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Toscana Energy Initiates Formal Strategic Alternatives Process

CALGARY, Alberta, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TEI.TO) announces that the Board of Directors (the “Board“) of the Corporation is undertaking a formal process to identify, examine and consider the strategic alternatives available to the Corporation to maximize value for shareholders. Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, a disposition of all or a portion of the Corporation’s assets, a recapitalization, refinancing of its capital structure, or any combination of the foregoing.

The Board has engaged Sayer Energy Advisors as its financial advisor in connection with this review and analysis of strategic alternatives.

The Corporation has not set a definitive schedule to complete its strategic review. Toscana does not intend to disclose developments with respect to the strategic review process unless and until such time as the Board approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is necessary or appropriate. There can be no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.

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 "may", "will" and similar expressions.

More particularly and without limitation, this news release contains forward‐looking statements and information pertaining to, without limitation, the following: the intentions of the strategic alternative process and the possible alternatives that may arise due to such process. Although management of the Corporation 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.

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 Toronto Stock Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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.

For further information, please contact:
Ryan Heath, Chief Executive Officer
Tel: (403) 355-0455
Fax: (403) 444-0090

SOURCE: Toscana Energy Income Corporation