Tuscany Announces Closing of $1.0 Million Flow-Through Financing

CALGARY, ALBERTA–(Marketwired – Dec. 11, 2014) – Tuscany Energy Ltd. (“Tuscany” or the “Company”) (TSX VENTURE:TUS) announces that it has issued 2.28 million common shares of the Company on a “flow-through” basis pursuant to the Income Tax Act (Canada) (the “Flow-Through Shares”) at a price of $0.44 per Flow-Through Share for total consideration of $1,003,200 (the “Offering“). 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 Company paid $25,080 in finder’s fees.

The Offering was completed on a private placement basis and the Flow-Through Shares issued pursuant to the private placement are subject to a hold period under Canadian securities laws, which expires on April 11, 2015.

The proceeds of the Offering will be used in Tuscany’s 2015 oil exploration program in Alberta and Saskatchewan.

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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