Tuscany Announces Initial Closing of Private Placement

CALGARY, ALBERTA–(Marketwired – Nov. 19, 2014) – Tuscany Energy Ltd. (“Tuscany” or the “Corporation”) (TSX VENTURE:TUS) is pleased to announce that it has closed the initial tranche of its previously announced non-brokered private placement (the “Private Placement”) of common shares of the Corporation issued on a flow-through basis in respect of Canadian development expenses (the “CDE FT Shares”). In this initial tranche, the Corporation has issued an aggregate of 1,318,000 CDE FT Shares at a price of $0.44 per CDE FT Share for aggregate gross proceeds of approximately $580,000. The Corporation paid an aggregate of $28,327 in finder’s fees. The remainder of the $1.2 million Private Placement is anticipated to close on November 26, 2014.

The securities issued in this initial tranche of the Private Placement are subject to a four-month hold period under applicable securities laws, which hold period expires on March 20, 2015.

Tuscany will use the proceeds of the Private Placement to incur Canadian Development Expense and will renounce the expenses to subscribers of the CDE FT Shares effective on or before December 31, 2014.

Tuscany closed the initial tranche of the Private Placement today as drilling on the next horizontal development well at Macklin North 91/1-33-39-28W3M, is planned to commence on November 20, 2014 and Tuscany will use the expenses to renounce to subscribers of the CDE FT Shares.

The Macklin North 91/1-33-39-28W3M well is offsetting the previously announced 7-33-39-28W3M disposal well which encountered over 30 feet of potential Dina oil pay.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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. The proceeds of the private placement will be used in Tuscany’s development drilling program in Saskatchewan.

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