CALGARY, June 24 /CNW/ - Tuscany Energy Ltd. (TSXV: "TUS") wishes to announce that it has commenced drilling the horizontal Dina oil well, 91/15-16-39-27W3, located in the Evesham field, Saskatchewan. Tuscany is the operator and has a 60 % WI.
This will be the third horizontal Dina oil well that Tuscany has drilled in the Evesham Dina oil pool, which is a 100 meter offset to the 91/16-16-39-27W4 well, which is currently producing 50 Bopd and to date has produced 9,000 bbl of oil.
Tuscany has installed water disposal facilities to reduce operating costs and plans up to drill three additional horizontal Dina oil wells in 2010.
Based on Tuscany's interpretation of the geology and seismic, up to 30 wells could be drilled on Tuscany's lands, to fully develop the pool.
To see a map showing the location of the Evesham wells, please visit: http://files.newswire.ca/883/TUSCANY.doc
For more information on Tuscany's Evesham, Saskatchewan Dina oil play please go to Tuscany's website at www.tuscanyenergy.com.
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 effect 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).
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.
SOURCE TUSCANY ENERGY LTD.
For further information: For further information: Robert W. Lamond, President & CEO, TUSCANY ENERGY LTD., Telephone: (403) 269-9889, Fax: (403) 261-4072, TSX Venture: TUS; John G.F. McLeod, Vice President & COO, TUSCANY ENERGY LTD., Telephone: (403) 264-2398, Fax: (403) 261-4072