Mr. Robert Lamond reports

TUSCANY REPORTS FINANCIAL AND OPERATING RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 2015

Tuscany Energy Ltd. has released its financial and operating results for the third quarter and nine months ended Sept. 30, 2015.

The nine months ended Sept. 30, 2015, have been difficult for energy producers, and the low price for heavy oil in Canada resulted in a decline in Tuscany's financial and operating results.

Tuscany reported $8.4-million revenues for the nine-month period compared with $12.9-million in 2014. For the nine months, the company reported cash flow of $1.9-million compared with $6.2-million for the same period in 2014. Lower commodity prices resulted in Tuscany reporting a $1.8-million impairment of its Alberta oil and gas assets during the third quarter, which contributed to a loss of $4.3-million for the nine months ended Sept. 30, 2015.

The company reported average production of 816 barrels of oil equivalent per day for the first nine months of 2015, substantially higher than the 696 boepd for the same period in 2014, though lower than the 844 boepd reported for the first half of 2015.

Tuscany anticipates that the last quarter of 2015 will be challenging for the industry. Moreover, the current "beggar-thy-neighbor" approach in increasing oil production in the face of low oil prices should lead to significant financial problems for many energy companies in the United States and Canada. The continued low commodity prices are expected to result in additional cuts in activity levels, personnel levels and a continuing slump in service industry activity. This, in turn, is expected to result in a significant reduction in supply. One can therefore anticipate an oil price turnaround over the next year or two.

Of great significance to the industry is the upcoming OPEC (Organization of the Petroleum Exporting Countries) meeting, where the members will have time to reflect on the financial damage they have caused themselves by sacrificing price for market share. Recent comments by the energy ministers of Saudi Arabia, Russia and Venezuela all indicate a willingness to co-operate in reducing production in order to stabilize prices at a higher level. The company believes that higher oil prices could result from this meeting.

Management believes the company will also benefit indirectly from avoiding any negative repercussions resulting from the recent government change in Alberta, as almost 90 per cent of the company's revenue comes from assets in Saskatchewan, which, over the intermediate term, management expects will represent a more certain and stable environment.

                             CORPORATE SUMMARY
             (in thousands of dollars, unluess otherwise indicated)

                                      Three months ended   Nine months ended
                                                Sept. 30,           Sept. 30,
                                          2015      2014      2015      2014
                                                                
Financial
Oil and gas revenue                     $2,337    $3,937    $8,363   $12,920
Cash flow from operations (1)              265     1,857     1,876     6,152
$ per share, diluted (1)                  0.01      0.04      0.04      0.15
Net earnings (loss) for the period      (2,468)      615    (4,259)      835
$ per share, diluted                     (0.05)     0.01     (0.08)     0.02
Comprehensive earnings (loss) for
the period                              (2,468)      612    (4,259)      832
Capital expenditures, net of
dispositions                               961     4,547     1,741     7,941
Net debt (1)                            (7,213)   (6,555)   (7,213)   (6,555)
Total assets                            27,926    38,324    27,926    38,324
Operations
Production
Oil and NGL (Bopd)                         572       502       670       553
Gas (Mcfd)                               1,137       909       877       858
Boepd (6 Mcf = 1 Bbl)                      762       654       816       696
Product prices
Oil ($/Bbl)                              38.80     78.32     42.22     78.46
Gas ($/Mcf)                               2.81      3.84      2.68      4.60
                                                                            
(1) See non-generally accepted accounting principles and additional GAAP 
    measures in the management discussion and analysis.

Tuscany has filed its interim financial statements and MD&A for the nine months ended Sept. 30, 2015, on SEDAR.

We seek Safe Harbor.