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Toscana Energy Announces First Quarter 2019 Results

CALGARY, Alberta, May 14, 2019 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the first quarter ended March 31, 2019.

Financial and operating results:

This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2019. This news release should not be considered a substitute for reading the full disclosure documents, which are available under the Corporation’s profile on SEDAR at and on the Corporation’s website at


  • Monetized non-core, non-producing assets for net cash proceeds of approximately $1 million.
  • Implemented measures to achieve a 20% reduction in G&A.
  • Shut-in approximately 540 boe/d of natural gas production to reduce annualized fixed costs as natural gas prices continues to be, and are forecasted to be weak.
  • Renewed revolving operating credit facility with our Senior Lender at existing level of $25 million.2
  • Redeemed in full the outstanding convertible unsecured subordinated debentures and converted accrued debenture interest, for equity, saving annual interest costs of $1.45 million and eliminating approximately $21 million of debt.
Three months ended
  March 31
2019 2018 Change
Average daily production (boe/d) 1,123 1,768 (36%)
Natural Gas (Mcf/d) 2,663 6,693 (60%)
Oil (bbl/d) 597 471 27%
NGL (bbl/d) 82 182 (55%)
Average prices received ($/boe) 41.22 29.26 41%
Natural Gas ($/Mcf) 2.25 2.01 12%
Oil ($/bbl) 63.21 63.03 -%
NGL ($/bbl) 31.13 47.18 (34)%
Petroleum and natural gas revenue, net of royalty expense ($) 3,931,178 4,354,224 (10%)
Total revenues and other income ($) 3,764,788 3,172,705 19%
Netback ($)(1) 1,213,066 1,123,760 8%
Netback per boe ($/boe)(1) 12.00 7.06 70%
Funds flow from operations ($)(1) 44,134 310,883 (86%)

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