CALGARY, ALBERTA–(Marketwired – Sept. 12, 2014) – Tuscany Energy Ltd. (TSX VENTURE:TUS) is pleased to announce that a step out vertical well drilled for water disposal purposes at the Company’s 100% working interest Macklin property encountered nine metres of Dina oil pay.
The 7-33-39-28W3 well was drilled to 1,011 metres as a potential Duperow water disposal well, and was located to also test a potential extension of the adjacent Dina oil field currently being developed by Tuscany. Approximately 9 metres of 33% porous sand was encountered in the Dina, with log characteristics identical to presently producing wells in the field.
The well will be completed as a disposal well within the next month, enabling Tuscany to significantly increase its water handling capacity which will increase its oil production and allow the Company to connect three currently shut-in wells.
The significance of the Dina oil pay in the new well is that it could establish up to 14 additional un-booked development locations for horizontal drilling in the Dina and expand the Macklin pool to the north, all on Tuscany controlled 100% working interest lands.
Finally, Tuscany has completed its previously announced program, drilling five horizontal heavy oil wells. Three of the wells are on production and the final two will be placed on stream next week. The Company will update the market with estimated flow rates on the wells when they have been adequately tested.
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 on the basis of 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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf : 1 bbl, using a conversion on a 6 mcf : 1 bbl basis may be misleading as an indication of value. 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.
Tuscany Energy Ltd.
Robert W. Lamond
President & CEO
(403) 269-9889
(403) 269-9890 (FAX)
Tuscany Energy Ltd.
Donald K. Clark
Vice President Operations
(403) 269-9889
(403) 269-9890 (FAX)
www.tuscanyenergy.com