CALGARY, Nov. 14, 2012 /CNW/ - Toscana Energy Income
Corporation (the "Company") (TSXV: TEI) announces financial and
operating results for the third quarter of 2012.
This news release summarizes information
contained in the Condensed Consolidated Interim Financial
Statements and Management's Discussion and Analysis ("MD&A")
for the three and nine month periods ended September 30, 2012. 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
Company's website at www.sprott-toscana.com
| |
Nine
months ended
September 30 |
|
| |
2012 |
2011 |
Change |
| Average daily production (boe/d) |
1,227 |
969 |
27% |
| |
|
|
|
| Petroleum and natural gas revenue, net of
royalties ($) |
11,321,447 |
10,061,684 |
13% |
| |
|
|
|
| Netback ($) |
7,781,013 |
8,291,311 |
(6%) |
| Netback per boe ($) |
23.14 |
31.34 |
(26%) |
| |
|
|
|
| Net Income ($) |
13,305,935 |
3,235,619 |
311% |
| Net Income per share ($) |
6.34 |
1.82 |
248% |
| |
|
|
|
| Funds flow from operations ($) |
5,480,490 |
5,117,113 |
7% |
| |
|
|
|
| Capital expenditures ($) |
7,618,682 |
69,314,794 |
(89%) |
| |
|
|
|
| Working capital surplus (deficit) excluding credit
facility ($) |
218,932 |
1,751,500 |
(88%) |
| |
|
|
|
| Total assets ($) |
58,769,921 |
72,449,309 |
(19%) |
| |
|
|
|
| Dividends paid per common share ($) |
1.20 |
0.90 |
33% |
| |
|
|
|
| Shareholder's equity ($) |
27,953,745 |
20,062,104 |
39% |
| Common shares
outstanding at period end |
2,099,932 |
2,099,932 |
- |
Non-IFRS measures: Management uses "funds
flow from operations", "netback" and "working capital surplus
(deficit) excluding credit facility" to analyze operating
performance and leverage. 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.
Forward looking information: The corporate
information contained in this news release may contain
forward-looking forecast information. The reader is cautioned
that assumptions used in the preparation of such information,
although considered reasonably accurate by TEI at the time of
preparation, may prove to be incorrect. The actual results
achieved during the forecast period will vary from the information
provided herein and the variations may be material.
Consequently there is no representation by TEI that actual results
achieved during the forecast period will be the same in whole or in
part as those forecast.
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