Tuscany International Drilling Inc.
TSX : TID
BVC : TIDC

Tuscany International Drilling Inc.

December 07, 2011 08:30 ET

Tuscany International Drilling Inc. Signs Contract in Brazil, Commences Operations in Trinidad and Begins Trading on the Colombian Stock Exchange

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Tuscany International Drilling Inc. ("Tuscany" or the "Company") (TSX:TID), (BVC:TIDC) is pleased to announce it has signed a contract with Petrobras for one year with an option for an additional year for its D6 rig in Brazil. The D6 rig is a 750 HP rig acquired through the acquisition of Drillfor and underwent extensive repair and refurbishment. It is anticipated that this rig will move to location the second week of December to begin operations. This contract is the Company's third contract with Petrobras and this rig will be the sixth Tuscany rig working in Brazil. Tuscany currently has four other rigs undergoing major refurbishment in Brazil, the first of which is expected to be back in operation in the first quarter of 2012. The remaining three rigs are expected to complete their refurbishment in the last half of 2012.

Tuscany has also mobilized its first rig, Rig 120, to Trinidad. This rig is expected to spud this week and the second rig, Rig 110, is in transit and expected to arrive in Trinidad later this month.

In addition, Tuscany's common shares began trading on the Colombian Stock Exchange on December 1, 2011 under the symbol "TIDC". Juan Pablo Cordoba Garces, President of the Colombian Stock Exchange (BVC), welcomed Tuscany as the fourth foreign company to list in the country.

Tuscany currently represents approximately 20% of the land drilling market in Colombia and views the country as a core market. The Company is excited with the prospect of having Colombians and other investors in the region as shareholders.

The listing of Tuscany's common shares on the Colombian Stock Exchange does not involve the issuance of new shares or other securities. Tuscany's common shares will continue to trade on the Toronto Stock Exchange under the symbol "TID".

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. 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, Ecuador, Trinidad, France and Brazil.

READER ADVISORY

Statements in this press release contain forward-looking information. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Tuscany. These risks include, but are not limited to: the timely construction and deployment of drillings rigs, the successful negotiation of drilling contracts, the oil and gas industry, commodity prices and exchange rate changes, regulatory changes, successful exploitation and integration of technology, customer acceptance of technology, changes in drilling activity and general global economic, political and business conditions. Industry related risks could include, but are not limited to: operational risks, delays or changes in rig construction and deployment, plans, health and safety risks and the uncertainty of estimates and projections of costs and expenses and access to capital. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. Tuscany does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

Contact Information

  • Tuscany International Drilling Inc.
    Walter Dawson
    Executive Chairman
    (403) 265-8258
    (403) 265-8793 (FAX)

    Tuscany International Drilling Inc.
    Reg Greenslade
    President & CEO
    (403) 265-8258
    (403) 265-8793 (FAX)

    Tuscany International Drilling Inc.
    Matt Moorman
    CFO
    (403) 265-8258
    (403) 265-8793 (FAX)

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