CALGARY, Jan. 22 /CNW/ - Tuscany Energy LTD (TUS - TSX-V) is pleased to
report the successful drilling and completion of a horizontal oil well, in the
Dina formation, in the Evesham area of southwestern Saskatchewan. The Tuscany
et al. Evesham HZ 2B9-21-4B2-21-39-27 W3 well was drilled to a measured depth
of 1467 m (759 m TVD) with a horizontal Dina section of 496 m. The well is
currently producing 170 barrels of oil per day. Tuscany is the operator with a
60% working interest.
The new Dina well is within the Evesham field boundaries and
significantly increases Tuscany's production of heavy oil in Saskatchewan
which is entirely from the Evesham/Macklin area. With the new well, the
Company's current net Saskatchewan production is approximately 205 barrels of
oil and 170 MCF/d. In Alberta the Company has net production of approximately
40 barrels of light oil and 170 MCF/d, primarily from the Wildwood area. With
the addition of the new Evesham well the Company's total net production has
increased to approximately 300 BOE/D.
Tuscany has a 60% working interest in 1040 acres of land on the Dina
prospect, and pending the successful evaluation of the well the company will
make application for reduced spacing to allow for the drilling of multiple
development wells on the property.
Given the current economic climate and the relatively low prices for oil
and gas, the Company plan is to limit capital expenditures, control operating
costs and overhead to reduce outstanding debt over the first half of 2009.
This plan will position the company to capitalize on the development of its
Dina discovery and increase other exploration and development activities when
market conditions and energy prices improve.
Forward-looking statements - statements included in this press release
that are not historical facts may be considered "forward-looking statements."
Actual results could differ materially from the conclusions, forecasts or
projections in the forward-looking information. Certain material factors and
assumptions were applied in drawing the conclusions or making the forecasts or
projection in the forward-looking information and the material factors or
assumptions that were applied in drawing the conclusion or making the forecast
or projection as reflected in the forward-looking information is contained in
the press release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: John G. F. McLeod, President, TUSCANY ENERGY
LTD., Telephone: (403) 264-2398, Fax: (403) 264-2399, TSX Venture: TUS; Robert
W. Lamond, Chairman, TUSCANY ENERGY LTD., Telephone: (403) 269-9889, Fax: