December 22, 2006 12:38 ET

Tuscany Energy Ltd. Announces Closing of Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) - Tuscany Energy Ltd. ("Tuscany") (TSX VENTURE:TUS) is pleased to announce that it has closed its previously announced non-brokered private placement with 1,401,400 common shares issued on a "flow-through" basis at a price of $0.30 per common share for total aggregate proceeds of $420,420.

The common shares issued are subject to a four-month hold period expiring on April 23, 2007 and after giving effect of the offering, Tuscany will have 26,550,836 common shares issued and outstanding.

The net proceeds from the sale of common shares will fund further development of Tuscany's core property at Evesham, Saskatchewan.

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements." Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projection in the forward-looking information and the material factors or assumptions that were applied in drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

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)