TUSCANY ENERGY LTD.
TSX VENTURE : TUS

TUSCANY ENERGY LTD.

February 06, 2012 09:00 ET

Tuscany Energy Ltd. Exits 2011 at 440 Boepd, 98% Oil

CALGARY, ALBERTA--(Marketwire - Feb. 6, 2012) - Tuscany Energy Ltd. (TSX VENTURE:TUS) today announced that it achieved a December 2011 exit production rate of 440 Boepd, of which 98% comprised oil.

Major contributors to this improved production rate were two horizontal heavy oil wells at Macklin, Saskatchewan. These two horizontal wells were placed on production in early December 2011, and continue to produce at a rate of 100 Bopd, per well.

Tuscany plans to drill up to 3 more horizontal Macklin oil wells in the first quarter of 2012. Included in this drilling program will be a key well to be drilled immediately to the north of the Macklin producing wells, testing a section of mineral rights acquired by Tuscany in late 2011. The company shot a 3D seismic program in Q4 2011 and has interpreted a geophysical extension of the productive Dina oil pool on the acquired lands.

Tuscany has a 55% working interest in the Macklin project and is the operator. The remaining 45% working interest in Macklin is held by Diaz Resources Ltd.

An updated corporate presentation has been posted to Tuscany's website at www.tuscanyenergy.com.

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)
    www.tuscanyenergy.com