Feb 19 price: 13.55. Mar 4 price: 12.58. Looks like that bottom was "Wishful- Thinking" rather than analysis.. While I agree that distributions will increase in the future, the price movement does not look like a solid bottom has been put in. The March 4, 2009 bottom at about $8 per share had a lot more volume.
12 work-over wells were completed in November & December and their production will be included in the March distribution. 3 more horizontal wells will be completed in Q1. Ad valorem taxes exceeded estimates for 2012 by $376k, which was deducted from the February distribution. That is a one-time non-recurring expense. Capital expenditures were high in February ($3.28MM) due to well work-over expenses incurred in Nov & Dec (invoices lag work completed work by 2-3 months). Capital expenditures should drop significantly in March and April, adding to distribution increases. My best guess is that PBT will be north of $15 by the April distribution announcement with a forward yield north of 5.50%. I will continue to opportunistically add to my position and acquire more shares through my brokerage DRIP.