11/24/2009

TUSCANY ENERGY LTD. ANNOUNCES RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

The following is for immediate release in Canada, November 24, 2009
 
TUSCANY ENERGY LTD. ANNOUNCES RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009  

Tuscany Energy Ltd. (TUS - TSX-V)

Tuscany announces that it has today filed Financial Statements and Management Discussion & Analysis for the nine months ended September 30, 2009. 

Tuscany is pleased to report that subsequent to the end of the third quarter of 2009, the Company completed two transactions which placed the Company in a sound financial position to continue the development of its oil and gas assets in Saskatchewan and Alberta.

. On October 1, 2009 the Company closed a previously announced rights offering, raising a total of $521,000 through the issuance of 8.7 million shares 

. On October 8, 2009 the Company completed the acquisition of Goldmark Minerals Ltd. through the issuance of 12.1 million shares.  Goldmark's assets consisted mainly of cash. 

Upon completion of these two transactions, net of the transaction costs, Tuscany reduced its net debt by approximately $1.6 million.

Tuscany is now in sound financial condition and has commenced work on its exciting exploration and development programs to build a base for future growth.

Summary of Financial and Operating Results

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FOR FURTHER INFORMATION, PLEASE CONTACT:

John G. F. McLeod, President
TUSCANY ENERGY LTD.
Telephone:  (403) 264-2398
Fax:  (403) 261-4072
TSX Venture:  TUS

Robert W. Lamond, Chairman
TUSCANY ENERGY LTD.
Telephone:  (403) 269-9889
Fax:  (403) 261-4072

ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations 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, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, 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 exhausted.  Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.tuscanyenergy.com).  Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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).

NEITHER THE TORONTO STOCK EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TORONTO STOCK EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



 
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