Press release from Marketwire
Tuscany International Drilling Inc. Provides Operational Update and Announces Fourth Quarter and Year-End 2011 Conference Call
Friday, March 16, 2012
Tuscany International Drilling Inc. Provides Operational Update and Announces Fourth Quarter and Year-End 2011 Conference Call09:00 EDT Friday, March 16, 2012CALGARY, ALBERTA--(Marketwire - March 16, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.Tuscany International Drilling Inc. ("Tuscany" or the "Company") (TSX:TID), (BVC:TIDC) is pleased to provide the following operational update and details on its fourth quarter and year-end conference call.Operational update Utilization Tuscany's fleet currently consists of 41 rigs plus one operated work-over rig. Five rigs are currently not available for service as they require upgrades/refurbishment. Four of the rigs requiring refurbishment were acquired in the Brazil acquisition. Of the five rigs currently unavailable, one has received a Letter of Intent and is expected to be back in service in the coming weeks and the four remaining rigs are scheduled to return to service later in the year. As a result, 36 rigs are currently available for service of which 33 rigs are operating. Of the three rigs that are not operating, one has been contracted and is to be mobilized from Ecuador to Colombia, one is being actively marketed and the last rig, a small work over rig, is awaiting partner approval to begin operations. Colombia There are currently 15 rigs in Colombia. Three rigs received contract amendments/extensions following the expiry of their original term. These rigs are drilling coal resources in the northern region of the country, an area rich in coal reserves, expanding and diversifying the company's drilling operations. An additional rig is to be mobilized to this area from Ecuador, mobilization is in the final planning stages. Six other rigs also received contract extensions with increases in day rates and improved rig move terms. One additional rig is under negotiation to extend its current contract with improved rates and contract terms. Brazil There are currently 10 rigs in Brazil. A commitment has been received from a customer for a rig that is currently being refurbished. The rig is expected to be active in the latter part of the first quarter or early in the second quarter. Ecuador There are currently 6 rigs in Ecuador. Trinidad There are currently 2 rigs in Trinidad. Both rigs recently shipped to this new jurisdiction are now operating. Gabon There are currently 4 rigs in Gabon. One rig has received a contract extension through the end of the year. Another rig has received a Letter of Intent for a contract of 18 months plus 3 extensions of 6 months. This rig is to mobilize once it finishes the current well it is drilling. Congo There are currently 2 rigs in Congo and 1 operated work-over rig. Tanzania There are currently 2 rigs in Tanzania.Conference callTuscany has scheduled a telephone conference call at 9 a.m. MST (11 a.m. EST) on March 22, 2012, hosted by Tuscany's management, to discuss Tuscany's fourth quarter and year-end 2011 financial and operating results. Tuscany expects to release its fourth quarter and year-end 2011 financial and operating results via news release the morning of March 22, 2012 before markets open.The investor conference call details are as follows:Live webcast at: www. http://www.gowebcasting.com/3224Live call dial-in number(s): 416-340-8530 / 877-440-9795Replay dial-in numbers: 905-694-9451 / 800-408-3053Replay Pass code: 7266311End Date: March 28th 2012READER ADVISORYStatements in this press release contain forward-looking information. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Tuscany. These risks include, but are not limited to: the timely construction and deployment of drillings rigs, the successful negotiation of drilling contracts, the oil and gas industry, commodity prices and exchange rate changes, regulatory changes, successful exploitation and integration of technology, customer acceptance of technology, changes in drilling activity and general global economic, political and business conditions. Industry related risks could include, but are not limited to: operational risks, delays or changes in rig construction and deployment, plans, health and safety risks and the uncertainty of estimates and projections of costs and expenses and access to capital. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. Tuscany does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.The listing of Tuscany's common shares on the Colombian Stock Exchange does not imply a certification by the BVC of the value or the solvency of Tuscany.FOR FURTHER INFORMATION PLEASE CONTACT: Walter DawsonTuscany International Drilling Inc.,Executive Chairman(403) 265?8258(403) 265?8793 (FAX)ORReg GreensladeTuscany International Drilling Inc.,President & CEO(403) 265?8258(403) 265?8793 (FAX)ORMatt MoormanTuscany International Drilling Inc.,CFO(403) 265?8258(403) 265?8793 (FAX)ORSara EchavarríaTuscany International Drilling Inc.,Investor Relations Director(571) 3561002OR1950, 140?4th Avenue S.W.Tuscany International Drilling Inc.,Calgary, Albertawww.tuscanydrilling.comThe Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.