CALGARY, Alberta, March 16, 2018 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX:TEI) announces financial and operating results for the year ended December 31, 2017.
Financial and operating results:
The following summarizes information contained in the Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2017. 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.
Three months ended December 31 |
Year ended December 31 |
|||||||
2017 | 2016 | Change |
2017 | 2016 | Change | |||
Average daily production (boe/d) | 1,985 | 2,085 | (5%) | 2,162 | 2,252 | (4%) | ||
Petroleum and natural gas revenue, net of royalty expense ($) | 4,673,222 | 5,429,739 | (14%) | 19,688,747 | 20,731,084 | (9%) | ||
Netback ($) | 2,023,649 | 2,147,161 | (6%) | 7,434,050 | 11,571,753 | (36%) | ||
Netback per boe ($/boe) | 11.08 | 11.20 | (1%) | 9.42 | 14.04 | (33%) | ||
Funds flow from operations ($) | 257,697 | 246,604 | (4%) | 2,149,781* | 5,965,398 | (64%) | ||
*Impacted by one-time site remediation and oil field optimization costs which have been expensed. | ||||||||