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Twoco Petroleums Ltd. Third Quarter Highlights and 2012 Update

CALGARY, ALBERTA -- (Marketwire) -- 11/29/12 -- Twoco Petroleums Ltd. ("Twoco" or the "Company") (TSX VENTURE:TWO) announces financial and operating results for the quarter ended September 30, 2012 and an update of its 2012 activities.

Twoco has filed the following documents on the System for Electronic Document Analysis and Retrieval (SEDAR):


1.  Unaudited condensed interim financial statements as at and for the
    quarter ended September 30, 2012, together with the notes therein as
    prepared in accordance with International Financial Reporting Standards;
    and 
2.  Management's discussion and analysis of financial condition and results
    of operations as at and for the quarter ended September 30, 2012.

Copies of these documents may be obtained via SEDAR at www.sedar.com.

Highlights of the Third Quarter 2012 include:


--  Petroleum and natural gas sales revenue of $913,357 - a 36% decrease
    from the Third Quarter 2011 - predominantly due to the decrease in
    natural gas production and natural gas prices; 
--  Cash flow used by operations of $42,298. During the nine months ended
    September 30, 2012, the Company had cash flow from operations of
    $296,258; 
--  Average production of 339 boe per day (includes 113 barrels per day of
    oil and natural gas liquids) - a 45% decrease from the Third Quarter
    2011 - a result of shut-in natural gas volumes due to low natural gas
    prices, a lack of natural gas drilling activity and production declines
    of the Company's natural gas properties. Current oil production is
    approximately 120 barrels per day; 
--  Average production of 113 barrels per day of oil and natural gas liquids
    from the Company's Warspite heavy oil property represents an 8% increase
    in the average production of oil and natural gas liquids from the Third
    Quarter 2011;  
--  Operating netback of $454,583 ($14.55 per boe); 
--  Operating netback of $48.48 per barrel in respect of the Company's
    production of Sparky heavy oil; 
--  Net loss of $1,037,986; 
--  Capital expenditures of $65,996; 
--  Current land position of 105,431 gross (76,782 net) acres; 
--  Operating costs of $10.54 per boe; 
--  General and administrative expenses of $6.34 per boe; and 
--  In the Third Quarter 2012, the Company issued a total of 948,256 common
    shares in payment of interest accrued to September 30, 2012 on its $3.4
    million principal amount of redeemable, convertible, unsecured 8%
    debentures.

Highlights of Twoco's operations for the 2012 year to date include:


--  Current production of 338 boe per day (includes approximately 120
    barrels per day of oil and natural gas liquids);  
--  Twoco estimates current shut-in and behind pipe production capability of
    400 boe per day; and 
--  The next review date of the Company's credit facilities was to take
    place on September 30, 2012; however, the review has not yet occurred.
    The Company and its Bank remain in discussions concerning the next
    scheduled review date. Effective October 31, 2012, the Bank has agreed
    to defer collection of monthly interest on the Company's $18,000,000
    revolving credit facility as well as the $50,000 working capital waiver
    fee otherwise due on October 31, 2012. Such monthly interest is
    currently being added to the principal amount of the Company's revolving
    credit facility.

Management has been working on certain strategic alternatives including, but not limited to, recapitalizing the Company through financing arrangements or merging with other companies. The Company continues to require the support of its lenders and creditors and will require additional financing to reduce its working capital deficiency and further develop its oil properties to realize the full potential of the significant proved and probable reserve base. There is no assurance, however, that additional funding will be available, if and when needed, and if such funding is not available, the Company's ability to continue as a going concern will be significantly impaired.

Twoco is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in the Province of Alberta. Twoco has 73,905,789 common shares issued and outstanding as at today's date.

In this news release the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (Mcf) of natural gas for one barrel (Bbl) of oil based on an energy equivalency conversion method. Boes may be misleading particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1Bbl is based on an energy equivalency conversion method primarily applicable to the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements regarding the Company's shut-in and behind pipe production capability and its ability to continue as a going concern. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Twoco's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Twoco believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Twoco does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Twoco Petroleums Ltd.
Wayne A. Malinowski
President and Chief Executive Officer
(403) 231-8653
(403) 237-6048 (FAX)

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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