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Toscana Energy Announces Third Quarter 2019 Result


CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the third quarter ended September 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 nine months ended September 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.

Three months ended Nine months ended
  September 30 September 30
2019 2018 Change 2019 2018 Change
OPERATIONAL            
Average daily production (boe/d) 1,060 1,462 (27%) 1,088 1,618 (33%)
Gas (Mcf/d) 2,421 4,624 (48%) 2,514 5,837 (57%)
Oil (bbl/d) 590 572 3% 600 505 19%
NGL (bbl/d) 66 120 (45%) 69 141 (51%)
Average prices received ($/boe) 39.97 34.28 17% 42.35 30.40 39%
Gas ($/Mcf) 0.91 0.98 (7%) 1.44 1.37 5%
Oil ($/bbl) 65.29 72.20 (10%) 67.41 69.01 (2%)
NGL ($/bbl) 24.80 35.96 (31%) 29.39 45.14 (35%)
FINANCIAL
Petroleum and natural gas revenue, net of royalty expense ($) 3,478,122 3,802,446 (9%) 11,444,843 11,883,849 (4%)
Netback ($) (1) 1,075,479 594,483 81% 4,106,026 2,338,853 76%
Netback per boe ($/boe) (1) 11.03 4.42 13.72 5.29
Adjusted Funds flow from (used-in) operations ($) (1)(2) (70,718) (766,563) (91%) 624,312 (1,396,819) >100%

(1)            Non-IFRS measures.
(2)            Includes one time fees of $165,000



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