CALGARY, Aug. 9, 2013 /CNW/ - Toscana Energy Income
Corporation ("Toscana Energy" or the "Corporation") (TSX Venture:
TEI) announces financial and operating results for the three
and six months ended June 30,
2013.
This news release summarizes information
contained in the Consolidated Financial Statements and Management's
Discussion and Analysis ("MD&A") for the three and six month
periods ended June 30, 2013. 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 |
Six months ended |
| |
2013 |
2012 |
Change |
2013 |
2012 |
Change |
| Average daily production (boe/d) |
2,605 |
1,220 |
114% |
2,441 |
1,224 |
99% |
| |
|
|
|
|
|
|
| Petroleum and natural gas revenue, net of
royalties ($) |
8,682,070 |
3,266,501 |
166% |
14,658,583 |
7,305,831 |
101% |
| |
|
|
|
|
|
|
| Netback ($) |
5,391,357 |
1,982,674 |
172% |
8,719,972 |
4,516,662 |
93% |
| Netback per boe ($) |
22.75 |
17.49 |
30% |
19.74 |
19.92 |
(1%) |
| |
|
|
|
|
|
|
| Net Income ($) 1 |
666,987 |
13,914,656 |
(95%) |
(574,471) |
13,991,399 |
(104%) |
| Net Income per share ($) |
0.14 |
6.63 |
(98%) |
(0.13) |
6.66 |
(102%) |
| |
|
|
|
|
|
|
| Funds flow from operations ($) |
3,817,462 |
1,510,139 |
153% |
5,903,631 |
3,318,851 |
78% |
| |
|
|
|
|
|
|
| Capital expenditures ($) |
16,107,599 |
6,517,216 |
147% |
28,199,340 |
7,181,733 |
293% |
| |
|
|
|
|
|
|
| Total assets ($) |
114,695,751 |
61,158,544 |
88% |
114,695,751 |
61,158,544 |
88% |
| |
|
|
|
|
|
|
| Dividends paid per common share ($) |
0.405 |
0.405 |
0% |
0.810 |
0.810 |
0% |
| |
|
|
|
|
|
|
| Shareholder's equity ($) |
61,204,644 |
29,479,182 |
108% |
61,204,644 |
29,479,182 |
108% |
| Common shares outstanding at period end |
5,094,297 |
2,099,932 |
143% |
5,094,297 |
2,099,932 |
143% |
| |
|
|
|
|
|
|
| 1 Net income for
2012 includes gain on sale of assets of $13.3 million |
Non-IFRS measures: Management uses "netback"
and "funds flow from operations" to analyze operating
performance. These terms, as presented, do not have any
standardized meaning prescribed by International Financial
Reporting Standards ("IFRS") and therefore may not be comparable
with the calculation of similar measures for other
entities.
BOEs may be misleading, particularly if used
in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based
on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the
wellhead.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation 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 Income Corporation is
managed by Sprott Toscana through Toscana Energy Corporation.
Sprott Toscana is a member of the Sprott Group of Companies.
About Sprott Toscana
Sprott Toscana (formerly Toscana Merchant Group)
is a team of Calgary-based energy
specialists that manage three separate businesses: Toscana Energy
Income Corporation (through Toscana Energy Corporation), Toscana
Financial Income Trust and Maple Leaf Energy Income LPs.
In July 2012, Toscana Merchant Group joined the Sprott Group
of Companies when it was acquired by Sprott Inc. (TSX: SII),
Canada's leading alternative asset
manager and a global leader in resource investing.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Toscana Energy Income Corporation