Reg Greenslade President and CEO of Tuscany International Drilling has tendered his resignation effective February 3rd, 2013. He has been with Tuscany International Drilling for the past 5 years in his current position and as a member of the Board of Directors and he oversaw Tuscany's expansion taking over Drillfor in Brazil and the Caroil acquisition as well as Tuscany's purchase of a large number of shares of Warrior Rig Ltd. He also oversaw the HRT deal and the construction of many of Tuscany's rigs which were constructed as well as a number of financings to raise money for Tuscany's operations.

I think that he has done the honourable thing by retiring at this point as Tuscany needs a new President and CEO to oversee it's consolidation after the growth that it has undergone over the last two years with the acquisitions, in order to focus solely on Tuscany's financials going forward. Since Walter Dawson cannot take over the job as President & CEO as it is a conflict of interests under the TSX's rules, Tuscany should either appoint Mr. Matt Moorman as Reg Greenslade's replacement as Mr. Moorman is Tuscany's current Chief Financial Officer and is a financial expert with intimate knowledge of Tuscany's operations, or Walter Dawson may have an associate who he worked with at Saxon, who ran the Company as President and CEO before it was sold who has experience in running a drilling company and can fill the job. I think that the selection of a new President & CEO in the new year is a critical move as it will send a signal to the market as to the future direction that Tuscany will be moving. The price of Tuscany shares lately have just been going down and down and the market has lost faith in Reg Greenslade's stewardship frankly. So his replacement will be critical to turning Tuscany International Drilling around and pulling it out of the spiral that it is now in.

Whoever is appointed as the new President and CEO, they need to sell the 2 heli-portable rigs that Tuscany built to service HRT's contracts (rigs 115 & 116) and they need to continue to substantially reduce the G&A expenses, and wait until after the "fiscal cliff" crap is over in the new year and until the markets have rallied in order to float the recently proposed bond issue idea that was dismissed. Tuscany currently consists of a lot of valuable pieces which need the right mechanic to get them all to function together smoothly. A financial expert with operational experience in the drilling business, especially the Tuscany drilling business is needed at this point to calm the markets and project an image of success going forward in 2013 inmy opinion.

http://www.thepressreleasewire.com/client/tuscany_drilling/release.jsp?actionFor=1704319&releaseSeq=0&year=2012

Cheers; Scott