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

WOW -- Just read this in more detail

[winter2013]

 

• February 2013 production averaged 4,669 bopd (Company working interest) compared to January average production of 4,232 bopd.
• The construction of the Las Maracas permanent production facility is more than two-thirds complete and is on schedule for commissioning by the end of May 2013. The field is expected to produce at a rate of approximately 8,500 bopd (gross) until the permanent facility becomes operational.
• As of March 1, 2013, the Company is marketing and transporting its own crude from the Las Maracas Field. It has entered into oil sales agreements that, looking forward, should improve the Company’s netback at the Las Maracas Field through reduced transportation costs and improved contract pricing.
• A service rig is currently testing the Une and Gacheta reservoirs at the La Casona-1 well, and results are expected to be announced shortly. The operator is currently procuring production facilities for the La Casona field and plans to utilize the produced gas as a fuel source to generate power at the Kona and Las Maracas Fields. Oil production is expected to commence in the third quarter of 2013, during which time the La Casona-2 appraisal well is expected to be drilled.
• On the El Porton Block, where Petroamerica holds a 25% working interest, the Curiara-1 exploration well is currently drilling and has reached a depth of approximately 14,100 feet.
• A rig has been contracted to recommence development drilling at the Las Maracas Field, and consequently the Las Maracas-8 well was spud on March 24, 2013. The Las Maracas 8 well, which is located in the northern part of the field, will be followed by the Las Maracas-9 well immediately thereafter.
• Petroamerica is currently drilling or planning to drill 4 exploration wells and up to 7 appraisal and development wells in the remainder of 2013.

Man things are moving quick..