Date: November 9, 2018
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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 month period ended September 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 www.sedar.com and on the Corporation’s website at www.toscanaenergy.ca.
- Q3 exit production at approximately 1,700 boe/d with 53% being light oil and liquids. Current estimated field production of approx. 1,900 boe/d (46% oil and liquids)
- Completed the previously announced Cortona acquisition and consolidated its Barons light oil pool in Southern Alberta. As a result of the Cortona acquisition, Toscana reported incremental average oil production from August 29, 2018 to September 30, 2018 of approximately 270 bbl/d
- Doubled its light oil production at Clair, Alberta as the re-start of its water flood injection scheme has increased overall production volumes.
- Seasonal shut-in gas being brought on stream to take advantage of higher natural gas prices during winter months.
The current pricing environment remains challenging as take-away capacity on both the oil and natural gas have hit significant bottlenecks creating unprecedented wide product differentials putting pressure on revenues and operating margins. This structural issue facing all producers is significant and may take some time to resolve. In the interim, capital allocation will continue to be stringent, focusing on strategies that will improve financial flexibility through this period. Looking forward, revenue and cash flow streams in 2019 are anticipated to be stronger given the expiry of the current hedging program coupled with improving crude oil differentials