CK Hutchison Seeks $1.5 Billion From Panama Over Canal Ports 
TikTok, DOJ Reach $400 Million Children’s Privacy Settlement 
OpenAI Tightens AI Safety Monitoring After Security Incidents 
SK Hynix Shares Surge on Record $28.6 Billion Buyback 
Anthropic IPO Could Challenge SpaceX’s Record $86 Billion Offering 
Standard Chartered Expands Hedge Fund Access for Wealth Clients 
Baidu Shares Sink to One-Year Low as Ad Weakness Overshadows AI Growth 
Welspun Corp Shares Hit Record High on $1.8 Billion U.S. Order 
REPAY Stock Rises After Visa Platform Connect Collaboration 
Goldman Sachs Names 9 Top Japanese Semiconductor and Electronics Stocks 
Samsung Shares Rise on $72 Billion Shareholder Return Plan 
Unitree Robotics Shares Soar Over 600% in Shanghai Market Debut 
Amazon to Expand Drone Delivery to 500 U.S. Locations 
SpaceX Hires Natural Gas Trader to Meet Growing Energy Needs 
Nvidia AI Server Prices Set to Rise as Memory Costs Surge 
Add as a preferred source on Google
CALGARY, Alberta, May 04, 2018 -- Toscana Energy Income Corporation ("TEI" or the "Corporation") (TSX:TEI) announces financial and operating results for the first quarter ended March 31, 2018.
Financial and operating results:
This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three-month period ended March 31, 2018. This news release should not be considered a substitute for reading the full disclosure documents, which are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.toscanaenergy.ca.
Cash proceeds from non-core asset sales in the previous 12 months equate to $10.4 million and represent approximately 300 boe/d of production. Debt levels have dropped by $6 million to $19.5 million in the corresponding period with available liquidity of $11.5 million at March 31, 2018.
During the quarter, the Corporation disposed of a non-core, non-operated gas weighted property producing approximately 200 boe/d for cash proceeds of $4.7 million, representing $23,750 per flowing boe. Sale proceeds were used to initially reduce debt to $19.5 million at March 31, 2018 from $24 million at December 31, 2017.
| Three months ended March 31 | ||||
| 2018 | 2017 | Change | ||
| Average daily production (boe/d) | 1,768 | 2,248 | (21 | %) |
| Petroleum and natural gas revenue, net of royalty expense ($)(1) | 4,354,224 | 5,485,734 | (21 | %) |
| Netback ($)(2) | 1,123,760 | 1,744,225 | (36 | %) |
| Netback per boe ($/boe)(2) | 7.06 | 8.62 | (18 | %) |
| Funds flow from operations ($)(2) | 310,883 | 844,298 | (63 | %) |
(1) Includes royalty revenue
(2) Non-IFRS measures
Non-IFRS measures:
Management uses “net asset value”, “netback”, “funds flow from operations”, “unused portion of credit facility”, “credit facility utilization” and “credit facility availability” to analyze operating performance and to determine the Corporation’s ability to fund future capital investment. 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. Readers are cautioned regarding the reliability of such measures.
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
SOURCE: Toscana Energy Income Corporation
