Toscana Energy Provides Update on Continuous Disclosure Filings

CALGARY, Alberta, May 14, 2020 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces that it intends to rely on exemptive relief granted by the Canadian securities regulatory authorities that allows issuers to delay the filing of its interim financial report for the interim period ended March 31, 2020 as required by section 4.4 of National Instrument 51-102 and related management's discussion & analysis as required by subsection 5.1(2) of National Instrument 51-102 (collectively, the “Q1 Filings”) and Toscana anticipates that the Q1 Filings will be available for filing on or before June 29, 2020. Until such time as these filings are made, Toscana’s management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Other than as previously announced by Toscana on March 30, 2020 of entering into an option agreement with i3 Energy plc, and the acquisition by i3 Energy plc of Toscana’s senior bank debt and subordinated note, there have been no material business developments since the date of Toscana’s audited consolidated financial statements for the years ended December 31, 2019 and 2018 that were filed on March 30, 2020, a copy of which is available on SEDAR at www.sedar.com.

In light of the COVID-19 public health emergency and related restrictions on gatherings, Toscana intends to delay holding its annual general meeting of shareholders until a later date in 2020. Toscana also intends to rely on the temporary blanket relief provided by the Canadian Securities Administrators (including the exemptive relief contained in Alberta Securities Commission Blanket Order 51-518 – Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials) to postpone the filing of its executive compensation disclosure required under applicable securities laws until such time as it is filed and delivered to shareholders as part of Toscana’s information circular relating to its 2020 annual general meeting of shareholders. 

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 relating to the timing of the Corporation’s annual general meeting and the expected filing date for Toscana’s executive compensation disclosure and Q1 Filings. 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: [phone]
Fax: [phone]
SOURCE: Toscana Energy Income Corporation