Tuscany Announces Planned $1,000,000 Flow-Through Financing and Updates Q4 2014 Drilling Program

CALGARY, ALBERTA–(Marketwired – Dec. 5, 2014) – Tuscany Energy Ltd. (“Tuscany” or the “Company”) (TSX VENTURE:TUS) announces that it plans to issue up to 2.27 million common shares of the Company on a flow-through basis (the “Flow-Through Shares”) at a price of $0.44 per Flow-Through Share for total consideration of up to approximately $1,000,000. Tuscany will renounce to subscribers of the common shares effective on or before December 31, 2014, eligible Canadian Exploration Expense in an amount equal to the aggregate gross proceeds of the offering.

The offering will be completed on a private placement basis and is subject to the approval of the TSX Venture Exchange. The Flow-Through Shares issued pursuant to the private placement will be subject to a four month hold period under Canadian securities laws. Closing of the private placement is expected to occur on or about December 10, 2014. Tuscany may pay a commission of up to 5% of the gross proceeds realized from the issuance of Flow-Through Shares to subscribers identified by registered representatives.

Assuming the private placement is fully subscribed, Tuscany will have approximately 51.1 million common shares outstanding following the offering.

The proceeds of the private placement will be used in Tuscany’s oil exploration program in Alberta and Saskatchewan.

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.

Q4 Drilling program

Tuscany also announces that it has successfully completed drilling operations on two Dina horizontal heavy oil wells at the Company’s North Macklin property.

Both the wells were successful, and the Macklin 91/1-33-39-28W3M well is anticipated to be on production on December 7, 2014 and the 91/11-33-39-28W3M well is anticipated to be on production within 10 days.

Tuscany plans to commence the drilling of an initial well on its Lloydminster Prospect at Morgan, Alberta next week.

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 Saskatchewan and Alberta through horizontal drilling. The majority of Tuscany’s revenue is generated from oil sales in Saskatchewan.

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