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.
[expand title=”Advisories & Contact”]ADVISORY: Certain information provided in this press release constitutes forward-looking statements. The words “propose”, “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “believe” and similar expressions are intended to identify such forward-looking statements. This press release contains forward-looking statements pertaining to, without limitation: the proposed stock split and the anticipated benefits thereof. We have made various assumptions relating to the forward-looking statements contained herein, including in respect of our ability to obtain all requisite approvals for the stock split. Although we believe that the expectations reflected in these forward-looking statements, and the assumptions on which they are made, are reasonable, undue reliance should not be placed on them as we can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions and are based on various assumptions, by their very nature they involve inherent risks and uncertainties that contribute to the possibility that the forward-looking statements may not be accurate, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: failure to obtain requisite consents and approvals required to complete the stock split; failure to realize the anticipated benefits of the stock split; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and we undertake no obligation to publicly update 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. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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
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