Tuscany International Drilling Inc.
TSX : TID

Tuscany International Drilling Inc.

August 09, 2011 14:57 ET

Tuscany International Drilling Inc. Announces Shareholder Approval of Caroil Acquisition Resolution

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2011) -

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Tuscany International Drilling Inc. (TSX:TID) ("Tuscany") is pleased to announce that, at the special meeting of shareholders of Tuscany held on August 9, 2011, the shareholders of Tuscany passed an ordinary resolution, with 98.64% in favour, approving the previously announced proposed acquisition by Tuscany (indirectly through its wholly-owned subsidiary, Tuscany Rig Leasing S.A.) of all of the issued and outstanding shares of Caroil SAS. The resolution included the approval of the issuance to Établissements Maurel & Prom ("M&P") of 87,500,000 common shares of Tuscany and up to 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany in connection with closing of the acquisition and the appointment of Michel Perret and Paul-André Canel (the board nominees of M&P) as directors of Tuscany effective from and after the closing date of the acquisition.

Shareholder approval of the Caroil acquisition satisfies an important condition to closing and Tuscany management is appreciative of the strong support of the transaction the Tuscany shareholders demonstrated at the special meeting.

Closing of the transaction is still anticipated to occur during the third quarter of 2011.

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 and has operating centers in Colombia, Ecuador, Brazil and Peru.

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
    Executive Chairman
    (403) 265-8258
    (403) 265-8793 (FAX)

    Tuscany International Drilling Inc.
    Reg Greenslade
    President and Chief Executive Officer
    (403) 265-8258
    (403) 265-8793 (FAX)

    Tuscany International Drilling Inc.
    Matt Moorman
    Chief Financial Officer
    (403) 265-8258
    (403) 265-8793 (FAX)

    Tuscany International Drilling Inc.
    1950, 140-4th Avenue S.W.
    Calgary, Alberta
    www.tuscanydrilling.com