CALGARY, ALBERTA--(Marketwire - March 23, 2011) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Tuscany International Drilling Inc. (TSX:TID) ("Tuscany" or the "Company") is pleased to announce its financial results for the year ending December 31, 2010.

Overview

During 2010, Tuscany transitioned from start-up to executing as an operating company. Fiscal 2010 was a watershed year in getting Tuscany's initial fleet to South America. The year consisted of rig building, corporate structuring (particularly in Brazil), transporting, shipping, clearing customs, customer inspections, in some cases, waiting for customer to commence operations and initial start-up. As a result, Tuscany's financials for 2010 reflect a start-up year.

During the year ended December 31, 2010, the Company recorded a net loss of $19,305,061 ($0.13 per common share) compared to a net loss of $2,488,653 ($0.02 per common share) for the year ended December 31, 2009. During the year ended December 31, 2010, the Company recorded oilfield services revenue of $19,394,669 and gross margin from rig operations of $4,309,779 compared to revenue of $2,983,441 and gross margin from rig operations of $1,176,122 during the year ended December 31, 2009. During 2010, Tuscany constructed and deployed 10 new drilling and heavy-duty workover rigs and purchased one drilling rig. The increase in 2010 revenue compared to revenue in 2009 reflects the deployment and contracting of these new rigs as it occurred during 2010. The revenue for the year ended December 31, 2010 was offset by general and administrative expenses of $11,785,590 depreciation of $6,715,864, interest of $2,084,438, financing fees of $1,367,987 and stock based compensation expense of $854,005. For the year ended December 31, 2010, the Company also recorded current income tax expense of $417,382 and other expenses, consisting primarily of foreign exchange losses and equity income, of $64,301. During 2010, general and administrative expenses included significant legal, professional and other administrative expenses (including the significant additions to the Company's management teams, both in the Company's head office in Calgary and in its operating centres in South America) related to tax structuring activities, establishing operating centres in Brazil and Peru, expanding existing operating centres in Colombia and Ecuador, and transitioning the Company into a public entity. For the year ended December 31, 2009 Tuscany was operating with a minimum of staff and was in a "start-up" phase, with operating activity only commencing in the fourth quarter of 2009. The net loss reported for the year ended December 31, 2009 reflects the administrative cost to the Company during this "start-up" phase.

The rest of the lenghty report can be seen here:

http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110323&archive=ccnm&slug=201103230684001001

Cheers; Scott