CALGARY, ALBERTA--(Marketwired - Aug. 7, 2013) - Tuscany Energy Ltd. ("Tuscany") (News - Market indicators). Tuscany today announced it has commenced a 3 well heavy oil horizontal development program, located near Lloydminster in west-central Saskatchewan.
The first well, Tuscany's Macklin 93/6-33-39-28 W3, was successfully drilled and encountered over 300 meters of oil saturated sand in the Dina formation and a liner has been run.
The well is a 50 metre offset from the Tuscany 91/6-33-39-28 W3 well which, since production commenced on March 2012, has produced over 30,000 barrels and is currently producing at a rate of 45 barrels per day. The current well is owned 100% by Tuscany and should be placed on stream early next week.
Also as part of the program, Tuscany is currently running intermediate casing at the first well, 96/15-16-39-27 W3, in a two well development program at Evesham. The well also offsets a currently producing well which has produced 27,000 barrels to June 30, 2013. Upon completion the rig will be moved 50 meters to drill the 97/15-16-39-27 W3 well. Tuscany is operator and holds a 60% working interest in these wells.
ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, 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, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, 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. 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 the Company'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 the Company's website (www.tuscanyenergy.com). 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 at 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. References to oil in this discussion include crude oil and natural gas liquids (NGLs).
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