Welcome to Tuscany Energy Ltd.
Current
Tuscany is focused on growth through oil exploration and development. With its extensive prospect inventory, developed over the past two years, Tuscany believes it can achieve significant growth by continuing to develop its Dina oil properties at Evesham and Macklin, and adjacent Lloydminster heavy oil projects from available working capital and cashflows.
There are now 10 Dina horizontal wells producing with total gross production of 450 bopd (270 bopd net). During the fourth quarter of 2011, Tuscany plans to drill 3 additional wells in the Evesham Dina heavy oil pool which would bring the total producing wells to 13. Each Evesham horizontal well is estimated to cost $1 million, including down hole completion and surface equipment (no frac required).
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At Macklin, there are 2 Dina horizontal wells producing with a total gross production of 120 bopd (66 bopd net). The bulk of the production resulting from the recently drilled 91/7-28-39-28W3 well. The Company has acquired a section of land north and adjacent to the current wells and plans to shoot a 3D seismic program over the new area before proceeding with additional drilling.
At Lloydminster, the initial test heavy oil well had higher natural gas production than in previous wells located in the vicinity. The natural gas from the well will be tied into a nearby pipeline after testing has been completed during October 2011.
The Company has laid the foundation for long term growth by purchasing new heavy oil prospects at Macklin, Lloydminster, Winter and acreage on 7 additional oil prospects in Alberta and Saskatchewan. Some of these prospects may also be drilled during Q4 2011.
BEYOND EVESHAM – GROWING OIL PROSPECT INVENTORY
Tuscany has interests in the 15,110 (4,530 net) acres which cover 13 separate horizontal prospects. Tuscany has two prospects on the Bird Bear oil play, an additional Dina oil play in the Macklin area near Evesham, a Shaunavon oil play in southwest Saskatchewan, and several Lloydminster oil prospects in Alberta.