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Press Release

Toscana Energy Announces Grant of Stock Options to Directors and Corporate Secretary

CALGARY, Oct. 23, 2012 /CNW/ - Toscana Energy Income Corporation (the "Company") (TSXV: TEI) announced today that it has granted an aggregate of 135,000 stock options to acquire common shares in the capital of the Company at a price of $14.75 per share to the directors of the Company, other than the President and Chief Executive Officer who is also director, and the corporate secretary of the Company.  These stock options will expire on October 22, 2017.

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. Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

About Sprott Toscana

Sprott Toscana (formerly Toscana Merchant Group) is a team of Calgary-based energy specialists that manage three separate businesses: Toscana Energy Income Corporation (through Toscana Energy Corporation), Toscana Financial Income Trust and Maple Leaf Energy Income LPs. In July 2012, Toscana Merchant Group joined the Sprott Group of Companies when it was acquired by Sprott Inc. (TSX: SII), Canada's leading alternative asset manager and a global leader in resource investing.

Neither the 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.

SOURCE: Toscana Energy Income Corporation

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