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Copper Tip Energy

Toscana Energy announces first quarter 2020 results

CALGARY, Alberta – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the first quarter ended March 31, 2020.

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, 2020. 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 and on the Corporation’s website at

Three months ended March 31
2020 2019 Change
Average daily production (boe/d) 881 1,123 (22 %)
Natural Gas (Mcf/d) 2,019 2,664 (24 %)
Oil (bbl/d) 493 597 (17 %)
NGL (bbl/d) 51 82 (38 %)
Average prices received ($/boe) 31.76 41.22 (23 %)
Natural Gas ($/Mcf) 1.90 2.25 (16 %)
Oil ($/bbl) 46.16 63.21 (27 %)
NGL ($/bbl) 26.65 31.13 (14 %)
Petroleum and natural gas revenue, net of royalty expense ($) 2,313,277 3,931,178 (41 %)
Total revenues and other income ($) 4,273,057 2,810,984 52 %
Netback ($)(1) (253,181 ) 1,213,066 >100 %
Netback per boe ($/boe)(1) (3.16 ) 12.00 >100 %
Adjusted funds flow from (used-in) operations ($)(1) (1,609,384 ) 44,134 >100 %

(1)     Non – IFRS measure (see Non -IFRS Measures section in this MD&A).


As a result of the world wide COVID-19 pandemic and continued over-supply of oil by OPEC countries and other producing countries, global oil prices have declined significantly. The Corporation has shut-in its low netback oil wells and minimized future spending on all of its assets. Lower oil prices and the full effect of reduced average daily production volumes, due to shut-in oil wells, persisted into the second quarter of 2020 and continued to negatively impact the Corporation’s cash flows from operations. The COVID-19 pandemic is an evolving situation that is expected to continue to have widespread implications on the Corporation’s business, results of operations, financial condition and the environment in which it operates.

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