java.lang.OutOfMemoryError: Java heap space

Java Version: 1.7.0_55, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode), Oracle Corporation
Memory: 1960744 bytes (1 MB) / 523501568 bytes (499 MB) up to 523501568 bytes (499 MB)
JVM Flags: 6 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx512M -XX:+UseConcMarkSweepGC -XX:+CMSIncrementalMode -XX:-UseAdaptiveSizePolicy -Xmn128M
IntCache: cache: 0, tcache: 0, allocated: 0, tallocated: 0
Profiler Position: N/A (disabled)
Player Count: 1 / 8; [qw['RonG567'/3659, l='New Servival', x=46.79, y=237.00, z=7.97]]
Type: Integrated Server (map_client.txt)
Is Modded: Probably not. Jar signature remains and both client + server brands are untouched.