general partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <lastName>Payne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>14800 Landmark Blvd</street1>
                <street2>Suite 220</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75254</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Payne is an executive officer of Foundation Energy Company, LLC, the managing member of Foundation Energy Company III - GP, LLC, the general partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joel</firstName>
                <lastName>Sauer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>14800 Landmark Blvd</street1>
                <street2>Suite 220</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75254</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Sauer is an executive officer of Foundation Energy Company, LLC, the managing member of Foundation Energy Company III - GP, LLC, the general partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Oil and Gas</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>46</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-12-31</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>limited partnership interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100000000</totalOfferingAmount>
            <totalAmountSold>20000000</totalAmountSold>
            <totalRemaining>80000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Foundation Energy Fund III - B, LP</issuerName>
                <signatureName>Jeffrey M Stark</signatureName>
                <nameOfSigner>Jeffrey M Stark</nameOfSigner>
                <signatureTitle>Attorney at Law and duly authorized person</signatureTitle>
                <signatureDate>2010-01-08</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----