CALGARY, Dec. 21 /CNW/ - Tuscany Energy Ltd. announces that it has completed drilling its second horizontal location, 16-16-39-27 W3, to total depth, on its developing Evesham Dina oil play in Saskatchewan. This well is an offset to its first horizontal producing well 2-21-39-27 W3. Tuscany is the operator of the well and holds a 60-per-cent working interest.
Tuscany's first Dina well, 2-21, has been on production since January 2009 and is currently producing an average of 40 Bopd (24 Bopd net) and to date has produced a total of 13,700 barrels of oil.
The 16-16-39-27 W3 well drilled 595 meters of horizontal section in the Dina formation and encountered oil saturated sand and free oil shows throughout. The well will be completed and production facilities installed in approximately two weeks.
The well is in the Senlac Eyehill area where there are over 190 currently producing Dina horizontal wells. Based on Tuscany's interpretation of the geology and seismic, 30 wells could be drilled on Tuscany's lands, to fully develop the pool.
Please refer to Tuscany's website at www.tuscanyenergy.com for more information on the developing Dina oil play in Evesham, Saskatchewan.
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 TORONTO STOCK EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TORONTO STOCK EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE TUSCANY ENERGY LTD.
For further information: For further information: John G. F. McLeod, President, TUSCANY ENERGY LTD., Telephone: (403) 264-2398, Fax: (403) 261-4072, TSX Venture: TUS; Robert W. Lamond, Chairman, TUSCANY ENERGY LTD., Telephone: (403) 269-9889, Fax: (403) 261-4072, www.tuscanyenergy.com