DEBENTUREHOLDER CIRCULAR CORRECTION

FOR IMMEDIATE RELEASE

November 21, 2018 – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) wishes to correct an inadvertent error in its news release issued November 19, 2018 (the “News Release”) and its management information circular dated November 16, 2018 (the “Circular”) filed under Toscana’s electronic profile on SEDAR on November 19, 2018 and mailed to the holders (“Debentureholders”) of Toscana’s 7.25% convertible unsecured subordinated debentures due June 30, 2021 (the “Debentures”) in connection with the upcoming extraordinary meeting of Debentureholders to be held in Calgary, Alberta on Friday, December 14, 2018.

Specifically, references to the maturity date of the Debentures in the first paragraph of the News Release and on the title page, page 3 and page 6 of the Circular incorrectly state that the Debentures mature on December 31, 2021 rather than June 30, 2021. The Corporation does not consider the error to be material.

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

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 intention to hold an extraordinary meeting of Debentureholders on December 14, 2018. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Corporation. 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; access to markets; loss of markets; environmental risks; competition; cash flows from operating activities sufficient to permit Toscana to pay the principal, premium, if any, and interest on its indebtedness; liquidity of Debentures in the marketplace; 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. Additional information on these and other factors that could affect the Corporation’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the Corporation’s profile on the SEDAR website (www.sedar.com).

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. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

SOURCE: Toscana Energy Income Corporation