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 www.sedar.com and on the Corporation’s website at www.toscanaenergy.ca.
- 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 $21 million of debt.
|Three months ended|
|Average daily production (boe/d)||1,123||1,768||(36%)|
|Natural Gas (Mcf/d)||2,663||6,693||(60%)|
|Average prices received ($/boe)||41.22||29.26||41%|
|Natural Gas ($/Mcf)||2.25||2.01||12%|
|Petroleum and natural gas revenue, net of royalty expense ($)||3,931,178||4,354,224||(10%)|
|Total revenues and other income ($)||3,764,788||3,172,705||19%|
|Netback per boe ($/boe)(1)||12.00||7.06||70%|
|Funds flow from operations ($)(1)||44,134||310,883||(86%)|