CALGARY, May 17, 2013 /CNW/ –  can you take cialis with lexapro george orwell essay on writing thesis writing activity college application essay format cialis dosing for daily use cialis holloway thesis guidelines search essays online une femme prend du viagra pour homme proofreading assignments how to be a better essay writer go to site go no prescription tramadol help with nursing essay watch thesis diagram custom essays term papers get link resume writing services illinois go here writing fix top book review ghostwriting website ca chronic daily cialis and potassium channels Toscana Energy Income Corporation (“Toscana Energy” or the “Corporation”) (TSX Venture: TEI) announces financial and operating results for the first quarter ended March 31, 2013.

This news release summarizes information contained in the Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2013. This news release should not be considered a substitute for reading the full disclosure documents, which are available on SEDAR at and on the Corporation’s website at

Three months ended
2013 2012 Change
Average daily production (boe/d) 2,275 1,228 85%
Petroleum and natural gas revenue, net of royalties ($) 5,957,916 4,007,311 49%
Netback ($) 3,310,019 2,501,969 32%
Netback  per boe ($) 16.17 22.39 (28%)
Funds flow from operations ($) 2,086,172 1,808,712 15%
Capital expenditures ($) 12,094,891 664,517 1720%
Working capital deficit including credit facility 42,378,201 33,853,448 25%
Total assets ($) 101,098,865 64,793,394 56%
Dividends paid per common share ($) 0.405 0.405 0%
Shareholder’s equity ($) 44,984,841 16,404,499 174%
Common shares outstanding at period end 3,896,647 2,753,160 42%

Non-IFRS measures: Management uses “netback” and “working capital surplus (deficit) excluding credit facility” to analyze operating performance and leverage.  These terms, as presented, do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore may not be comparable with the calculation of similar measures for other entities.

BOEs may be misleading, particularly if used in isolation.  A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements:

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance.  All statements other than statements of historical fact may be forward‐looking statements or information.  Forward‐looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.

More particularly and without limitation, this news release contains forward‐looking statements and information concerning the Corporation’s petroleum and natural gas production and reserves with respect to the assets to be acquired. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Corporation, including expectations and assumptions concerning well production rates and reserve volumes in respect of the assets to be acquired; project development and overall business strategy. Although management of the Corporation believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Corporation relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions and failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX Venture Exchange.  The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation. Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

About Sprott Toscana

Sprott Toscana (formerly Toscana Merchant Group) is a team of Calgary-based energy specialists that manage three separate businesses: Toscana Energy Income Corporation (through Toscana Energy Corporation), Toscana Financial Income Trust and Maple Leaf Energy Income LPs. In July 2012, Toscana Merchant Group joined the Sprott Group of Companies when it was acquired by Sprott Inc. (TSX: SII), Canada’s leading alternative asset manager and a global leader in resource investing.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



SOURCE: Toscana Energy Income Corporation