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
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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% |
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Petroleum and natural gas revenue, net of
royalties ($) |
8,452,892 |
3,679,247 |
130% |
23,111,475 |
11,388,078 |
103% |
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Netback ($) |
4,516,283 |
2,770,631 |
63% |
13,236,255 |
7,690,293 |
72% |
Netback per boe ($) |
19.31 |
24.41 |
(21%) |
19.60 |
22.87 |
(14%) |
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Net Income (loss) ($) 1 |
(1,378,853) |
(685,464) |
101% |
(1,953,324) |
13,305,935 |
(115%) |
Net Income (loss) per share ($) |
(0.26) |
(0.33) |
(21%) |
(0.42) |
6.34 |
(107%) |
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Funds flow from operations ($) |
3,253,993 |
2,161,639 |
51% |
9,157,623 |
5,480,490 |
67% |
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Capital expenditures ($) |
9,298,969 |
390,476 |
2281% |
37,498,309 |
7,572,209 |
395% |
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Dividends paid per common share ($) |
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 $13.3
million |
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At September 30 |
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2013 |
2012 |
Change |
Total assets ($) |
|
|
|
119,625,102 |
58,769,921 |
104% |
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Unused portion of credit facility($) |
|
|
|
26,156,391 |
13,386,440 |
95% |
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Shareholder's equity ($) |
|
|
|
61,219,850 |
27,953,745 |
119% |
Common shares outstanding at period
end |
|
|
|
5,328,044 |
2,099,932 |
154% |
|
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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. |
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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. |
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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