Tuscany International Drilling Inc.
TSX : TID

Tuscany International Drilling Inc.

June 23, 2010 08:30 ET

Tuscany International Drilling Inc. Commences Process for Listing on the Columbian Stock Exchange

CALGARY, ALBERTA--(Marketwire - June 23, 2010) - Tuscany International Drilling Inc. ("Tuscany" or the "Company") (TSX:TID) is pleased to announce that its Board of Directors has approved the commencement of the process whereby Tuscany intends to register its shares in the Colombian Nation Securities and Issuers Registry ("RNVE") and for listing on the Colombian Stock Exchange "Bolsa de Valores de Colombia - BVC". The listing will qualify as a secondary listing, and the Company's primary exchange will remain the Toronto Stock Exchange. If this application is accepted, the dual listings will enable the Company to expand its institutional and retail shareholder base in Colombia where it has the majority of its operations and where the capital markets are rapidly growing.

The listing on the BVC will be subject to the local regulations applicable to foreign issuers, issued by the Superintendencia Financiera de Colombia, BVC, Central Depository System ("DECEVAL") as well as any other regulation or authority that should apply to this transaction. The application process is expected to take approximately three months, following the completion of all regulatory steps. All reporting and disclosure regulations, including corporate governance, voting rights and proxy voting will be in accordance with Canadian and Colombian regulations, as applicable to foreign investors. The Company will appoint a depository agent in Colombia to maintain shareholder records and this agent will be responsible for dividend payments, if any, and all other matters regarding shareholder rights, as determined by the Company's shareholders.

About Tuscany

Tuscany, a corporation headquartered in Calgary, Alberta, is engaged in the business of providing contract drilling and work-over services along with equipment rentals to the oil and gas industry. The Company is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Bogota, Colombia, Quito, Ecuador and Rio de Janeiro, Brazil and Peru.

READER ADVISORY

Statements in this press release contain forward-looking information including, without limitation, components of cash flow and earnings. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Tuscany. These risks include, but are not limited to: the risks associated with the oil and gas industry, commodity prices and exchange rate changes, regulatory changes, successful exploitation and integration of technology, customer acceptance of technology, changes in drilling activity and general global economic, political and business conditions. Industry related risks could include, but are not limited to; operational risks, delays or changes in plans, health and safety risks and the uncertainty of estimates and projections of costs and expenses and access to capital. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. Tuscany does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contact Information

  • Tuscany International Drilling Inc.
    Walter Dawson
    Chairman and CEO
    (403) 265-8258
    (403) 265-8793 (FAX)
    or
    Tuscany International Drilling Inc.
    Reg Greenslade
    President
    (403) 265-8258
    (403) 265-8793 (FAX)
    or
    Tuscany International Drilling Inc.
    Bruce Moyes
    CFO
    (403) 265-8258
    (403) 265-8793 (FAX)
    or
    Tuscany International Drilling Inc.
    100, 522-11th Avenue S.W.,
    Calgary, Alberta