TUSCANY ENERGY LTD.
TSX VENTURE : TUS

TUSCANY ENERGY LTD.

October 23, 2007 14:28 ET

Tuscany Announces Closing of $1,000,000 Financing and Drilling of New Development Well at Evesham

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2007) - Tuscany Energy Ltd. (TSX VENTURE:TUS) announces that is has closed its previously announced financing. Tuscany has raised $1,000,000 by way of a non-brokered private placement of 10,000,000 common shares on a flow-through basis at a price of $0.10 per share.

All of the securities issued will be restricted from trading for a period of four months ending February 24, 2008. Subsequent to the issue there are 36,550,836 common shares issued and outstanding.

The net proceeds of the offering will be used for Tuscany's Canadian exploration program on expenditures which satisfy flow-through requirements.

Humboldt Capital Corporation has subscribed for 4,000,000 common shares or 40% of the offering. Humboldt together with its control shareholder, R.W. Lamond, owns an aggregate of 11,085,000 common shares being 30.3% of the outstanding shares of Tuscany.

Tuscany also announces that it has successfully drilled and cased a development oil well in the Evesham area of Saskatchewan. The Company anticipates the well will be completed and placed on production within the next month. Tuscany owns 100% of the well. A subsequent location for the next well at Evesham is currently being prepared.

Tuscany is an emerging junior oil and gas company engaged in the acquisition, exploration and development of oil and natural gas reserves in western Canada.

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • TUSCANY ENERGY LTD.
    Greg T. Busby
    President, CEO & CFO
    (403) 264-2398
    (403) 264-2399 (FAX)
    or
    TUSCANY ENERGY LTD.
    Robert W. Lamond
    Chairman
    (403) 269-9889
    (403) 269-9890 (FAX)