Tuscany's 2014 Year End Reserves Increase 27% to 2.86 Million BOE; NPV10 Increases 58% to $61.9 MM on Higher Reserves and Lower Operating Costs

CALGARY, ALBERTA--(Mar 2, 2015) - Tuscany Energy Ltd. (TSX VENTURE:TUS) ("Tuscany" or the "Company") is pleased to announce the results of its independent reserves evaluation and estimate effective December 31, 2014. Conducted by McDaniel and Associates Consultants Ltd. ("McDaniel"), the reserves report (the "McDaniel Report") shows growth year-over-year in both reserve volumes and net present value.

2014 Highlights

• 58% increase in net present value to $61.9 MM (before tax NPV10, up from $39.2 MM in 2013)
• 20% increase in Proved reserves (1.60 MMBOE, up from 1.32 MMBOE in 2013)
• 27% increase in Proved + Probable reserves (2.86 MMBOE, up from 2.25 MMBOE in 2013)

Despite lower recent oil prices that have impacted all reserve price decks, including pricing used in the McDaniel Report, Tuscany recorded a substantial increase in net present value due to two key factors. The first reason was the increase in reserve volumes due to successful drilling at Macklin, and Evesham. The second reason was Tuscany's successful focus on lowering operating costs. Operating cost reductions were achieved in 2014 by implementing additional Company-owned water disposal capacity, replacing rentals with purchased equipment, and utilizing Company-owned gas from a producing well on the Company's newly acquired Sparky acreage at Macklin.

2014 Reserves

Proved plus probable reserves totaled 2.86 MMBOE as of December 31, 2014, a 27% increase from the prior year. The estimated net present value of future net revenue attributable to the Company's reserves, before tax using a 10% discount rate, also increased by 58% to $61.9 million, compared with $39.2 million at December 31, 2013.

The increase in reserve volumes resulted primarily from the addition of 9 heavy oil wells (7.8 net wells) drilled during 2014 in the Macklin, Evesham and Rutland areas of Saskatchewan and Morgan area in Alberta.

The increase in net present value was due to increases in reserves, production rates and Tuscany successfully reducing its average operating costs at the Macklin and Evesham properties.

The Company's December 31, 2014 reserves were evaluated by McDaniel, a qualified reserves evaluator in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The McDaniel Report is dated February 24, 2015 and effective December 31, 2014.

The following summary is based on the McDaniel Report:

SUMMARY OF OIL AND GAS RESERVES
AND NET PRESENT VALUES OF FUTURE NET REVENUE
AS OF DECEMBER 31, 2014
FORECAST PRICES AND COSTS

SUMMARY OF PRICING AND INFLATION AND EXCHANGE RATE ASSUMPTIONS
AS AT DECEMBER 31, 2014
FORECAST PRICES AND COSTS

Detailed reserve information will be contained in the Company's Statement of Reserves Data and Other Oil and Gas Information which will be available on the Company's Annual Information Form profile at www.sedar.com when it is filed.

It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further there is no assurance that the forecast prices and costs assumptions will be attained and variances could be material.

Please refer to Tuscany's website at www.tuscanyenergy.com for more information on the Company's Evesham and Macklin fields and other prospects in Alberta and Saskatchewan.

ADVISORY: This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the following: the volumes and estimated net present value of Tuscany's oil and gas reserves.

The estimates of Tuscany's reserves and the net present value of the future net revenue attributable thereto provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered or that the forecast prices and costs assumptions such estimates are based upon will be attained. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Tuscany which have been used to develop such statements and information but which may prove to be incorrect. Although Tuscany believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Tuscany can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Tuscany will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Tuscany's reserve volumes; continued availability of debt and equity financing and cash flow to fund Tuscany's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Tuscany operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Tuscany to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Tuscany has an interest in to operate the field in a safe, efficient and effective manner; the ability of Tuscany to obtain financing on acceptable terms; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Tuscany operates; and the ability of Tuscany to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statement, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tuscany's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Tuscany or by third party operators of Tuscany's properties, increased debt levels or debt service requirements; inaccurate estimation of Tuscany's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Tuscany's public disclosure documents, (including, without limitation, those risks identified in this news release). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Where amounts are expressed on a barrel of oil equivalent (BOE) basis, natural gas volumes have been converted to barrels of oil on the basis of six thousand cubic feet (mcf) per barrel (bbl). BOE figures may be misleading, particularly if used in isolation. A BOE conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, using a conversion on a 6 mcf: 1 bbl basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids (NGLs).

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Robert W. Lamond, President & CEO
TUSCANY ENERGY LTD.
Telephone: (403) 269-9889
Fax: (403) 269-9890
TSX Venture: TUS
Donald K. Clark, Vice President Operations
TUSCANY ENERGY LTD.
Telephone: (403) 269-9889
Fax: (403) 269-9890
www.tuscanyenergy.com