Click here to close now.




















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
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...