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 www.sedar.com and on the Corporation’s website at www.toscanaenergy.ca.

Highlights:

• 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.