CALGARY, ALBERTA–(Marketwired – Oct. 15, 2013) – Tuscany Energy Ltd. (“Tuscany“) (TSX VENTURE:TUS). Tuscany reports the results of its three heavy oil well drilling program in west-central Saskatchewan.
Tuscany holds a 60% working interest in two new wells at Evesham, Saskatchewan, which were placed on production in August, 2013 at rates of approximately 170 bopd each. To date the wells have produced over 7,000 barrels of oil each and are currently producing at rates of approximately 170 bopd and 160 bopd.
At Macklin, Saskatchewan Tuscany has a 100% working interest in a new well also placed on production in August, 2013. The Macklin well has produced over 3,500 barrels of oil and is currently producing at a rate of approximately 55 bopd.
The additional production from these wells, increases Tuscany’s average production rate to approximately 750 boed, of which 76% comprises of oil production.
Reservoir history indicates that production rates will steadily decline, however the Company is encouraged by the initial production rates of the two Evesham wells which are the best rates encountered in the pool, to date.
Tuscany plans to continue its development program in this area with additional drilling before year end.
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, 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 affect 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 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.
Robert W. Lamond
President & CEO
Tuscany Energy Ltd.
Donald K. Clark
Vice President Operations & COO
(403) 269-9890 (FAX)