News Column

Tuscany International Drilling Inc. Announces Hiring of Financial Advisors to Conduct Review of Strategic Alternatives

Apr 8 2013 12:00AM

Marketwire

LogoTracker

CALGARY, ALBERTA -- (Marketwired) -- 04/08/13 -- Tuscany International Drilling Inc. ("Tuscany" or the "Company") (TSX: TID) (COLOMBIA: TIDC) is a Canadian-based oilfield services company, offering drilling, completion and workover services to the international oil and natural gas industry.

The Board of Tuscany announces that it has retained Citigroup Global Markets Inc. ("Citi") and Black Spruce Merchant Capital Corp. ("BSMC") as its financial advisors to consider a range of potential strategic alternatives for the Company with a goal to enhancing shareholder value.

There can be no assurance that any transaction will occur and that there is no defined timeline for the strategic review. The Company does not intend to comment further regarding the strategic review until such time, if any, as Tuscany determines that disclosure is appropriate or required.

Walter Dawson, President and CEO of Tuscany, made the following statement: "The Board has been focused on the recent decline in Tuscany's share price, which we do not believe reflects the long-term value of the Company. Therefore, we have taken proactive steps by appointing two well-regarded financial advisors in Citi and BSMC to work alongside us to develop ways to enhance shareholder value."

While undertaking the strategic review, Tuscany will continue to conduct its business as usual and remains fully-focused on servicing its customers.

About Tuscany

Tuscany, a corporation headquartered in Calgary, Alberta, is engaged in the business of providing contract drilling and work-over services along with equipment rentals to the oil and gas industry. Tuscany is currently focused on providing services to oil and natural gas operators in South America and Africa. Tuscany has operating centers in Colombia, Brazil, Ecuador and France.

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.

The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.



Contacts:
Tuscany International Drilling Inc.
Walter Dawson
Chairman & CEO
(403) 265-8258
(403) 265-8793 (FAX)

Tuscany International Drilling Inc.
Matt Moorman
CFO
(403) 265-8258
(403) 265-8793 (FAX)

Tuscany International Drilling Inc.
1950, 140-4th Avenue S.W.
Calgary, Alberta
www.tuscanydrilling.com

Citigroup Global Markets Inc.
Octavio Molmenti
(713) 821-4701

Citigroup Global Markets Inc.
Serge Tismen
(212) 816-6000

Citigroup Global Markets Inc.
Grant Kernaghan
(416) 947-5500

Black Spruce Merchant Capital Corp.
Sonny Mottahed
Managing Partner
(403) 351-1779

Black Spruce Merchant Capital Corp.
Jeff Barber
Managing Partner
(403) 351-1779

Black Spruce Merchant Capital Corp
11th Floor, 505 - 3rd Street SW
Calgary, Alberta
info@bsmc.ca





Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters