Pursuant to the Company’s disposition of its Africa business unit announced December 23, 2013, the Colombian assets of Caroil SAS are now owned by Tuscany through a wholly-owned and controlled subsidiary.
As a result of the completion of the transactions with M&P, Tuscany anticipates further reductions in G&A expenses.
Tuscany’s fleet is now comprised of 12 rigs in Colombia, 9 rigs in Brazil (including the two heli-portable rigs) and 5 rigs in Ecuador.
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. Tuscany has operating centers in Colombia, Brazil, and Ecuador.
