Exploration & Production | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Production Rates | Drilling Program

Tuscany Energy Continues to Push Production

Share Print Bookmark    |    Friday,November 28,2014

Tuscany has reported on a very successful nine months ended September 30, 2014.

Highlights:

• Revenues increased to $12.9 million from $6.8 million reported for the prior year. Cash flow increased to $6.2 million from $2.1 million in 2013 and net earnings increased to $836,000 from a loss of $961,000.
• Production averaged 696 BOEd from the 402 BOEd reported in the prior year.
• In July, the Company successfully placed a common and flow through share issue to raise approximately $3 million.
• Tuscany drilled five successful Dina oil wells with the proceeds, all of which were placed on stream during the quarter and four of which had initial production rates exceeding 100 barrels per day.
• The Company upgraded its water handling facilities by deepening a well at Evesham and drilling a new water disposal well at Macklin, which also resulted in a significant Dina oil discovery and enlargement of the Macklin pool.
• As a result of these activities the Company increased its' production at the end of the quarter to average 748 BOEd for the month of September, and 950 BOEd for October.
• Subsequent to the period end Tuscany closed an additional flow through share offering, issuing 2.7 million shares at a price of $0.44 per share for total consideration of $1.2 million. At November 27, the Company has 48.8 million shares outstanding.

The share issue has allowed the Company to commence its Q4 planned three well drilling program. The initial well at Macklin North has been drilled and is currently being completed and tied in. Drilling operations have commenced on the second Macklin North well.