10/27/2011
TUSCANY ANNOUNCES NORMAL COURSE ISSUER BID
The following is for immediate release in Canada, October 27, 2011
TUSCANY ANNOUNCES NORMAL COURSE ISSUER BID
Calgary, Alberta, Canada. Tuscany Energy Ltd. (TSXV: TUS) announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 6,197,000 of the issued and outstanding Common Shares (being approximately 5% of the 123,953,018 Common Shares outstanding at October 24, 2011). Purchases will be made on the open market through the facilities of the Exchange. CIBC Wood Gundy will conduct the Bid on behalf of Tuscany. The price which Tuscany will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase.
Pursuant to a Normal Course Issuer Bid during the last twelve months, Tuscany has purchased 911,000 Common Shares at an average price of approximately $0.13.
The Bid will commence on October 27, 2011 and will terminate on the earlier of October 26, 2012, or the date on which Tuscany has acquired all of the shares sought pursuant to the bid. Any shares acquired by Tuscany pursuant to the bid will be cancelled.
The Board of Directors of Tuscany believe that the current and recent market prices of Tuscany's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders.
The normal course purchases will also afford an increased degree of liquidity to Tuscany shareholders who would like to dispose of their shares.
For further information on Tuscany's first quarter results please review the Company's Financial Statements and MDA filed on SEDAR at www.sedar.com or the view the Company's Interim Q2 2011 report found on the Company's website at www.tuscanyenergy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Robert W. Lamond, Chairman & CEO - or - Donald K. Clark, Vice President Operations
TUSCANY ENERGY LTD.
Telephone: (403) 269-9889
Fax: (403) 269-9890
Website: www.tuscanyenergy.com
TSXV: TUS
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 methodW 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 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.