Toscana Energy Announces Third Quarter 2013 Results

CALGARY, Nov. 13, 2013 /CNW/ - Toscana Energy Income Corporation ("Toscana Energy" or the "Corporation") (TSX Venture: TEI) announces financial and operating results for the three and nine months ended September 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 nine month periods ended September 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 September 30			Nine months ended September 30
	2013	2012	Change	2013	2012	Change
Average daily production (boe/d)	2,542	1,234	106%	2,473	1,227	102%
Petroleum and natural gas revenue, net of royalties ($)	8,452,892	3,679,247	130%	23,111,475	11,388,078	103%
Netback ($)	4,516,283	2,770,631	63%	13,236,255	7,690,293	72%
Netback  per boe ($)	19.31	24.41	(21%)	19.60	22.87	(14%)
Net Income (loss) ($) ^1	(1,378,853)	(685,464)	101%	(1,953,324)	13,305,935	(115%)
Net Income (loss) per share ($)	(0.26)	(0.33)	(21%)	(0.42)	6.34	(107%)
Funds flow from operations ($)	3,253,993	2,161,639	51%	9,157,623	5,480,490	67%
Capital expenditures ($)	9,298,969	390,476	2281%	37,498,309	7,572,209	395%
Dividends paid per common share ($)	0.405	0.405	0%	1.215	1.215	0%
^1 Net income for the nine months ended September 30, 2012 includes gain on sale of assets of $13.3 million
				At September 30
				2013	2012	Change
Total assets ($)				119,625,102	58,769,921	104%
Unused portion of credit facility($)				26,156,391	13,386,440	95%
Shareholder's equity ($)				61,219,850	27,953,745	119%
Common shares outstanding at period end				5,328,044	2,099,932	154%

			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

For further information, please visit our website at www.sprott-toscana.com or contact:

Joseph S. Durante, Chief Executive Officer
Tel: [phone]
Fax: [phone]
E-Mail: [email protected]