CALGARY,
April 23, 2013 /CNW/ - Toscana
Energy Income Corporation ("Toscana Energy" or the "Company") (TSX
Venture: TEI) is pleased to announce that it has closed the
previously announced acquisition of a diversified portfolio of oil
and gas royalties (the Royalties) that produce approximately 275
BOEs per day. Toscana Energy issued an aggregate of 1,033,000
common shares in the capital of the Company as consideration for
the acquisition of the Royalties, such common shares being subject
to a statutory hold period of four months plus one day from the
date of issuance.
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.
Forward-Looking Statements
This news release contains forward‐looking
statements and forward‐looking information within the meaning of
applicable securities laws. These statements relate to future
events or future performance. All statements other than
statements of historical fact may be forward‐looking statements or
information. Forward‐looking statements and information are
often, but not always, identified by the use of words such as
"appear", "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "would" and similar expressions.
More particularly and without limitation,
this news release contains forward‐looking statements and
information concerning the Company's petroleum and natural gas
production with respect to the assets to be acquired. The
forward‐looking statements and information are based on certain key
expectations and assumptions made by management of the Company,
including expectations and assumptions concerning well production
rates in respect of the assets to be acquired, project development
and overall business strategy. Although management of the Company
believes that the expectations and assumptions on which such
forward looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward‐looking statements and information since no assurance can
be given that they will prove to be correct.
Forward-looking statements and information
are provided for the purpose of providing information about the
current expectations and plans of management of the Company
relating to the future. Readers are cautioned that reliance on such
statements and information may not be appropriate for other
purposes, such as making investment decisions. Since
forward‐looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with
the oil and gas industry in general such as operational risks in
development, exploration and production delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to reserves, production,
costs and expenses; health, safety and environmental risks;
commodity price and exchange rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions and failure to
realize the anticipated benefits of acquisitions; ability to access
sufficient capital from internal and external sources; failure to
obtain required regulatory and other approvals and changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations. Accordingly, readers should not place
undue reliance on the forward‐looking statements, timelines and
information contained in this news release. Readers are cautioned
that the foregoing list of factors is not exhaustive.
The forward‐looking statements and
information contained in this news release are made as of the date
hereof and no undertaking is given to update publicly or revise any
forward‐looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws or the TSX Venture Exchange. The
forward-looking statements or information contained in this news
release are expressly qualified by this cautionary
statement
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.
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