Tuscany International Drilling Inc.
TSX : TID

Tuscany International Drilling Inc.

July 15, 2010 08:00 ET

Tuscany International Drilling Inc. Announces Board Resignation and Appointment and Addition of Executive Vice President, Corporate Finance and Business Development

CALGARY, ALBERTA--(Marketwire - July 15, 2010) - Tuscany International Drilling Inc. (the "Corporation" or "Tuscany") (TSX:TID) announced today that Mr. John Rooney has tendered his resignation from the board of directors effective July 14, 2010, and that Mr. Herb Snowdon has been appointed as a director of the Corporation to fill the vacancy created by Mr. Rooney's resignation.

Mr. Rooney's resignation from the Corporation's board is a result of a significant acquisition recently announced by a company of which he is a member of management. As part of the acquisition, Mr. Rooney is required to resign from a number of independent boards on which he serves to facilitate the increased time commitments of his management role. The board of directors would like to thank Mr. Rooney for his contributions and wishes him the best with his future endeavours.

Mr. Snowdon will replace Mr. Rooney as chair of the Corporation's Audit Committee. Mr. Snowdon is a recently retired, chartered accountant with extensive experience. Mr. Snowdon was a partner with KPMG and predecessor firms from 1981 to 2009 and a senior manager from 1976 to 1980. With KPMG, Mr. Snowdon was responsible for the audit of public and private entities with an emphasis on public oil and gas and service companies. He was also professional practice partner with oversight responsibility for technical and quality performance in the Calgary office and main resource for complex audit, accounting and professional matters. Prior to joining KPMG and its predecessor firms, Mr. Snowdon was with Pricewaterhouse in Edmonton and Toronto. Mr. Snowdon is a CA and received a B. Comm. from the University of Alberta.

Additionally, Tuscany is pleased to announce that Mr. Matthew Moorman has agreed to join the Corporation as Executive Vice President, Corporate Finance and Business Development. Mr. Moorman's employment will commence on August 3, 2010. Mr. Moorman is a professional accountant with over 25 years experience in corporate and financial management. Most recently, Mr. Moorman was with Provident Energy Ltd. where he acted as Vice President Finance and Treasurer since 2003. Prior thereto, he acted as a member of the senior management team with TransAlta Corporation and TransAlta Power Income Trust, serving in senior financial and commercial positions from 1997 to 2003. Mr. Moorman received his Masters of Business Administration from the University of Toronto and has a CMA designation from the Certified Management Accountants Association of Ontario/Alberta.

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. Tuscany is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Bogota, Colombia and Quito, Ecuador and is registered to operate in Brazil, Peru and Guyana.

The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.

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