EDITOR: | December 5th, 2014

Tuscany Announces Planned $1,000,000 Flow-Through Financing And Updates Q4 2014 Drilling Program

| December 05, 2014 | No Comments
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Tuscany-Energy-200x125December 5, 2014 (Source: Tuscany Energy) —

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Tuscany Energy Ltd. (“Tuscany” or the “Company”) (TSXV: TUS) announces that it plans to issue up to 2.27 million common shares of the Company on a flow-through basis (the “Flow-Through Shares”) at a price of $0.44 per Flow-Through Share for total consideration of up to approximately $1,000,000. Tuscany will renounce to subscribers of the common shares effective on or before December 31, 2014, eligible Canadian Exploration Expense in an amount equal to the aggregate gross proceeds of the offering.

The offering will be completed on a private placement basis and is subject to the approval of the TSX Venture Exchange. The Flow-Through Shares issued pursuant to the private placement will be subject to a four month hold period under Canadian securities laws. Closing of the private placement is expected to occur on or about December 10, 2014. Tuscany may pay a commission of up to 5% of the gross proceeds realized from the issuance of Flow-Through Shares to subscribers identified by registered representatives.

Assuming the private placement is fully subscribed, Tuscany will have approximately 51.1 million common shares outstanding following the offering.

The proceeds of the private placement will be used in Tuscany’s oil exploration program in Alberta and Saskatchewan.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Q4 Drilling program

Tuscany also announces that it has successfully completed drilling operations on two Dina horizontal heavy oil wells at the Company’s North Macklin property.

Both the wells were successful, and the Macklin 91/1-33-39-28W3M well is anticipated to be on production on December 7, 2014 and the 91/11-33-39-28W3M well is anticipated to be on production within 10 days.

Tuscany plans to commence the drilling of an initial well on its Lloydminster Prospect at Morgan, Alberta next week.

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 Saskatchewan and Alberta through horizontal drilling. The majority of Tuscany’s revenue is generated from oil sales in Saskatchewan.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Robert W. Lamond, Chairman & CEO – or – Charles A Teare, Executive Vice President CFO
TUSCANY ENERGY LTD.
Telephone: (403) 269-9889
Fax: (403) 269-9890
Website: www.tuscanyenergy.com
TSXV: TUS

ADVISORY: Certain information in this news release, including the anticipated closing of the private placement,the intended use of the proceeds to incur Canadian Exploration Expenses, the anticipated production dates for Tuscany’s new wells and Tuscany’s drilling plans 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 closing of the private placement could be delayed if Tuscany is not able to obtain the necessary stock exchange approval on the timeline it has planned. The private placement will not be completed at all if this approval is not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the private placement will not be completed within the anticipated time or at all. Tuscany’s plans to bring its new wells on production and drill its initial well on its Morgan, Alberta property are subject to risks associated with, among other things, oil and gas exploration, development, exploitation and production, volatility of commodity prices, environmental risks, inability to retain drilling rigs and other services, capital expenditure costs, wells not performing as expected, 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 exhaustive. Additional information on these and other factors that could affect Tuscany’s plans and operations are included in reports on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Tuscany’s website (www.tuscanyenergy.com) 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.

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.


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