CALGARY, Alberta, Feb. 17, 2016 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana Energy” or the “Company”) (TSX:TEI) confirms the cash dividend of $0.05 per common share (or the equivalent of $0.15 per common share on a quarterly basis) of the Company (“Common Share“) to be paid on March 15, 2016 in respect of February 2016 production of the Company for shareholders of record on February 29, 2016. The ex-dividend date is February 25, 2016. Once paid, total cash dividends distributed by the Company to holders of Common Shares during the 2016 calendar year will be $0.10 per Common Share. This dividend is an eligible dividend for purposes of the Income Tax Act (Canada).
The Company is also pleased to announce that its Total Proved Plus Probable Reserves (2P reserves) increased by 8% from December 31, 2014 to December 31, 2015 to 10.3 MMboes with a net present value of $140.9 million.
Toscana Energy’s year end reserves is based upon an independent reserve assessment and evaluation in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“) as of December 31, 2015. Additional reserve information as required under NI 51-101 will be included in our Annual Information Form which will be filed on SEDAR under the profile of the Company on or before March 30, 2016.
Oil and Gas Advisory
The reserves information contained in this press release has been prepared in accordance with NI 51-101. Complete NI 51- 101 reserves disclosure will be included in our Annual Information Form for the year ended December 31, 2015. Listed below are cautionary statements applicable to our reserves information that are specifically required by NI 51-101:
This press release contains estimates of the net present value of our future net revenue from our reserves. Such amounts do not represent the fair market value of our reserves.
Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilizing a conversion ratio of 6 Mcf: 1 bbl may be a misleading indication of value.
About Toscana Energy Income Corporation
Toscana Energy 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 is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.
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
Source: Toscana Energy Income Corporation