CALGARY, Alberta, Aug. 22, 2016 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana Energy” or the “Corporation”) (TSX:TEI) is pleased to announce the completion of the semi-annual review of its credit facilities. As a result of the review, the Corporation has agreed to certain amendments to its credit facilities which have been reduced from $48 million to $43 million with the next review scheduled to occur on October 1, 2016.
The Corporation currently has $39.5 million drawn on its credit facilities which the Corporation expects to be reduced to approximately $27 million following the completion of the sale of its non-operated oil and natural gas assets in northwestern Alberta (the “Assets“) for total cash consideration of $12.5 million, as disclosed in the press release of the Corporation dated August 17, 2016. Following the sale of the Assets, the Corporation expects the credit facilities to be adjusted to reflect the loss in loan value accorded to the Assets at closing.
About Toscana Energy Income Corporation
Toscana Energy 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 is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.