December 04, 2012 09:00 ET
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2012) - Tuscany International Drilling Inc. ("Tuscany") (TSX:TID) (COLOMBIA:TIDC) announces that due to current market conditions it has decided not to proceed with its previously announced potential offering of senior notes.
While Tuscany had hoped to opportunistically access the debt capital markets to refinance its existing credit facilities, market indicators suggested the anticipated size of the offering and its associated cost of capital would not be in the best interests of Tuscany's shareholders. The terms of Tuscany's existing credit facilities remain appropriate for the company's present operations and Tuscany will remain disciplined in the consideration of any refinancing alternatives that may arise in the future.
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. The Company is currently focused on providing services to oil and natural gas operators in South America and Africa. Tuscany has operating centers in Colombia, Brazil, Ecuador and France.
The listing of Tuscany's common shares on the Colombian Stock Exchange does not imply a certification by the BVC of the value or the solvency of Tuscany.
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.
Tuscany International Drilling Inc.Walter DawsonExecutive Chairman(403) 265-8258(403) 265-8793 (FAX)Tuscany International Drilling Inc.Reg GreensladePresident & CEO(403) 265-8258(403) 265-8793 (FAX)Tuscany International Drilling Inc.Matt MoormanCFO(403) 265-8258(403) 265-8793 (FAX)Tuscany International Drilling Inc.1950, 140-4th Avenue S.W.Calgary, Albertawww.tuscanydrilling.com
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