Tuscany Energy Ltd TSCAF

Tuscany Energy Ltd is a heavy oil development and production company with reserves, land holdings and production in Canada. Its is engaged in the exploitation of oil resources in Alberta and Saskatchewan through horizontal drilling.

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Comment by LAMBOon Apr 02, 2015 12:02pm

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Post# 23591716

RE:News

Record full year revenues of $17.6 million, increased from $10.1 million in 2013.
Cash flow increased to $8.1 million in 2014, up from $3.4 million in 2013.
Year-end net debt was reduced to $6.8 million from $7.4 million in 2013.
Net debt to cash flow was reduced to 0.8 times for the year and 0.9 times for the Q4 2014 cash flow annualized.
Most significantly, Tuscany saw increased support from the capital markets and successfully raised $5.7 million in 4 equity issues over the past 15 months, while two brokerage firms also initiated independent research coverage on the Company.
The significant decline in commodity prices in late 2014 resulted in the Company taking an impairment charge of $4.1 million and an increased allowance against future tax assets of $1.9 million. Tuscany reported a net loss of $5.1 million for the year ended December 31, 2014.
Read more at https://www.stockhouse.com/news/press-releases/2015/04/02/tuscany-announces-record-levels-of-production-revenue-and-cash-flow-for-year#HEpHLxB2fxAUQdHT.99