Maple Leaf 2012-II Energy Income Limited Partnership – Update on Capital Fully Committed & 2013 Tax Deductionsadmin
By Maple Leaf Funds
VANCOUVER, BC – NOVEMBER 19, 2013
100% OF AVAILABLE CAPITAL IS NOW FULLY COMMITTED
Sprott Toscana, the Manager of Maple Leaf 2012-II Energy Income Limited Partnership (“Maple Leaf” or the “Partnership”) is pleased to announce that it has fully committed all available funds into investment programs.
The Partnership has consummated three joint ventures encompassing up to 12 wells.
– Joint Venture 1 is a 4 well program, in which all wells have been successfully drilled and completed. Equipping and tie-ins are underway with the original schedule of having the production in November 2013. Given the significant liquids content of this gas, it will be produced to the Operators “deep cut plant” to maximize liquid recovery. This plant should be operational by Q1 2014. This production will be produced from the Kakwa area of NW Alberta.
– Joint Venture 2 is a 4 well program located in the Gold Creek/Wapiti area of NW Alberta. The first well in the program had initial production of approximately 1,900 BOE/d and has been on production since June of 2013 and we have been receiving revenue from this well since then. The second well in the program has now been drilled and completed and is to be placed on production imminently. The target is liquids rich gas with a significant portion being condensate.
– Joint Venture 3 is a 4 well program in SW Saskatchewan targeting medium quality oil. Locations are prepared and are waiting upon rig availability. The operator has advised that the first well should be spud in November 2013.
Further, the Partnership has entered into a Letter of Intent to purchase producing oil and gas assets in west central Alberta for $4,000,000. These assets have a 70% weighting to oil and will have an effective date of November 1, 2013 with a scheduled closing of November 30, 2013. The closing is subject to standard industry conditions.
UPDATE ON 2013 TAX DEDUCTIONS
The Partnership anticipates that based on the investment programs consummated, the 2013 tax deduction will be approximately 23% or $23 per $100 invested.
The Partnership intends to provide investors with tax deductions equal to 100% of capital invested and the balance of the tax deductions (approximately 73% of invested capital) should be realized in the subsequent years with the majority in the next four years.
OIL & GAS PRICE VOLATILITY
Maple Leaf reminds you that commodity (oil and gas) price volatility can have a significant impact on the amount of revenues realized by Maple Leaf from the sale of its oil and gas, and correspondingly, the amount of distributions Maple Leaf is able to pay to investors.
FOR FURTHER INFORMATION
Please contact Hugh Cartwright, Chairman
MAPLE LEAF 2012-II ENERGY INCOME LIMITED PARTNERSHIP
609 Granville Street, Suite 808, Vancouver, BC V7Y 1G5
Tel: 604.684.5750 | Toll Free: 866.688.5750 | Fax: 604.684.5748
Email: info@MapleLeafFunds.ca | Web: http://www.mapleleaffunds.ca/
The information provided is strictly for information purposes only and shall not constitute an offer to sell or an advertisement, solicitation or recommendation of any offer to buy securities. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Posted: November 19th, 2013 under ACCESSWIRE.