Tuscany Energy Ltd., Calgary, (Toronto Venture: TUS) plans to acquire a private oil and gas company with properties in west central Saskatchewan, for C$5.97 million. The purchase price will be satisfied through C$4.9 million in cash and the issuance of 2.2 million Tuscany common shares. The acquisition is expected to close by the end of October. The assets include 3.5 net sections with current production of approximately 190 net barrels of oil equivalent per day, proven reserves of 417,000 barrels of oil equivalent and proven plus probable reserves of 557,000 barrels of oil equivalent, giving the acquisiton a cost of C$14.32 per proven barrels of oil equivalent and C$10.72 per proven plus probable barrel of oil equivalent.
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