Toscana Energy Reports Voting Results of Special M

CALGARY, Alberta, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana Energy" or the "Company") (TSX: TEI) held a special meeting of shareholders (the "Meeting") on August 22, 2018 in Calgary, Alberta.  A total of 2,804,189 common shares ("Common Shares") in the capital of the Company, representing approximately 39.81% of the issued and outstanding Common Shares, were represented in person or by proxy at the Meeting.

In accordance with section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, this report briefly describes the matter voted upon and the outcome of the votes at the Meeting.

1. According to proxies received and voted by ballot, the ordinary resolution, the full text of which is disclosed in the management information circular of the Corporation dated as of July 24, 2018 (the "Circular") approving, on a disinterested shareholder basis, the acquisition by the Company of all of the issued and outstanding shares of Cortona Energy Ltd. ("Cortona") from the shareholders of Cortona, some of whom are related parties ("Related Parties") of the Company, all as more particularly described in the Circular, was approved as follows:

To be approved, the acquisition of Cortona must be passed by the affirmative votes cast by the holders of not less than a majority of the Common Shares of the disinterested shareholders of the Company represented in person or by proxy at the Meeting that vote on such resolution.  A total of 972,349 Common Shares held by (i) each of the Related Parties, and (ii) any of their related parties, associates or affiliates, and joint actors, represented in person or by proxy at the Meeting were withheld from voting.

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.

For further information, please contact:

Joseph S. Durante, Chief Executive Officer
Tel:         (403) 410-6793
Fax:        (403) 444-0090

Source: Toscana Energy Income Corporation