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Tuscany Announces Significant Sparky Acreage Acquisition, Macklin, Saskatchewan
|By Marketwired .
|April 30, 2014 09:06 AM EDT
CALGARY, ALBERTA -- (Marketwired) -- 04/30/14 -- 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.
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