Tuscany Announces Normal Course Issuer Bid

CALGARY, ALBERTA–(Marketwired – Oct. 23, 2014) – Tuscany Energy Ltd. (TSX VENTURE:TUS) announced that it has filed with the TSX Venture Exchange (the “Exchange”) a Notice of Intention to make a Normal Course Issuer Bid (the “Bid”) to purchase for cancellation, from time to time, as it considers advisable, up to 2,300,000 of the issued and outstanding Common Shares (being approximately 5% of the 46,130,892 Common Shares outstanding at October 23, 2014. 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 182,000 Common Shares (adjusted for the 2 for 1 share split as of April 30, 2014) at an average price of approximately $0.215 per share.

The Bid will commence on October 27, 2014 and will terminate on the earlier of October 23, 2015, 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.

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