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TUSCANY ENERGY LTD. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE YEAR ENDED DECEMBER 31, 2009

The following is for immediate release in Canada, April 23, 2010
 
TUSCANY ENERGY LTD. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE YEAR ENDED DECEMBER 31, 2009 

Calgary, Alberta, Canada, (TSXV:  "TUS") April 23, 2010

Tuscany is pleased to report that the Company has made significant progress towards its objective of building a rapidly growing junior resource company.

During 2009 Tuscany accomplished the following:

- Drilled and completed the second horizontal Dina oil well at Evesham, Saskatchewan, identifying 363 MBbls of proved and probable resources under less than 25% of the Tuscany's prospective lands.

- Raised $521,000 through the issue of 8.7 million treasury shares by way of a rights offering.

- Completed the acquisition of Goldmark Minerals Ltd. through the issue of 12.1 million shares.  This transaction added approximately $1.4 million of working capital to Tuscany.

- Subsequent to the year end, Tuscany completed the construction of a water disposal system which significantly reduced the operating cost in the area.

Tuscany completed 2009 in sound financial condition and with proved and probable reserves of 741 MBOE, 85% of which was oil and NGL.  The net present value of its reserves at December 31, 2009 was over $17 million at a 10% discount rate, 64% of which were proved reserves Net present value may not represents the fair value of the assets.

At December 31, 2009 Tuscany had total net debt of $2.7 million and anticipates a significant increase in production and cash flow for 2010.

Exploration and Development

During 2010, Tuscany will focus on developing an inventory of oil prospects in Alberta and Saskatchewan.  The Company's first goal is to develop a production and cash flow base from its Dina oil property at Evesham.  Tuscany plans to commence the development drilling of infill horizontal wells at Evesham, after spring break-up, as conditions permit.

In addition to its development operations, Tuscany has agreed to operate jointly with two related companies, Diaz Resources Ltd. and Sharon Energy Ltd., to identify and develop oil properties along similar trends in Alberta and Saskatchewan.

In order to maximize the amount of investment dollars available for reinvestment in exploration and development, Tuscany has agreed to share overhead expenditures with the two companies, in effect, to manage the company within a joint venture group with common goals.

Financial

During the first nine months of 2009, Tuscany's capital expenditure program was curtailed due to the need to preserve capital.  Hence the Company's production levels declined significantly.  In the fourth quarter, Tuscany completed a rights offering financing and the merger with Goldmark which together, resulted in approximately $2 million of new working capital for Tuscany.  Hence the Company increased the capital expenditure program which resulted in positive production growth in Q1 2010.

Tuscany's revenue for 2009 declined to $1.7 million from $4.2 million in 2008.  The Company reported a loss of $263,000 compared with earnings of $244,000 a year earlier and a cash flow deficiency of $144,000 compared with cash flow of $1.7 million in 2008.

New oil production, from Evesham, steadily improved oil prices and reduced overhead costs should reverse these losses in 2010 and provide growth for the Company.

Outlook

Tuscany is very focused on growth through oil exploration and development. With a sound reserve base developed over the past year, Tuscany believes it can achieve significant growth over the next year.  Oil prices should remain high as world economies are beginning to show signs of recovery.

The Company's Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2009 may be obtained at the company's website at www.tuscanyenergy.com and at  www.sedar.com.

FOR FURTHER INFORMATION, PLEASE CONTACT:
 
John G. F. McLeod, President
TUSCANY ENERGY LTD.
Telephone:  (403) 264-2398
Fax:  (403) 264-2399
TSX Venture:  TUS
 
Robert W. Lamond, Chairman
TUSCANY ENERGY LTD.
Telephone:  (403) 269-9889
Fax:  (403) 264-2399

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements."  Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information.  Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projection in the forward-looking information and the material factors or assumptions that were applied in drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural gas volumes have been converted to barrels of oil at six thousand cubic feet (mcf) per barrel (bbl).  Boe figures may be misleading, particularly if used in isolation.  A boe conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  References to oil in this discussion include crude oil and natural gas liquids (NGLs).

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