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
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...