Hi contragalo;

Fidelity Management & Research previously held a 10% position in Connacher Oil and Gas which they held for many years until they dumped all of their Connacher shares and put the money into Tuscany International Drilling. It appears that they have been poor stock investors and they are most likely tax loss selling a portion of their Tuscany shares now. They still control 9% of Tuscany's shares so they are not out entirely. I'll keep a watch out to see if they pick up any more Tuscany shares over the next couple of months if Tuscany's share price goes lower in order to average down their share cost. On the other hand they may have had enough of Tuscany, and they may be liquidating their entire position over time.

I agree with some of the poster's on Stockhouse that Management need to sell the two heli portable rigs that HRT released. It's a shame because those two rigs were custom made specifically to HRT's specifications in return for the long contracts that were signed by HRT. When Tuscany started out it would custom build rigs specifically for the oil companies in South America that would give them long term contracts. That is why many of the big oil companies initially signed on with Tuscany, in order to get brand new rigs specially designed for their specific applications. You will recall that the last two rigs that were manufactured for Tuscany were crawling rigs which didn't need to be totally dismantled when one well was completed to move to the next well site but rather the rig moved on a track to get to the next well site so that many days were saved instead of tearing down the rig and putting it back up to drill the next well. The oil company that contracted these rigs wanted these specific rigs as it saves them a ton of money in operating costs. This is why it is a monumental shame that HRT weaseled out of their 4 year contracts with Tuscany, because the rigs were purposely built for HRT. Tuscany management now needs to sell these wells which cost $50 million dollars to construct and try and get $35 million dollars for them to apply to Tuscany's debt.

Don't expect any news from Tuscany until the next quarter. They have stated time and again that they will not release information on newly contracted rigs or financial information until the next quarterly report. So it is going to be a long winter until the Q-4 report.

Cheers; Scott