Toscana Energy Announces Third Quarter 2016 Results

CALGARY, Alberta, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("TEI" or the "Corporation") (TSX:TEI) announces financial and operating results for the third quarter ended September 30, 2016.

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 periods ended September 30, 2016. 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.sprott-toscana.com.

Highlights
  • Disposition of non-operated, non-core oil assets for $12.5 million (@ $82,237 / flowing barrel), prior to adjustments; proceeds used to reduce bank debt by 32% from second quarter, leaving $9 million for strategic opportunities.
  • Grew production 6% on a YTD basis.
  • Previous shut-in natural gas production (150 boe/d) brought back on production at the end of the quarter into a stronger pricing environment.
  • Credit facility renewed at $36 million, next renewal date May 1, 2017.
  • Approximately 50% of 2017 production hedged.
    Three months ended September 30 Nine months ended September 30
    2016   2015   Change 2016   2015 Change
Average daily production (boe/d)   2,056   2,254   (9 %) 2,308   2,172   6 %
                   
Petroleum and natural gas revenue, net of royalties ($)   5,325,841   5,664,229   (6 %) 15,301,345   16,621,788   (8 %)
                   
Netback ($)   3,174,541   3,953,432   (20 %) 9,424,592   11,430,534   (18 %)
Netback per boe ($)   16.78   19.06   (12 %) 14.90   19.28   (23 %)
                   
Funds flow from operations ($)   2,125,201   2,969,617   (28 %) 5,718,794   3,320,222   72 %
Funds flow per share ($/share)   0.29   0.41   (29 %) 0.79   0.46   72 %
 

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