CALGARY, Alberta, June 18, 2015 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX:TEI) is pleased to announce that it has closed on its previously announced asset acquisition of approximately 200 BOEs/d of long life oil and gas assets within the Company's core operating areas of southern and central Alberta (the "Assets"). The aggregate purchase price in respect of the Assets acquired was $9 million which was satisfied using the Company's existing credit facilities.
In addition, the Company is pleased to announce the closing of its previously announced internalization transaction and the termination of the performance fee payable by the Company to Toscana Energy Corporation (the "Manager") pursuant to the terms of a management agreement between the Company and the Manager (the "Internalization"). To effect the Internalization, the Company paid aggregate cash consideration of approximately $4,633,000 (plus GST) to the Manager and entered into an amended and restated management agreement with the Manager dated effective April 1, 2015.
About Toscana Energy Income Corporation
Toscana Energy 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 is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.
For further information, please visit our website at www.sprott-toscana.com.
CONTACT: Joseph S. Durante, Chief Executive Officer Tel: (403) 410-6793 Fax: (403) 444-0090
Source:Toscana Energy Income Corporation