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Toscana Announces Management Changes


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Source: Toscana Energy Income Corporation

CALGARY, Alberta, Aug. 28, 2019 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Corporation“) (TSX: TEI) announces that Mr. Joseph S. Durante, the Corporation’s Chief Executive Officer, has stepped down from managing day-to-day operations and will take on a new role as Executive Director effective August 27, 2019 (the “Effective Date“).

Replacing Mr. Durante as of the Effective Date will be Mr. Ryan Heath. For over 20 years Mr. Heath has enjoyed successfully building junior oil and gas companies in the WCSB. Most recently, he was VP Land & Negotiations at Paredes Energy Corporation.  Mr. Heath has been instrumental in the growth and development of a number of junior E&P companies including Striker Exploration Corp., Hyperion Exploration Corp. and Severo Energy Corp. Throughout his earlier career he held roles of increased Land Management responsibility with Paramount Energy Trust and NCE Petrofund Corp.  Mr. Heath holds a Bachelor of Commerce in Petroleum Land Management from the University of Calgary’s Haskayne School of Business and is an active member of the CAPL.

Joining Mr. Heath will be Mr. Mark Hadley as VP of Exploration and Mr. Ian Schafer as VP of Business Development as of the Effective Date.

Mr. Hadley has 32 years of diverse and successful experience as an oil and gas exploration geologist. He most recently was a founder and VP Exploration at Paredes Energy.  He was the VP Exploration of Kicking Horse Energy from 2014 through to its acquisition in December 2015 by ORLEN Upstream Canada.  Mr. Hadley was VP Exploration of Contact Exploration from 2011 to 2014 and Manager of Geology at Fairborne Energy from 2002 to 2011. Previous to that he has had roles at Range Petroleum, Suncor Energy, PanCanadian Petroleum Ltd. and Husky Energy.  Mr. Hadley holds a M.Sc in Geology from the University of Alberta, and an H.BSc in Geology, from the University of Western Ontario. He is an active member of APEGA.

Mr. Schafer has over 18 years of diverse oil and gas engineering and operational experience. Most recently, he was a founder and the Vice President of Engineering at Paredes Energy Corporation and prior to that, Mapan Energy Ltd., a publicly traded natural gas company acquired by Tourmaline Oil Corp. in August 2015. Throughout his career, Mr. Schafer has held roles of increased responsibility with various-sized public and private growth companies. Mr. Schafer holds a B.Sc. in Chemical Engineering with a minor in Petroleum, and a M.Eng. in Petroleum Engineering with a specialization in Reservoir Characterization. He is an active member of APEGA and SPE.

This transition in personnel will allow for the reallocation of resources in order to generate new growth opportunities. While the sector continues to have headwinds, Toscana believes that the addition of these successful and experienced individuals will position the Corporation to compete and grow in this current challenging environment.

Forward-Looking Statements:

This news release contains forwardlooking statements and forwardlooking information within the meaning of applicable securities laws. These statements relate to future events or future performance.  All statements other than statements of historical fact may be forwardlooking statements or information.  Forwardlooking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.

More particularly and without limitation, this news release contains forwardlooking statements and information concerning the change in management and the ability of the Corporation to compete and grow in the current economic climate.  The forwardlooking statements and information are based on certain key expectations and assumptions made by management of the Corporation, including expectations and assumptions concerning general business, economic and market conditions and management’s ability to generate growth opportunities.  Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forwardlooking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future.  Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions.  Since forwardlooking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  These include, but are not limited to, the risk that the Corporation may be adversely impacted by the change in management and general business, economic and market conditions, and the risks associated with the oil and gas industry in general.  Accordingly, readers should not place undue reliance on the forwardlooking statements, timelines and information contained in this news release.  Readers are cautioned that the foregoing list of factors is not exhaustive.

The forwardlooking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forwardlooking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Toronto Stock Exchange.  The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets.

For further information, please contact:
Joseph S. Durante, Chief Executive Officer (outgoing)
Tel: (403) 410-6793
Fax: (403) 444-0090
SOURCE: Toscana Energy Income Corporation



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