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Toscana Energy Announces Second Quarter 2019 Results


CALGARY, Alberta, Aug. 02, 2019 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 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 and six months ended June 30, 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:

  • Generated positive funds flow from operations(1) of $0.6 million in the second quarter.
  • Increased light oil weighting to 57% of total production.
  • Achieved a 21% reduction in G&A, compared to the first quarter of 2019 and 35% when compared to corresponding period in 2018.
  • Renewed revolving operating credit facility with our Senior Lender at existing levels of $25 million.
  • Redeemed in full the outstanding convertible debentures and converted accrued debenture interest, for equity, saving annual interest costs of $1.45 million and eliminating approximately $21 million of debt.
Three months ended Six months ended
  June 30 June 30
2019 2018 Change 2019 2018 Change
OPERATIONAL            
Average daily production (boe/d) 1,080 1,627 (34%) 1,102 1,697 (35%)
Gas (Mcf/d) (2) 2,463 6,218 (60%) 2,563 6,454 (60%)
Oil (bbl/d) 612 470 30% 604 470 29%
NGL (bbl/d) 58 120 (52%) 70 151 (54%)
Average prices received ($/boe) 45.87 28.09 63% 43.51 28.69 52%
Gas ($/Mcf) 1.10 0.99 11% 1.69 1.52 11%
Oil ($/bbl) 73.54 70.99 4% 68.47 67.03 2%
NGL ($/bbl) 32.25 51.33 (37%) 31.60 48.84 (35%)
FINANCIAL
Petroleum and natural gas revenue, net of royalty expense ($) 4,035,543 3,727,179 8% 7,966,721 8,081,403 (1%)
Netback ($) (1) 1,817,481 620,610 >100% 3,030,547 1,744,371 74%
Netback per boe ($/boe) (1) 18.49 4.19 >100% 15.20 5.68 >100%
Funds flow from (used-in) operations ($)(1) 650,896 (941,138) >100% 695,030 (630,256) >100%

 

(1) Non-IFRS measures.
(2) As a result of a May 2019 wildfire in northern Alberta, the Corporation experienced fire damage to parts of its Marten Creek area. Production was not affected due to the Corporation’s earlier decision to shut in seasonal natural gas production in January 2019. An insurance claims process is underway and once this process has been completed, the Corporation will have a clearer sightline as to any delays as to the seasonal restart of this field or limitations thereof.


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