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Financial and operating results:
This news release summarizes information contained in the Audited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 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.
- Completed the previously announced Cortona Energy Ltd (“Cortona”) acquisition and consolidated its Barons light oil pool in Southern Alberta.
- Increased average daily oil production in the fourth quarter of 2018 by 48%, compared to the same period in 2017.
- Total oil reserves have increased and represents 47% of the overall reserve base versus 29% in 2017.
Toscana has been successful in growing its oil production, which should provide for better operating netbacks in the future. Unfortunately, in the fourth quarter of 2018, as with most of the Alberta industry oil producers, Toscana was impacted by an unprecedented widening of crude oil differentials. This resulted in a dramatic decrease in Toscana’s realized oil prices, which negatively impacted operating netbacks. In addition, natural gas prices were very weak, which saw marginal support to overall field netbacks.
Mandated crude oil production cuts implemented by the Alberta Government, have helped to significantly narrow the differential price for oil in 2019. While we are currently seeing a slight seasonal increase in natural gas prices, forecast pricing for the balance of the year remains weak. Takeaway capacity and NGTL allocations need to be resolved before Alberta natural gas pricing can significantly change to the upside.
|Three months ended||Year ended|
|December 31||December 31|
|Average daily production (boe/d)||1,745||1,985||(12%)||1,650||2,162||(24%)|
|Average prices received ($/boe)||23.51||27.77||(15%)||28.56||26.32||9%|
|Petroleum and natural gas revenue, net of royalty expense ($) (1)||3,263,464||4,673,222||(30%)||15,147,313||19,688,747||(23%)|
|Netback ($) (2)||(233,206)||2,023,649||>(100%)||2,105,648||7,434,050||(72%)|
|Netback per boe ($/boe)(2)||(1.45)||11.08||>(100%)||3.50||9.42||(63%)|
|Funds flow from (used-in) operations ($) (2)||(2,725,439)||257,697||>(100%)||(3,687,258)||2,149,781||>(100%)|
- Includes royalty revenue
- Non-IFRS measures
Management uses “netback”, “funds flow from operations”, to analyze operating performance and to determine the Corporation’s ability to fund future capital investment. 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. Readers are cautioned regarding the reliability of such measures.
Netback typically equals (a) petroleum and natural gas revenue (including royalty revenues), net of royalty expense (b) realized gains and losses on risk management contracts and (c) less operating costs, net of processing income and is generally calculated on a per boe basis. As a non-IFRS measure, operating netback is an indicator of the financial performance of the Corporation. The Corporation uses such term as an indicator of financial performance because such term is commonly utilized by investors to evaluate companies in the energy sector. The Management of the Corporation believes that operating netback is a useful supplemental measure as it provides investors with information on operating margins per barrel of oil equivalent for such periods.
Management calculates funds flow from operations as net earnings (loss) plus the addition of non-cash items (depletion, depreciation, accretion, share-based compensation, gains or losses on the sale of property and equipment and unrealized gains or losses on risk management contracts, gain on dentures amendments, etc.) and settlement of decommissioning liabilities.
As a non-IFRS measure, these measures are an indicator of the financial performance as it demonstrates the Corporation’s ability to generate the cash necessary to fund future capital investments and to repay debt. The Corporation uses such term as an indicator of financial performance because such term is commonly utilized by investors to evaluate companies in the energy sector. The Corporation believes that these measures are a useful supplemental measure as it provides investors with information of what cash is available in such periods.
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. More particularly and without limitation, this news release contains forward‐looking statements and information such as growing oil production should provide for better operating netbacks; the forecasted weak natural gas prices and whether or not resolving natural gas pipeline constraints will generate a significant change in natural gas prices. 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.
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 Toronto Stock 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.
For further information, please contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
SOURCE: Toscana Energy Income Corporation