Welcome!

News Feed Item

Tuscany Reports Increased Production, Revenues and Cash Flow for 2013

CALGARY, ALBERTA -- (Marketwired) -- 03/28/14 -- Tuscany Energy Ltd. (TSX VENTURE:TUS) is pleased to report improved operating results for 2013, with especially positive results for the last quarter ended December 31, 2013. Increased production volumes, revenues and cash flow resulted from the acquisition of Diaz Resources Ltd, effective July 15, 2013, and the drilling of heavy oil development wells during the last half of the year.


Corporate Summary                                                           
                                                                            
                                  Three months ended             Year ended 
                                         December 31            December 31 
                                    2013        2012       2013        2012 
----------------------------------------------------------------------------
($ Thousands, unless                                                        
 otherwise indicated)                                                       
Financial                                                                   
  Revenue, net of royalties   $    2,982  $    1,703 $    9,590  $    7,462 
  Cash flow from operations                                                 
   (i)                             1,309         796      3,387       2,737 
    per share, diluted              0.07        0.05       0.20        0.18 
  Net earnings (loss)             (2,012)        103     (2,973)       (361)
    per share, diluted             -0.11        0.01      -0.18       -0.02 
  Capital: expenditures            1,098         511      5,034       4,747 
    dispositions                      60         255         79         701 
  Net capital expenditures         1,038         256      4,955       4,046 
  Acquisition of Diaz                  -           -     10,673           - 
  Working capital (net debt)                                                
   (i)                            (7,423)        380     (7,423)        380 
  Total assets                    34,317      24,178     34,317      24,178 
  Total shares outstanding at                                               
   period end                     19,332      15,365     19,332      15,365 
Operations                                                                  
  Production                                                                
    Oil (Bopd)                       536         325        382         334 
    Gas (Mcfd)                       995         284        578         118 
    BOEd (6 Mcf = 1 Bbl)             702         372        478         354 
  Product Prices                                                            
    Oil ($/Bbl)               $    61.06      $61.84 $    68.14      $65.33 
    Gas ($/Mcf)               $     3.14       $2.68 $     2.73       $2.48 
Reserves (proved plus probable, forecast costs and                          
 prices)                                                     2013       2012
----------------------------------------------------------------------------
Gas (MMcf)                                                1,589.8      210.2
Oil (MBbl)                                                1,988.5    1,484.9
----------------------------------------------------------------------------
BOE (Thousands)                                           2,253.6    1,520.0
----------------------------------------------------------------------------
Net present value of future net revenue, before tax,                        
discounted at 10% ($ millions)                         $     39.3 $     29.1
----------------------------------------------------------------------------
                                                                            
Undeveloped land holdings (net acres)                                       
  Alberta                                                  51,302      9,793
  Saskatchewan                                             23,467     10,684
----------------------------------------------------------------------------
Total net acreage                                          74,769     20,477
----------------------------------------------------------------------------
                                                                            
(i)Non-GAAP measures.                                                       

Tuscany reduced its net debt from $8.1 million at the end of the third quarter of 2013, to $7.4 million at December 31, 2013.

The Company plans an increased heavy oil development program through 2014, with an active program of development wells at Macklin and Evesham, Saskatchewan as well as initial wells on two of the Company's additional low risk heavy oil prospects.

Tuscany plans to propose a two for one share split of the Company's common shares at its upcoming annual general meeting to be held on April 30, 2013.

The Company's annual report, MD&A and financial statements for the year ended December 31, 2013 have been filed on Tuscany's SEDAR profile at www.sedar.com and are available on Tuscany's web site www.tuscanyenergy.com

Detailed reserve information is contained in Tuscany's Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2013, which is available on Tuscany's SEDAR profile at www.sedar.com. It should not be assumed that the estimates of net present value of future net revenue presented above represent the fair market value of the reserves, as there is no assurance that the forecast prices and costs assumptions contained therein will be attained and variances could be material

ADVISORY: 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 volumes and estimated net present value of Tuscany's oil and gas reserves; and Tuscany's drilling plans.

The estimates of Tuscany's reserves and the net present value of the future net revenue attributable thereto provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered or that the forecast prices and costs assumptions such estimates are based upon will be attained. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Tuscany which have been used to develop such statements and information but which may prove to be incorrect. Although Tuscany believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward- looking statements because Tuscany can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Tuscany will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Tuscany's reserve volumes; continued availability of debt and equity financing and cash flow to fund Tuscany's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Tuscany operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Tuscany to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Tuscany has an interest in to operate the field in a safe, efficient and effective manner; the ability of Tuscany to obtain financing on acceptable terms; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Tuscany operates; and the ability of Tuscany to successfully market its oil and natural gas products.

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 statement, 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.

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 a 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.

Contacts:
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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...