TUSCANY ENERGY LTD.
TSX VENTURE : TUS

TUSCANY ENERGY LTD.

December 07, 2011 09:00 ET

Tuscany Announces Drilling Success at Macklin, Saskatchewan

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2011) - Tuscany Energy Ltd. (TSX VENTURE:TUS) announces today that it has drilled two additional Dina horizontal heavy oil wells at Macklin, Saskatchewan. The two wells were placed on production in December and each are currently producing at a flush production rate of 120 barrels of oil per day (66 bopd net per well).

These two wells are 50 metre offset wells to a Dina oil well Tuscany drilled and placed on production September 18, 2011, which is currently producing 80 bopd (44 bopd net), and to date has produced 7,000 barrels of oil. Tuscany has a 55% working interest in the project and is the operator.

Further development at Macklin is scheduled for the second quarter of 2012.

In addition to the Macklin wells, Tuscany has recently drilled two additional horizontal wells into the Dina pool at Evesham, Saskatchewan. The first of these new Evesham wells was put on production November 15, 2011 and is currently producing 80 bopd (48 bopd net) and the second new well is expected to be put on production by December 8, 2011. Tuscany now has an interest in 12 horizontal Dina oil wells at Evesham, in which the company holds a 60 % working interest and is the operator.

With the addition of these four new oil wells, Tuscany expects to exit December 2011 at a net production rate of 450 boepd, 94 % oil.

ADVISORY: Certain information in this news release, including drilling plans and projected drilling, completion and equipping costs, and production rates from the Evesham and Macklin fields may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive.

Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural gas volumes have been converted to barrels of oil at six thousand cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly if used in isolation. A boe conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids (NGLs).

The forward looking statements contained in this press release are made as of the date hereof and Tuscany undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.

Contact Information

  • Tuscany Energy Ltd.
    Robert W. Lamond
    Chairman & CEO
    (403) 269-9889
    (403) 269-9890 (FAX)

    Tuscany Energy Ltd.
    Donald K. Clark
    Vice President Operations
    (403) 269-9889
    (403) 269-9890 (FAX)