From the Wires
CORRECTION FROM SOURCE: WCSB 2010-II Income Fund Declares Special Distribution
By: Marketwired .
Nov. 22, 2012 07:28 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/12 -- A correction from source is issued for the news release disseminated on November 22, 2012 at 6:18 PM ET for WCSB Oil & Gas Royalty Income 2010-II Limited Partnership. The release was sent out with the incorrect title. The release has been reissued with the correct title reading: WCSB 2010-II Income Fund Declares Special Distribution.
WCSB Oil & Gas Royalty Income 2010-II Management Corp., the General Partner of WCSB Oil & Gas Royalty Income 2010-II Limited Partnership ("WCSB 2010-II Fund" or the "Partnership") is pleased to announce that its Board of Directors has declared a special distribution of $9.35 per unit. This distribution is derived from the net proceeds realized from the sale of royalty interests on two producing oil wells (see news release dated November 19, 2012). After this divestiture, the WCSB 2010-II Fund will hold royalty interests on 16 wells, 14 of which were on production at the last reporting date being July 2012.
The record date for this special distribution has been set at November 23, 2012 and the payment of the special distribution is expected to occur on November 30, 2012.
This distribution is in addition to the Partnership's regular monthly distribution, as announced on November 8, 2012, of $0.50 per unit, payable November 30, 2012, to unitholders of record at the close of business on November 23, 2012. Inclusive of this special distribution, total distributions to date will be $38.65 per unit as at November 30, 2012.
Each limited partner will be required to reduce its Canadian Oil and Gas Property Expense ("CCOGPE") by its share of the partnership's net proceeds of disposition and reduce its Cumulative Canadian Development Expense ("CCDE") by the amount of its CCOGPE reduction. Each limited partner will have an income inclusion to the extent, if any, that its CCDE balance is negative at the end of its taxation year in which the distribution occurs, and be subject to tax accordingly. Each limited partner should consult its own tax advisers to determine the tax consequences of the distribution to it.
WCSB's investment programs are energy focused income funds with a mandate to provide Canadian investors with income, capital appreciation, liquidity and a 100% tax deductible investment through direct participation by way of royalty interests in both oil and natural gas production. WCSB's unique business model eliminates exposure to capital market volatility associated with publicly traded energy issuers.
On behalf of the Board of WCSB Royalty Income Investments, CADO Bancorp Ltd. and Brickburn Asset Management Inc.
Shane Doyle, CEO
WCSB Royalty Income Investments
This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities. This release is provided for information purposes only.
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