Toscana Energy Announces Third Quarter 2019 Result

November 8, 2019 Globe Newswire

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%