Tuscany Announces Significant Sparky Acreage Acquisition, Macklin, Saskatchewan
30 Abril 2014 - 10:00AM
Marketwired
Tuscany Announces Significant Sparky Acreage Acquisition, Macklin,
Saskatchewan
CALGARY, ALBERTA--(Marketwired - Apr 30, 2014) - Tuscany Energy
Ltd. ("Tuscany") (TSX-VENTURE:TUS) is pleased to announce that it
has recently acquired a 100% interest in 567 acres adjacent to its
Macklin heavy oil pool, comprised of a producing natural gas well
and rights to the Sparky formation.
The significance of this acquisition is that it increases
Tuscany's holdings in the Macklin area to a 100% interest in
approximately 1,400 acres of prospective oil bearing Sparky
lands.
The Sparky zone at Macklin is a potentially productive oil zone
with bypassed wells exhibiting log characteristics, which Tuscany
believes is analogous to recently developed pools situated
approximately 12 miles to the west in Alberta. Logs from wells on
the Macklin acreage indicate porosity and resistivity similar to
vertical wells in Alberta, which led to the recent development of
new oil pools by horizontal drilling.
The Sparky zone in wells at Macklin appears to correlate to the
Sparky pools which have been recently drilled by Surge Energy Inc.
(see Surge press release dated April 8, 2014), and may hold similar
potential. In its press release Surge attributed significant
original oil in place to its Sparky pools at Provost and
Eyehill.
Tuscany believes that Surge presently has 16 horizontal wells on
production in its Eyehill and Provost Sparky pools. According to
public information several of the Surge wells had initial
production rates of up to 200 barrels per day, and several wells
which have been on stream for six months were still producing at
rates in excess of 60 barrels per day in March, 2014.
To view a map showing the relationship between Tuscany's wells
and the two analogous pools developed by Surge, as well as logs
showing the similarity of the Sparky zone in the three areas,
please click on or visit the following link
http://media3.marketwire.com/docs/942504_maps.pdf.
Tuscany's primary focus remains the development of its heavy oil
Dina pools in Macklin and Evesham, however development of this
highly potential Sparky oil play, on which Tuscany believes it can
drill up to 14 wells, is planned to commence in the second half of
2014.
Tuscany had been purchasing gas from the acquired gas well, and
will now be able to supply its own gas for fuel to be used at its
Macklin battery requirements.
Please refer to Tuscany's website at www.tuscanyenergy.com for
more information on the Company.
Forward Looking Statements
Certain of the statements contained in this press release
including, without limitation, drilling and development plans
(including the timing thereof) may be forward looking statements
which reflect management's expectations regarding future plans and
intentions, growth, results of operations, performance and business
prospects and opportunities. Words such as "may", "will", "should",
"could", "anticipate", "believe", "expect", "intend", "plan",
"potential", "continue" and similar expressions may be used to
identify these forward-looking statements. These statements reflect
management's current beliefs and are based on information currently
available to management. Forward-looking statements involve
significant risk and uncertainties. A number of factors could cause
actual results to differ materially from the results discussed in
the forward-looking statements including, but not limited to, 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,
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 and the other risk factors. 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 affect Tuscany'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 Tuscany's website
(www.tuscanyenergy.com). Although the forward-looking
statements contained herein are based upon what management believes
to be reasonable assumptions, management cannot assure that actual
results will be consistent with these forward-looking statements.
Investors should not place undue reliance on forward-looking
statements. These forward-looking statements are made as of the
date hereof and Tuscany assumes no obligation to update or review
them to reflect new events or circumstances except as required by
applicable securities laws.
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. LamondPresident & CEO(403)
269-9889(403) 269-9890Tuscany Energy Ltd.Donald K. ClarkVice
President Operations(403) 269-9889(403)
269-9890www.tuscanyenergy.com
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