Tuscany Energy averages 750 boepd in sales for Q2
Tuscany Energy averages 750 boepd in sales for Q2
2014-07-29 09:08 ET - News Release
Shares issued 46,152,990
TUS Close 2014-07-25 C$ 0.41
Mr. Robert Lamond reports
TUSCANY ENERGY LTD. CONFIRMS SALES VOLUMES FOR Q2 2014 AND A FIVE WELL HEAVY OIL DRILLING PROGRAM
Tuscany Energy Ltd.'s average sales volumes for the second quarter of 2014 were approximately 750 barrels of oil equivalent per day (boed).
Having closed its recent $3-million financing, the company has commenced drilling operations on a heavy oil drilling program consisting of five wells in west-central Saskatchewan. Tuscany is the operator of all of these wells.
Drilling has commenced on the first of these wells, 91/13-34-40-25W3, targeting a Dina oil prospect at Rutland, Saskatchewan. Tuscany will pay 50 per cent of the drilling costs while retaining a 75-per-cent working interest in the well and lands covering this new prospect.
Following the Rutland well, Tuscany plans to drill two (1.2 net) horizontal development wells on its Evesham, Saskatchewan, oil property. The wells will be drilled as 50-metre offsets from the most productive wells drilled on the property to date. Each of these wells has produced over 30,000 barrels of oil since being placed on production in September, 2013, and are currently producing at an average rate of approximately 100 barrels of oil per day per well.
Lastly, Tuscany plans to drill two (2.0 net) horizontal development wells on its oil property at Macklin, Saskatchewan. The wells will offset the Macklin 97/7-28-39-28W3 well which was placed on production in March, 2014, has produced over 15,000 bbl of oil to date, and is currently producing at a rate of approximately 95 bopd.
Tuscany plans to continue its development program in its core areas of Evesham and Macklin during the balance of the year and plans to commence drilling on its portfolio of new prospects prior to year-end.
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