CALGARY, Alberta, Nov. 07, 2016 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX:TEI) announces financial and operating results for the third quarter ended September 30, 2016.
Financial and operating results:
This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and nine month periods ended September 30, 2016. This news release should not be considered a substitute for reading the full disclosure documents, which are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.sprott-toscana.com.
Highlights
- Disposition of non-operated, non-core oil assets for $12.5 million (@ $82,237 / flowing barrel), prior to adjustments; proceeds used to reduce bank debt by 32% from second quarter, leaving $9 million for strategic opportunities.
- Grew production 6% on a YTD basis.
- Previous shut-in natural gas production (150 boe/d) brought back on production at the end of the quarter into a stronger pricing environment.
- Credit facility renewed at $36 million, next renewal date May 1, 2017.
- Approximately 50% of 2017 production hedged.
Three months ended September 30 |
Nine months ended September 30 |
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2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||
Average daily production (boe/d) | 2,056 | 2,254 | (9 | %) | 2,308 | 2,172 | 6 | % | |||||
Petroleum and natural gas revenue, net of royalties ($) | 5,325,841 | 5,664,229 | (6 | %) | 15,301,345 | 16,621,788 | (8 | %) | |||||
Netback ($) | 3,174,541 | 3,953,432 | (20 | %) | 9,424,592 | 11,430,534 | (18 | %) | |||||
Netback per boe ($) | 16.78 | 19.06 | (12 | %) | 14.90 | 19.28 | (23 | %) | |||||
Funds flow from operations ($) | 2,125,201 | 2,969,617 | (28 | %) | 5,718,794 | 3,320,222 | 72 | % | |||||
Funds flow per share ($/share) | 0.29 | 0.41 | (29 | %) | 0.79 | 0.46 | 72 | % | |||||