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Toscana Energy Reports Successful Voting Results of Extraordinary Meeting of Debentureholders

CALGARY, Alberta, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX: TEI) held its extraordinary meeting (the "Meeting") of holders ("Debentureholders") of 7.25% convertible unsecured subordinated debentures of Toscana Energy due June 30, 2021 ("Debentures") on December 14, 2018 in Calgary, Alberta.  An aggregate of $7,836,000 principal amount of Debentures, representing approximately 39.18% of the issued and outstanding Debentures, were represented in person or by proxy at the Meeting.

Toscana is pleased to report that the special resolution to approve:

  1. the deferral of the interest payment due and payable by Toscana Energy to Debentureholders of record on December 31, 2018 under the terms and conditions of the trust indenture between the Company and Valiant Trust Company (which was acquired by Computershare Trust Company of Canada) (the "Debenture Trustee") dated as of the 11th day of June, 2013 and as amended as of the 23rd day of April, 2018 (the "Indenture"); and

  2. the aggregate payment in the amount of $825,000, such payment to be made in two equal payments by the Company to the Debenture Trustee for the benefit of the Debentureholders of record as of September 30, 2019 and April 30, 2020, respectively, on and in accordance with the terms of the Indenture, and such payment being comprised of:

    1. $725,000 in complete satisfaction of the interest payment due to Debentureholders of record on the applicable interest payment dates (the "Interest Payment"); and

    2. $100,000 as a lump sum fee in consideration for the deferral of the Interest Payment,

was approved as follows:

Votes For Votes Against
Number Percentage Number Percentage
7,469 95.32% 367 4.68%

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.

For further information, please contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090