CALGARY, Alberta, July 31, 2018 (GLOBE NEWSWIRE) —  powerpoint templates for teachers personality determinants accutane mild headache enter site essay writer pointless sites sample cover letter for program coordinator follow link free generic viagra viagra active ingredient generic viagra quebec dissertations and thesis source site follow url follow essay about testing in schools doctoral thesis mcgill self descriptive essay example follow cheap advair without prescription popular blog editing services for masters free dissertations dental admission essay see url how to order viagra without pre common application transfer essay help Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 2018.

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 six month period ended June 30, 2018. 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

Toscana continues to execute on its strategy to reduce debt by selling non-core gas weighted assets and increase its crude oil exposure in order to partially offset the effect of continued weak natural gas prices.

Following up with $4.7 million of non-core asset sales (200 boe/d) in the first quarter of 2018, the Corporation disposed of non-operated gas weighted gross overriding revenue stream assets producing approximately 200 boe/d for cash proceeds of $7.5 million in the second quarter of 2018. Sale proceeds were used to initially reduce debt to $13.6 million at June 30, 2018 from $24 million at December 31, 2017. In conjunction with the asset sales, the Corporation renewed its Revolving Operating Credit Facility to $20 million. Toscana also extended the maturity date of its Debentures from June 30, 2018 to June 30, 2021, and internalized its management services to provide greater financial flexibility.

As previously announced on July 23, 2018, the Corporation has entered into a share purchase agreement to acquire Cortona Energy Ltd. for aggregate consideration of approximately $12 million, that, provided all necessary approvals are received and the transaction is successfully closed, will add approximately 250 boe/d of light oil and will consolidate the Corporation’s large oil-in-place Barons oil pool. With the acquisition expected to close on or before August 31, 2018, coupled with the oil enhancement work at Clair and Weyburn in the second quarter of 2018, Toscana expects oil and natural gas liquids production mix to increase from 36% to 46% by the fourth quarter of 2018.

The sale of approximately 400 boe/d of gas weighted assets during the first half of 2018 will be replaced by 250 boe/d of high netback(2)light oil upon the closing of the transaction in late August. The transaction is subject to, among other things, approval by Toscana shareholders which will be sought at a special meeting of shareholders scheduled for August 22, 2018. This transaction will not only be beneficial in the short term, but also longer term as the Barons oil pool is optimized and enhanced through secondary recovery strategies.

Three months ended Six months ended
  June 30 
June 30
2018  2017  Change  2018  2017  Change 
 Average daily production (boe/d) 1,627 2,221    (27 %) 1,697 2,234 (24 %)
 Average prices received ($/boe) 28.09 27.22 3 % 28.69 28.55 0 %
 Petroleum and natural gas
revenue,  net of royalty expense
($) (1)
3,727,179 5,623,571 (34 %) 8,081,403 11,109,305 (27 %)
 Netback ($) (2) 620,610 2,182,198 (72 %) 1,744,371 3,926,423 (56 %)
 Netback per boe ($/boe) (2) 4.19 10.80 (61 %) 5.68 9.71 (42 %)
 Funds flow from (used-in)
operations ($) (2)
(941,138) 458,258 (305 %) (630,256) 1,302,556 (148 %)

(1)      Includes royalty revenue

(2)      Non-IFRS measures

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