CALGARY, May 17, 2013 /CNW/ - Toscana Energy Income
Corporation ("Toscana Energy" or the "Corporation") (TSX Venture:
TEI) announces financial and operating results for the first
quarter ended March 31, 2013.
This news release summarizes information
contained in the Consolidated Financial Statements and Management's
Discussion and Analysis ("MD&A") for the three month period
ended March 31, 2013. This news
release should not be considered a substitute for reading the full
disclosure documents, which are available on SEDAR at www.sedar.com
and on the Corporation's website at www.sprott-toscana.com
| |
|
Three months ended |
| |
|
|
| |
|
2013 |
|
2012 |
|
Change |
| Average daily production (boe/d) |
|
2,275 |
|
1,228 |
|
85% |
| |
|
|
|
|
|
|
| Petroleum and natural gas revenue, net of
royalties ($) |
|
5,957,916 |
|
4,007,311 |
|
49% |
| |
|
|
|
|
|
|
| Netback ($) |
|
3,310,019 |
|
2,501,969 |
|
32% |
| Netback per boe ($) |
|
16.17 |
|
22.39 |
|
(28%) |
| |
|
|
|
|
|
|
| Funds flow from operations ($) |
|
2,086,172 |
|
1,808,712 |
|
15% |
| |
|
|
|
|
|
|
| Capital expenditures ($) |
|
12,094,891 |
|
664,517 |
|
1720% |
| |
|
|
|
|
|
|
| Working capital deficit including credit
facility |
|
42,378,201 |
|
33,853,448 |
|
25% |
| |
|
|
|
|
|
|
| Total assets ($) |
|
101,098,865 |
|
64,793,394 |
|
56% |
| |
|
|
|
|
|
|
| Dividends paid per common share ($) |
|
0.405 |
|
0.405 |
|
0% |
| |
|
|
|
|
|
|
| Shareholder's equity ($) |
|
44,984,841 |
|
16,404,499 |
|
174% |
| Common shares outstanding at period end |
|
3,896,647 |
|
2,753,160 |
|
42% |
Non-IFRS measures: Management uses "netback"
and "working capital surplus (deficit) excluding credit facility"
to analyze operating performance and leverage. 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.
BOEs may be misleading, particularly if used
in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based
on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the
wellhead.
Forward-Looking Statements:
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. Forward‐looking statements and information are
often, but not always, identified by the use of words such as
"appear", "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "would" and similar expressions.
More particularly and without limitation,
this news release contains forward‐looking statements and
information concerning the Corporation's petroleum and natural gas
production and reserves with respect to the assets to be acquired.
The forward‐looking statements and information are based on certain
key expectations and assumptions made by management of the
Corporation, including expectations and assumptions concerning well
production rates and reserve volumes in respect of the assets to be
acquired; project development and overall business strategy.
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.
Forward-looking statements and information
are provided for the purpose of providing information about the
current expectations and plans of management of the Corporation
relating to the future. Readers are cautioned that reliance on such
statements and information may not be appropriate for other
purposes, such as making investment decisions. Since
forward‐looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with
the oil and gas industry in general such as operational risks in
development, exploration and production delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to reserves, production,
costs and expenses; health, safety and environmental risks;
commodity price and exchange rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions and failure to
realize the anticipated benefits of acquisitions; ability to access
sufficient capital from internal and external sources; failure to
obtain required regulatory and other approvals and changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations. Accordingly, readers should not place
undue reliance on the forward‐looking statements, timelines and
information contained in this news release. Readers are cautioned
that the foregoing list of factors is not exhaustive.
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 TSX Venture 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 including royalties,
non-operated working interests and unitized production for yield
and capital appreciation. Toscana Energy Income Corporation is
managed by Sprott Toscana through Toscana Energy Corporation.
Sprott Toscana is a member of the Sprott Group of Companies.
About Sprott Toscana
Sprott Toscana (formerly Toscana Merchant Group)
is a team of Calgary-based energy
specialists that manage three separate businesses: Toscana Energy
Income Corporation (through Toscana Energy Corporation), Toscana
Financial Income Trust and Maple Leaf Energy Income LPs.
In July 2012, Toscana Merchant Group joined the Sprott Group
of Companies when it was acquired by Sprott Inc. (TSX: SII),
Canada's leading alternative asset
manager and a global leader in resource investing.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Toscana Energy Income Corporation