CALGARY, Alberta, May 05, 2017 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX:TEI) announces financial and operating results for the first quarter ended March 31, 2017.
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-month period ended March 31, 2017. 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
- Increased production from Q4, 2016 to Q1, 2017 of 8% and exit rate of 2,350 boe/d
- Announced change in banking arrangements and establishing a $36 Million revolving credit facility.
Three months ended | |||||||||
March 31, 2017 |
December 31, 2016 |
Change | March 31, 2016 |
Change | |||||
Average daily production (boe/d) | 2,248 | 2,085 | 8 | % | 2,602 | (14 | %) | ||
Petroleum and natural gas revenue, net of royalties ($) | 5,485,734 | 5,429,739 | 1 | % | 4,805,885 | 14 | % | ||
Netback ($) | 1,744,225 | 1 | 2,147,161 | (19 | %) | 2,434,700 | (28 | %) | |
Netback per boe ($) | 8.62 | 1 | 11.20 | (23 | %) | 10.28 | (16 | %) | |
Funds flow from operations ($) | 844,298 | 1 | 246,604 | 242 | % | 1,401,345 | (40 | %) | |
1Impacted by one-time costs of $2.80/boe ($0.5 million) relating to site remediation and associated costs. |