World News: 21:00 GMT Friday 15th March 2019. [Toscana Energy Income Corporation via Globe Newswire via SPi World News]
CALGARY, Alberta, March 15, 2019 (GLOBE NEWSWIRE) -- announces financial and operating results for the fourth quarter ended December 31, 2018.
This news release summarizes information contained in the Audited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2018. 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 .
Toscana has been successful in growing its oil production, which should provide for better operating netbacks in the future. Unfortunately, in the fourth quarter of 2018, as with most of the Alberta industry oil producers, Toscana was impacted by an unprecedented widening of crude oil differentials. This resulted in a dramatic decrease in Toscana’s realized oil prices, which negatively impacted operating netbacks. In addition, natural gas prices were very weak, which saw marginal support to overall field netbacks.
Mandated crude oil production cuts implemented by the Alberta Government, have helped to significantly narrow the differential price for oil in 2019. While we are currently seeing a slight seasonal increase in natural gas prices, forecast pricing for the balance of the year remains weak. Takeaway capacity and NGTL allocations need to be resolved before Alberta natural gas pricing can significantly change to the upside.
(1) Includes royalty revenue(2) Non-IFRS measures
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets.
For further information, please contact:Joseph S. Durante, Chief Executive Officer Tel: (403) 410-6793 Fax: (403) 444-0090 SOURCE: Toscana Energy Income Corporation
Globe Newswire: 21:00 GMT Friday 15th March 2019
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