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
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
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 ...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...