TOSCANA ENERGY RENEWS NORMAL COURSE ISSUER BID

CALGARYJan. 29, 2015 /CNW/ – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) today announces that a Notice of Intention to renew its Normal Course Issuer Bid (the “Bid”) has been approved by its Board of Directors (the “Board”) and has been filed with and accepted by the Toronto Stock Exchange.  The Corporation believes that the purchase of its shares at recent market prices is a worthwhile investment since, in its view, recent market prices of its shares do not properly reflect the underlying value of its assets and business.

Pursuant to the Bid, Toscana is authorized to repurchase for cancellation up to 641,585 common shares in the capital of Toscana (“Common Shares”), which is equal to 10% of Toscana’s pubic float and approximately 8.9% of the issued and outstanding Common Shares as at January 21, 2015.  As at January 21, 2015, there were 7,196,136 Common Shares issued and outstanding.  The average daily trading volume of the Corporation’s Common Shares from July 1, 2014 to December 31, 2014 was 11,475 Common Shares (“ADTV”).  Accordingly, pursuant to the rules of the Toronto Stock Exchange, the maximum number of Common Shares that the Corporation may repurchase in any one day is 25% of the ADTV, which totals 2,868 Common Shares.  Toscana may also make one block purchase per calendar week which exceeds the daily repurchase restriction.

The Bid will commence on February 2, 2015 and will terminate on the earlier of: (i) February 1, 2016; and (ii) the date on which the maximum number of Common Shares are purchased pursuant to the Bid.  Purchases of Common Shares under the Bid will be effected through the facilities of the Toronto Stock Exchange, other alternative trading platforms or any other exchange recognized or designated by the securities regulatory authorities as a “designated exchange” as such term is defined in Multilateral Instrument 62-104 – Take Over Bids and Issuer Bids, at the market price at the time of purchase.

Under its current normal course issuer bid, which ends at the close of business on January 30, 2015, Toscana purchased an aggregate of 225,995 Common Shares at a weighted average price of $13.2562 per Common Share as at the close of business on January 21, 2015.

National Bank Financial Inc. (“National”) will continue to be the broker firm responsible for making purchases of Common Shares under the Bid on behalf of Toscana pursuant to an automatic share repurchase plan agreement to be dated as of February 2, 2015 between Toscana and National (the “ASRP Agreement”).  Concurrent with entering into the ASRP Agreement, Toscana provided National with a certificate, executed by an officer of Toscana, confirming that Toscana is aware of the ASRP Agreement and that to the best knowledge of such officer, there is no material undisclosed information regarding Toscana.  Pursuant to the ASRP Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by National in its sole discretion, without consultation with Toscana, having regard to the price limitations and other terms of the ASRP Agreement and the rules of the Toronto Stock Exchange.

About Toscana Energy Income Corporation

Toscana 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 is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

SOURCE Toscana Energy Income Corporation

 For further information: please visit our website at www.sprott-toscana.com or contact: Joseph S. Durante, Chief Executive Officer, Tel: (403) 410-6793, Fax: (403) 444-0090