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Toscana Energy Announces Third Quarter 2012 Results

Wednesday, November 14, 2012 7:00 AM

CALGARY, Nov. 14, 2012 /CNW/ - Toscana Energy Income Corporation (the "Company") (TSXV: TEI) announces financial and operating results for the third quarter of 2012.

This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the three and nine month periods ended September 30, 2012. 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 Company's website at www.sprott-toscana.com

  Nine months ended 
September 30
  2012 2011 Change
Average daily production (boe/d) 1,227 969 27%
Petroleum and natural gas revenue, net of royalties ($) 11,321,447 10,061,684 13%
Netback ($) 7,781,013 8,291,311 (6%)
Netback  per boe ($) 23.14 31.34 (26%)
Net Income ($) 13,305,935 3,235,619 311%
Net Income per share ($) 6.34 1.82 248%
Funds flow from operations ($) 5,480,490 5,117,113 7%
Capital expenditures ($) 7,618,682 69,314,794 (89%)
Working capital surplus (deficit) excluding credit facility ($) 218,932 1,751,500 (88%)
Total assets ($) 58,769,921 72,449,309 (19%)
Dividends paid per common share ($) 1.20 0.90 33%
Shareholder's equity ($) 27,953,745 20,062,104 39%
Common shares outstanding at period end 2,099,932 2,099,932 -

Non-IFRS measures: Management uses "funds flow from operations", "netback" and "working capital surplus (deficit) excluding credit facility" to analyze operating performance and leverage.  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.

Forward looking information: The corporate information contained in this news release may contain forward-looking forecast information.  The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by TEI at the time of preparation, may prove to be incorrect.  The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material.  Consequently there is no representation by TEI that actual results achieved during the forecast period will be the same in whole or in part as those forecast.

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

For further information, please visit our website at www.sprott-toscana.com or contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
E-Mail: jdurante@toscanacapital.com

(Source: CNW )
(Source: Quotemedia)


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