CALGARY, Alberta, May 04, 2018 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("TEI" or the "Corporation") (TSX:TEI) announces financial and operating results for the first quarter ended March 31, 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-month period ended March 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.
Cash proceeds from non-core asset sales in the previous 12 months equate to $10.4 million and represent approximately 300 boe/d of production. Debt levels have dropped by $6 million to $19.5 million in the corresponding period with available liquidity of $11.5 million at March 31, 2018.
During the quarter, the Corporation disposed of a non-core, non-operated gas weighted property producing approximately 200 boe/d for cash proceeds of $4.7 million, representing $23,750 per flowing boe. Sale proceeds were used to initially reduce debt to $19.5 million at March 31, 2018 from $24 million at December 31, 2017.
| Three months ended March 31 | ||||
| 2018 | 2017 | Change | ||
| Average daily production (boe/d) | 1,768 | 2,248 | (21 | %) |
| Petroleum and natural gas revenue, net of royalty expense ($)(1) | 4,354,224 | 5,485,734 | (21 | %) |
| Netback ($)(2) | 1,123,760 | 1,744,225 | (36 | %) |
| Netback per boe ($/boe)(2) | 7.06 | 8.62 | (18 | %) |
| Funds flow from operations ($)(2) | 310,883 | 844,298 | (63 | %) |
(1) Includes royalty revenue
(2) Non-IFRS measures
Non-IFRS measures:
Management uses “net asset value”, “netback”, “funds flow from operations”, “unused portion of credit facility”, “credit facility utilization” and “credit facility availability” 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.
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.
For further information, please contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
SOURCE: Toscana Energy Income Corporation