CALGARY, ALBERTA–(Marketwired – Nov. 12, 2015) – Tuscany Energy Ltd. (TSX VENTURE:TUS) plans to release its Q3 2015 financial and operating results after the close of the market on November 26, 2015.
The Company is pleased to provide the following financial and operating estimates for the three and nine months ended September 30, 2015:
| Three months ended September 30, |
Nine months ended September 30, |
||||||||
| ($ Thousands, except for BOEd and Per Share Amounts) | 2015 | 2014 | 2015 | 2014 | |||||
| (Estimate) | (Estimate) | ||||||||
| Production (BOEd) | 762 | 654 | 816 | 696 | |||||
| Oil & gas revenue | 2,337 | 3,937 | 8,363 | 12,920 | |||||
| Cash flow from operations (1) | 265 | 1,857 | 1,876 | 6,152 | |||||
| $ per share, diluted (1) | 0.01 | 0.04 | 0.04 | 0.15 | |||||
| Net debt (1) | 7,213 | 6,555 | 7,213 | 6,555 | |||||
| (1) | Non-GAAP measures See Tuscany’s MD&A for the six months ended June 30, 2015 for a description of the terms. | ||||||||
Forward looking statements: This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the following: the estimated volumes of production, revenues, cash flow from operations and net debt of Tuscany for the three and nine months ended September 30, 2015.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tuscany’s products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Tuscany or by third party operators of Tuscany’s properties, increased debt levels or debt service requirements; inaccurate estimation of Tuscany’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Tuscany’s public disclosure documents, (including, without limitation, those risks identified in this news release). 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.
Non-GAAP measures referred to in the corporate summary are defined in the MD&A filed on Sedar www.sedar.ca.
BOE information
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 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
Tuscany Energy Ltd.
C. A. (Tony) Teare
Executive Vice president & CFO
(403) 269-9889
(403) 269-9890 (FAX)
www.tuscanyenergy.com