CALGARY, ALBERTA–(Marketwired – Feb. 21, 2014) – Tuscany Energy Ltd. (“Tuscany” or the “Corporation”) (TSX VENTURE:TUS) announces that its Board of Directors has approved a proposed two (2) for one (1) stock split of its outstanding common shares. Tuscany believes the stock split will enhance the liquidity of the common shares and more closely align its capital structure with that of its peers. The stock split is subject to the approval of the TSX Venture Exchange and the approval of not less than 66 2/3% of the votes cast by shareholders at Tuscany’s next Annual and Special Meeting of Shareholders. Tuscany currently has approximately 19.4 million common shares outstanding, and assuming the split is approved this will increase to 38.8 million common shares. A further news release will be issued when the date of the shareholders’ meeting has been established.
Tuscany is a heavy oil development and production company with reserves, land holdings and production in Canada. The Company’s principal focus is the exploitation of oil resources in Alberta and Saskatchewan through horizontal drilling. The majority of the Company’s revenue is generated from oil sales in Saskatchewan.
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.
Tuscany Energy Ltd.
Robert W. Lamond
Chairman & CEO
(403) 269-9889
Tuscany Energy Ltd.
Charles A Teare
Executive Vice President & CFO
(403) 269-9889
(403) 269-9890 (FAX)
www.tuscanyenergy.com