Toscana Energy Announces Sale of Non-Core Undeveloped Land

November 5, 2017

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CALGARY, AB–(Marketwired – November 01, 2017) – Toscana Energy Income Corporation (“Toscana Energy” or the “Company”) (TSX: TEI) is pleased to announce that it has entered into a Purchase and Sale Agreement to sell 13 sections of undeveloped land in Northern Alberta (the “Assets”�) to a private company for total cash consideration of $1.6 million subject to normal industry conditions. Proceeds of this sale will be initially utilized to reduce the Company’s outstanding credit facilities and then redirected towards expanding its large light oil in place assets. The disposition of the Assets is expected to close on or before the end of November, 2017. Together with this sale, Toscana Energy will have executed on an aggregate of $5.6 million of non-core property sales year to date to not only reduce debt but also to improve the overall quality of its asset portfolio.

Category: General