10/5/2011
TUSCANY UPDATES EVESHAM AND MACKLIN DEVELOPMENT DRILLING AND ANNOUNCES GRANTING OF OPTIONS
The following is for immediate release in Canada, October 5, 2011
TUSCANY UPDATES EVESHAM AND MACKLIN DEVELOPMENT DRILLING AND ANNOUNCES GRANTING OF OPTIONS
Tuscany Energy Ltd. (TSXV: "TUS") announces today that at Evesham, Saskatchewan, it has placed a recently drilled Dina horizontal heavy oil development well on production with an average flush production rate of 110 barrels of oil per day (66 bopd net). Tuscany has a 60% interest in this well and is the operator. This well is the first to be drilled on the west side of the pool, from a new production pad. Tuscany plans to drill two more wells from this production pad in the 4th quarter of 2011.
At Macklin, Saskatchewan, Tuscany has drilled a horizontal well into another Dina heavy oil pool. The well was placed on production September 18, 2011, at a flush production rate of 110 barrels of oil per day (60.5 bopd net). Tuscany has a 55% working interest in the well and is the operator. Tuscany plans to shoot additional 3D seismic over the Macklin project to assist in finalizing a development plan for 2012.
Tuscany's partner in the Macklin project, Diaz Resources Ltd. (TSXV: "DZR"), holds the remaining 45% working interest.
Tuscany also announces today that its Board of Directors has approved the issuance of options, to a Director, to purchase 166,000 common shares of the Corporation at a price of $0.135 per share, exercisable until September 26, 2016.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Robert W. Lamond, Chairman & CEO
TUSCANY ENERGY LTD.
Telephone: (403) 269-9889
Fax: (403) 261-4072
TSXV: TUS Donald K. Clark, Vice President Operations
TUSCANY ENERGY LTD.
Telephone: (403) 269-9889
Fax: (403) 261-4072
ADVISORY: Certain information in this news release, including drilling plans and projected drilling, completion and equipping costs, and production rates from the Evesham and Macklin fields may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward looking statements contained in this press release are made as of the date hereof and Tuscany undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.