Tuscany Announces Successful Macklin Well Placed on Production
14 Janeiro 2014 - 12:00PM
Marketwired
Tuscany Announces Successful Macklin Well Placed on Production
CALGARY, ALBERTA--(Marketwired - Jan 14, 2014) - Tuscany Energy
Ltd. (TSX-VENTURE:TUS) ("Tuscany" or the "Corporation") is pleased
to announce that it has placed the recently completed horizontal
heavy oil development well at Macklin, 96/7-28-39-27W3, on
production at an initial rate of approximately 125 barrels of oil
per day. It is anticipated that the well will decline to
approximately 50 barrels of oil per day over the next six months
with production rates remaining relatively stable thereafter.
Tuscany holds a 100% interest in the well which, has been
connected to the Macklin central battery. The well is expected to
result in Tuscany's average daily production averaging
approximately 700 BOEd for the first quarter of 2014.
The well, which was drilled in December 2013, was partly
financed from the proceeds of a $500,000 issue of shares issued on
a development flow through basis.
Tuscany is a heavy oil development and production company with
reserves, land holdings and production in Canada. The Company's
principal focus is the exploitation of oil resources in Alberta and
Saskatchewan through horizontal drilling. The majority of the
Company's revenue is generated from oil sales in Saskatchewan.
ADVISORY: Certain information in this news release,
including expected decline rate of well and sustainability of
production thereafter and the Company's average first quarter
production rates constitute forward-looking statements under
applicable securities laws. Although Tuscany believes that the
expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because
Tuscany can give no assurance that they will prove to be correct.
Since forward looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking statements contained in this
news release are made as at the date of this news release and the
Corporation 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). Given that the value ratio based on
the current price of crude oil as compared to natural gas is
significantly different from the energy equivalent of six to one;
utilizing a conversion on a six to one basis may be misleading as
an indication of value.
Initial production rates included herein may not be
indicative of sustained production rates from the well.
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.
Tuscany Energy Ltd.Robert W. Lamond, Chairman & CEO,
orDonald K. Clark, Vice President Operations & COO(403)
269-9889(403) 269-9890www.tuscanyenergy.com
Tuscany Energy Ltd. (TSXV:TUS)
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