ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

TUS

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:TUS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Tuscany Announces Significant Sparky Acreage Acquisition, Macklin, Saskatchewan

30/04/2014 2:00pm

Marketwired Canada


Tuscany Energy Ltd. ("Tuscany") (TSX VENTURE:TUS) is pleased to announce that it
has recently acquired a 100% interest in 567 acres adjacent to its Macklin heavy
oil pool, comprised of a producing natural gas well and rights to the Sparky
formation. 


The significance of this acquisition is that it increases Tuscany's holdings in
the Macklin area to a 100% interest in approximately 1,400 acres of prospective
oil bearing Sparky lands.


The Sparky zone at Macklin is a potentially productive oil zone with bypassed
wells exhibiting log characteristics, which Tuscany believes is analogous to
recently developed pools situated approximately 12 miles to the west in Alberta.
Logs from wells on the Macklin acreage indicate porosity and resistivity similar
to vertical wells in Alberta, which led to the recent development of new oil
pools by horizontal drilling. 


The Sparky zone in wells at Macklin appears to correlate to the Sparky pools
which have been recently drilled by Surge Energy Inc. (see Surge press release
dated April 8, 2014), and may hold similar potential. In its press release Surge
attributed significant original oil in place to its Sparky pools at Provost and
Eyehill. 


Tuscany believes that Surge presently has 16 horizontal wells on production in
its Eyehill and Provost Sparky pools. According to public information several of
the Surge wells had initial production rates of up to 200 barrels per day, and
several wells which have been on stream for six months were still producing at
rates in excess of 60 barrels per day in March, 2014.


To view a map showing the relationship between Tuscany's wells and the two
analogous pools developed by Surge, as well as logs showing the similarity of
the Sparky zone in the three areas, please click on or visit the following link
http://media3.marketwire.com/docs/942504_maps.pdf.


Tuscany's primary focus remains the development of its heavy oil Dina pools in
Macklin and Evesham, however development of this highly potential Sparky oil
play, on which Tuscany believes it can drill up to 14 wells, is planned to
commence in the second half of 2014.


Tuscany had been purchasing gas from the acquired gas well, and will now be able
to supply its own gas for fuel to be used at its Macklin battery requirements.


Please refer to Tuscany's website at www.tuscanyenergy.com for more information
on the Company. 


Forward Looking Statements

Certain of the statements contained in this press release including, without
limitation, drilling and development plans (including the timing thereof) may be
forward looking statements which reflect management's expectations regarding
future plans and intentions, growth, results of operations, performance and
business prospects and opportunities. Words such as "may", "will", "should",
"could", "anticipate", "believe", "expect", "intend", "plan", "potential",
"continue" and similar expressions may be used to identify these forward-looking
statements. These statements reflect management's current beliefs and are based
on information currently available to management. Forward-looking statements
involve significant risk and uncertainties. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking statements including, but not limited to, risks associated with
oil and gas exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, inability to retain drilling rigs and other services,
incorrect assessment of the value of acquisitions, failure to realize the
anticipated benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources and the other risk factors. As a consequence,
actual results may differ materially from those anticipated in the
forward-looking statements. Readers are cautioned that the foregoing list of
factors is not exhausted. Additional information on these and other factors that
could affect Tuscany's operations and financial results are included in reports
on file with Canadian securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com) and at Tuscany's website
(www.tuscanyenergy.com). Although the forward-looking statements contained
herein are based upon what management believes to be reasonable assumptions,
management cannot assure that actual results will be consistent with these
forward-looking statements. Investors should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of the
date hereof and Tuscany assumes no obligation to update or review them to
reflect new events or circumstances except as required by applicable securities
laws.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tuscany Energy Ltd.
Robert W. Lamond
President & CEO
(403) 269-9889
(403) 269-9890 (FAX)


Tuscany Energy Ltd.
Donald K. Clark
Vice President Operations
(403) 269-9889
(403) 269-9890 (FAX)
www.tuscanyenergy.com

1 Year Tuscany Energy Ltd. Chart

1 Year Tuscany Energy Ltd. Chart

1 Month Tuscany Energy Ltd. Chart

1 Month Tuscany Energy Ltd. Chart

Your Recent History

Delayed Upgrade Clock