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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 www.sedar.com and on the Corporation’s website at www.toscanaenergy.ca.
| Three months ended March 31 | |||||
| 2020 | 2019 | Change | |||
| OPERATIONAL | |||||
| 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 | %) | |
| FINANCIAL | |||||
| 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 | % |
Notes:
(1) Non – IFRS measure (see Non -IFRS Measures section in this MD&A).
Outlook
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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