/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
CALGARY,
Nov. 28, 2012 /CNW/ - Toscana
Energy Income Corporation ("Toscana Energy" or the "Company") (TSX
Venture: TEI) is pleased to announce that it has closed its
previously announced acquisitions of (i) assets having
approximately 440 BOEs/day of long life liquids rich natural gas
production and 20MMcf/day of gas processing and gathering
facilities in west central Alberta
for $10.5 million; and (ii) assets
having approximately 750 BOEs/day of long life liquids rich
natural gas production for $17.5
million. These acquisitions were financed in part
using the net proceeds from a private placement of 666,700 common
share special warrants at a price of $15.00 per common share special warrant for gross
proceeds of approximately $10.0
million and a private placement of 400,000 common shares at
a price of $15.00 per common share
for gross proceeds of $6.0
million. The remaining balance of the aggregate
acquisition cost was financed through the Company's credit
facility. Completion of the acquisitions increase aggregate
corporate production to over 2,400 BOEs/day.
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.
Cautionary Statement
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.
This press release shall not constitute an offer
to sell, nor the solicitation of an offer to buy, any securities in
the United States, nor shall there
be any sale of securities mentioned in this press release in any
state in the United States in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
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