VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/03/13 -- WCSB Oil & Gas Royalty Income 2010 Limited Partnership ("WCSB 2010 LP") and WCSB Oil & Gas Royalty Income 2010-II Limited Partnership ("WCSB 2010-II LP" and, together with WCSB 2010 LP, the "Partnerships") are pleased to announce that they have entered into purchase and sale agreements with Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX VENTURE: TEI) a publicly traded company whereby Toscana will purchase each of the portfolios of oil and gas royalties held by the Partnerships (the "Royalties") that combined produce approximately 275 BOE's per day. Toscana Energy will issue an aggregate of 1,033,000 common shares in the capital of the Company as consideration for the Royalties, such common shares to be subject to a statutory hold period of four months plus one day from the date of issuance. This transaction will constitute the Liquidity Event of each of the Partnerships. A total of 442,701 Toscana Energy shares will be issued for the Royalties held directly or indirectly by WCSB 2010 LP and a total of 590,299 Toscana Energy shares will be issued for the Royalties held by WCSB 2010-II LP (prior to the general partner's share). The acquisition of the Royalties will be subject to customary closing conditions being satisfied, including receipt of the approval of the TSX Venture Exchange. The Partnerships will not distribute shares to investors until all closing adjustments have been satisfied and after the hold period on the shares has expired but in any event anticipated to be before December 31st, 2013.
The Partnerships will issue a subsequent news release once all regulatory approvals have been received.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional oil and gas producer with a mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation. Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.
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.
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.
609 Granville Street
Most Popular Stories
- Pandora Tumbles in Late Trading
- Sporty Ford Fiesta Fires on All 3 Cylinders
- Stop-Start Engines Save Gas, Reduce Emissions
- World Tensions Don't Curb Enthusiasm for Stocks
- Russia Fears Lasting Damage From Ukraine Crisis
- Visa, Amazon Results Drag Down the Street
- U.K. Economy Surpasses Pre-Crisis Peak
- Ohio State Band Chief Fired After Probe
- Shia LaBeouf Plea Deal, Alcoholism Treatment
- Hispanic Leader Goes the Extra Mile