Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA

Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.

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Cohen & Steers Tax-Adv Pref Secs and Inc Fund

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Post by tommyhumpon Feb 28, 2013 10:49am

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Post# 21055160

PXT PR

February 28, 2013 08:30 ET

Parex Resources Announces February Production of 14,500 bopd and Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2013) -

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT), a company focused on oil exploration and production in Colombia and Trinidad, provides an operational update.

Operations Update

February 2013 month to date production has averaged approximately 14,500 barrels of oil per day ("bopd") compared to approximate production of 14,000 bopd for January 2013;
Month over month production growth has been supported by continued Kona recompletions and Las Maracas drilling;
The Kona field production continues to be between 5,000-6,000 bopd (Parex operated; 100 percent working interest). This rate has been maintained since July 2012;
The Las Maracas field (Parex operated; 50 percent working interest) is producing at a rate of approximately 9,000 bopd (gross). The oil treatment plant is expected to be commissioned in May 2013;
A completion rig has been moved onto the La Casona-1 well to finalize the testing of the Une Formation and then test the Gacheta Formation. The Une testing has been completed and the well was flow tested over a 56 hour period at an average rate of 1,700 bopd and 6 MMCFD of gas. The well was produced under natural flowing conditions with a wellhead pressure of 1,900 psi and a total of 3,885 barrels of 35 API oil were recovered during the test. The final measured watercut from the test was 1 percent. Testing of the Gacheta Formation is underway and the Mirador Formation is expected to be tested in a future well. Parex is procuring production facilities for the La Casona field and plans to utilize the produced gas as a fuel source to generate power and reduce operating costs at other operated fields. Production from the La Casona well is expected to commence in early Q3 2013.
A drilling rig has mobilized from Maragogi Norte-1 to the Caturra-1 prospect on Block LLA-16. The Company expects to commence drilling shortly and drill to a target depth of 12,000 feet;
On Block LLA-30 the Viviana Este-1 prospect was drilled and cased to a target depth of 5,000 feet during February 2013. Parex expects to evaluate the C5 Formation. The drilling rig has been mobilized to the LLA-30 Adalia Norte-1 exploration prospect and is expected to be drilled to the target depth in eight days;
The Max-2 development well has been cased and completion and testing activities are evaluating the Mirador and Guadalupe formations. Also on Block LLA-34, Tua-5 was spud on February 17, 2013 and is currently drilling at approximately 8,000 feet. Tua-4 is expected to be the next well;
On Block LLA-32 the Bandola-1 well has been drilled to the target depth of 11,000 feet. Wireline logs are being run and it is expected that the well will be cased to evaluate the Mirador and Gacheta formations;
Parex has recently entered into a one month marketing contract to sell approximately five percent of the Company's operated production of light oil at a reference price of Brent less $14.50-16.50 per barrel compared to our 2013 guidance of Brent less $20.00 per barrel. The Company believes that recent marketing contracts are an indication of future pricing; and
Parex' Board of Directors has approved a normal course issuer bid to purchase the Company's common shares, subject to the approval of the Toronto Stock Exchange (the "TSX"). The Company believes that the common shares have been trading in a price range which does not adequately reflect their value in relation to Parex' current operations and its growth prospects.