February 27, 2008 09:00 ET

Tuscany Confirms New Production in West-Central Alberta

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2008) - Tuscany Energy Ltd. (TSX VENTURE:TUS) is pleased to provide an update on its previously announced new discovery well in west-central Alberta. The well has been placed on production and over the most recent four-day period, gross production averaged 900 thousand cubic feet of gas per day and 130 barrels of oil per day. Tuscany has a 30% working interest in the well.

As a result, incremental production net to Tuscany is approximately 84 Bbls of oil equivalent per day ("BOE"). This now brings Tuscany's total daily average production to approximately 220 BOE per day.

The operator of the well has also advised Tuscany that they have been granted Good Production Practice status for the pool, from the Energy Resources Conservation Board, effective March 1, 2008.

Tuscany is continuing to review ongoing drilling opportunities within the area in order to increase the company's reserves, production and cash flow.

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

Greg T. Busby, President & CEO

BOE Presentation - The term barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this report are derived by converting gas to oil in the ratio of six Mcf of gas to one Bbl of oil.

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
    (403) 264-2398
    (403) 264-2399 (FAX)
    Tuscany Energy Ltd.
    Robert W. Lamond
    (403) 269-9889
    (403) 269-9890 (FAX)