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Notice of Commencement of Asset Divestiture-WCSB Oil & Gas Royalty Income 2010 Limited Partnership, WCSB Oil & Gas Royalty Income 2010-II Limited Partnership
By: Marketwire .
Nov. 5, 2012 02:42 PM
CALGARY, ALBERTA -- (Marketwire) -- 11/05/12 -- The General Partners of the WCSB Limited Partnerships are pleased to announce that Sayer Energy Advisors has been engaged as exclusive agent to commence marketing for disposition, the assets of WCSB Oil & Gas Royalty Income 2010 Limited Partnership and WCSB Oil & Gas Royalty Income 2010-II Limited Partnership ("the Partnerships").
In total, the Partnerships have raised approximately $40MM and investors will be entitled to tax deductions equal to approximately 100% of capital invested. Further, the Partnerships have distributed to investors approximately $9MM of cash to date.
The assets of the two Partnerships are comprised of oil and gas gross over-riding royalties ("Royalties").
The Partnerships currently have Royalties on 53 wells, 44 of which are currently producing.
In aggregate, the Royalties held by the Partnerships were producing approximately 250 BOE/d and generating gross revenues of over $300,000 per month as at August, 2012 which was the last completed reporting period. Production weighting is approximately 50% natural gas and 50% oil and NGL's.
There can be no assurance that the Partnerships will receive offers that are satisfactory, and the Partnerships are under no obligation to sell their Royalties at this time.
Investors can expect to continue to receive monthly cash distributions during the divestiture process.
WCSB also intends to provide subsequent detailed updates to investors and advisors including per fund technical data on or about the completion of the divestiture. These updates will come in the form of either a news release, letters to investors or WCSB's e-Updates.
WCSB Royalty Income Investments are energy focused income funds with a mandate to provide Canadian investors with income, potential capital appreciation, liquidity and up to a 100% tax deduction through the ownership of royalties on producing oil & natural gas wells.
On behalf of the Board of WCSB Royalty Income Investments, CADO Bancorp Ltd. and Brickburn Asset Management Inc.
Shane Doyle, CEO
This press release shall not constitute an offer to sell or the solicitation of any offer to buy any securities. This release is provided for information purposes only.
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