Mr. Joseph Durante reports

TOSCANA FILES SHAREHOLDER AND DEBENTUREHOLDER MEETING MATERIALS

Toscana Energy Income Corp. has filed its meeting materials in connection with the previously announced annual and special meeting of shareholders and extraordinary meeting of debentureholders, each scheduled for May 10, 2019, at 9 a.m. and 11 a.m., respectively, and each being held in connection with, among other things, consideration of a transaction, pursuant to which Toscana will redeem its outstanding 7.25 per cent convertible unsecured subordinated debentures due June 30, 2021. As previously announced, Toscana will redeem, in full, the outstanding principal amount of debentures, inclusive of the 3-per-cent early redemption premium, along with all accrued, but unpaid, interest up to, but excluding, the date of redemption, and the interest payment deferral amount previously approved by debentureholders (an aggregate payment of approximately $21,957,329). The redemption amount will be satisfied, subject to receipt of all necessary approvals, including Toronto Stock Exchange, shareholder and debentureholder approval, by the issuance of common shares in the capital of Toscana at a price per common share of 15.898 cents (a change from the previously announced price of 13.299 cents as a result of a review by the TSX of the treatment of historical trading data used to calculate the price per common share).

Pursuant to the transaction, Toscana will issue approximately 138 million common shares, representing approximately 95.07 per cent (compared with the 95.84 per cent previously announced by the corporation on March 15, 2019) of the pro forma common shares outstanding upon closing of the transaction, which is expected to be on or about May 14, 2019. Upon closing of the transaction and full satisfaction of the redemption amount, interest upon the debentures shall cease to be payable from and after the redemption date.

About Toscana Energy Income Corp.

Toscana Energy Income is a conventional oil and gas producer with a 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.

We seek Safe Harbor.