CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the third quarter ended September 30, 2019.
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 months ended September 30, 2019. 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.toscanaenergy.ca.
Three months ended | Nine months ended | |||||||||||
September 30 | September 30 | |||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | |||||||
OPERATIONAL | ||||||||||||
Average daily production (boe/d) | 1,060 | 1,462 | (27%) | 1,088 | 1,618 | (33%) | ||||||
Gas (Mcf/d) | 2,421 | 4,624 | (48%) | 2,514 | 5,837 | (57%) | ||||||
Oil (bbl/d) | 590 | 572 | 3% | 600 | 505 | 19% | ||||||
NGL (bbl/d) | 66 | 120 | (45%) | 69 | 141 | (51%) | ||||||
Average prices received ($/boe) | 39.97 | 34.28 | 17% | 42.35 | 30.40 | 39% | ||||||
Gas ($/Mcf) | 0.91 | 0.98 | (7%) | 1.44 | 1.37 | 5% | ||||||
Oil ($/bbl) | 65.29 | 72.20 | (10%) | 67.41 | 69.01 | (2%) | ||||||
NGL ($/bbl) | 24.80 | 35.96 | (31%) | 29.39 | 45.14 | (35%) | ||||||
FINANCIAL | ||||||||||||
Petroleum and natural gas revenue, net of royalty expense ($) | 3,478,122 | 3,802,446 | (9%) | 11,444,843 | 11,883,849 | (4%) | ||||||
Netback ($) (1) | 1,075,479 | 594,483 | 81% | 4,106,026 | 2,338,853 | 76% | ||||||
Netback per boe ($/boe) (1) | 11.03 | 4.42 | 13.72 | 5.29 | ||||||||
Adjusted Funds flow from (used-in) operations ($) (1)(2) | (70,718) | (766,563) | (91%) | 624,312 | (1,396,819) | >100% |
(1) Non-IFRS measures.
(2) Includes one time fees of $165,000