2011-05-04-2011-04-19-2011-06-02

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
12MM
Description

Acquired company with prospects in AB & SK, gaining 26 BOE, 182,200 BOE 2P.

Tuscany Energy Ltd., Calgary, (Toronto Venture: TUS) has closed its acquisition of Sharon Energy Ltd., Calgary, (Toronto Venture: SHY) for approximately C$12.4 million in stock.

Tuscany paid 0.84 share per Sharon share, acquiring 73.9 million shares outstanding. Tuscany and Sharon shareholders will each hold 50% of the combined company.

Sharon Energy has oil and gas prospects in Alberta and Saskatchewan, close to existing assets held by Tuscany. Production as of Dec. 31 was approximately 26 barrels of oil equivalent per day. Proved and probable reserves as of May 26, 2010, were 182,200 barrels equivalent.

The combined entity now has approximately 17,000 net acres of undeveloped land. Total production is 250 barrels equivalent per day and proved and probable reserves of approximately 1.35 million barrels equivalent.

Emerging Equities Inc. is financial advisor to Tuscany.

The deal is expected to close by the end of May.