TOSCANA ENERGY ANNOUNCES SECOND QUARTER 2013 RESULTS

CALGARY, Aug. 9, 2013 /CNW/ – Toscana Energy Income Corporation (“Toscana Energy” or the “Corporation”) (TSX Venture: TEI) announces financial and operating results for the three and six months ended June 30, 2013.

This news release summarizes information contained in the Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three and six month periods ended June 30, 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      Six months ended
2013 2012 Change 2013 2012 Change
Average daily production (boe/d) 2,605 1,220 114% 2,441 1,224 99%
Petroleum and natural gas revenue, net of royalties ($) 8,682,070 3,266,501 166% 14,658,583 7,305,831 101%
Netback ($) 5,391,357 1,982,674 172% 8,719,972 4,516,662 93%
Netback  per boe ($) 22.75 17.49 30% 19.74 19.92 (1%)
Net Income ($) 1 666,987 13,914,656 (95%) (574,471) 13,991,399 (104%)
Net Income per share ($) 0.14 6.63 (98%) (0.13) 6.66 (102%)
Funds flow from operations ($) 3,817,462 1,510,139 153% 5,903,631 3,318,851 78%
Capital expenditures ($) 16,107,599 6,517,216 147% 28,199,340 7,181,733 293%
Total assets ($) 114,695,751 61,158,544 88% 114,695,751 61,158,544 88%
Dividends paid per common share ($) 0.405 0.405 0% 0.810 0.810 0%
Shareholder’s equity ($) 61,204,644 29,479,182 108% 61,204,644 29,479,182 108%
Common shares outstanding at period end 5,094,297 2,099,932 143% 5,094,297 2,099,932 143%
1 Net income for 2012 includes gain on sale of assets of $13.3 million

Non-IFRS measures: Management uses “netback” and “funds flow from operations” to analyze operating performance.  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.

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