RE:RE:RE:RE:..is TID canceling the 109 million shares from M&P?This is from the MD&A boys and girls. Shares will be cancelled.
On November 13, 2013, the Company entered into several agreements whereby the Company
effectively will sell all of the assets and liabilities comprising the Company’s African segment, as well as
two rigs currently located in Colombia, to Établissements Maurel et Prom SA (M&P). Total consideration
for the sales is $23,000 in cash (of which Tuscany has received a $15,300 deposit), the assumption by
M&P of $50,000 of the Company’s long term debt and the return of 109,000,000 Common shares
previously issued to M&P as part of the Company’s acquisition of Caroil SAS in September 2011. The
shares in question will, if regulatory approvals are received, be returned to treasury and cancelled.
Alternatively, if approvals are not received, the shares will be placed into an escrow account for future
consideration. As a result, The Company’s September 30, 2013, unaudited condensed consolidated
financial statements treat the Company’s African operations as discontinued and the two rigs to be sold
in conjunction with the sale of the African segment as assets held for sale.