CALGARY, ALBERTA--(Marketwire - June 1, 2011) - Tuscany Energy Ltd. ("Tuscany") (News - Market indicators) and Sharon Energy Ltd. ("Sharon") (TSX VENTURE:SHY) jointly announce that the shareholders of each of the companies have overwhelming approved the business combination (the "Transaction") previously announced by the companies. The completion of the Transaction is subject to the final approval of the Plan of Arrangement by the Court of Queens Bench of Alberta scheduled to be heard on for June 2, 2011. Pursuant to the Transaction, Tuscany will acquire, subject to certain conditions, all of Sharon's issued and outstanding common shares on the basis of 0.84 of a common share of Tuscany for each one (1) Sharon common share.

Closing of the Transaction is scheduled for June 2, 2011.

Following completion of the Transaction, Tuscany will have approximately 124.7 million common shares outstanding. The combined entity will have total proved plus probable reserves of approximately 1,345,000 barrels of oil equivalent ("BOE") and current estimated production of 190 BOE per day. The combined entity will have working capital of approximately $4.0 million, marketable securities of $3.9 and an unused bank line of $4.6 million.

READER ADVISORIES

Barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel and is based on an energy equivalent conversion method applicable at the burner tip and does not represent an economic value equivalency at the wellhead.

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward- looking information or statements. More particularly this press release contains forward-looking statements and information concerning the anticipated completion of the proposed Transaction, the timing thereof. Tuscany and Sharon have made these forward-looking statements in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the timing of receipt of the necessary regulatory and court approvals and the time necessary to satisfy the conditions to the closing of the Transaction. Timing of completion of the Transaction may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary regulatory or court approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this press release are made as of the date hereof and Tuscany and Sharon undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.