We present the results of our optical monitoring campaign of the X-ray source H 0507+164, a low luminosity Seyfert 1.5 galaxy at a redshift z = 0.018. Spectroscopic observations were carried out during 22 nights in 2007, from the 21 of November to the 26 of December. Photometric observations in the R-band for 13 nights were also obtained during the same period. The continuum and broad line fluxes of the galaxy were found to vary during our monitoring period. The R-band differential light curve with respect to a companion star also shows a similar variability. Using cross correlation analysis, we estimated a time delay of 3.01 days (in the rest frame), of the response of the broad H-beta line fluxes to the variations in the optical continuum at 5100 angstroms. Using this time delay and the width of the H-beta line, we estimated the radius for the Broad Line Region (BLR) of 2.53 x 10^{-3} parsec, and a black hole mass of 9.62 x 10^{6} solar mass.
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