Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Tuscany Energy Ltd., Valuation and Financial Data 8 Tuscany Energy Ltd., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Tuscany Energy Ltd., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Tuscany Energy Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 Tuscany Energy Ltd., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Tuscany Energy Ltd., Quarterly Production Trends 13 Tuscany Energy Ltd., Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14 Tuscany Energy Ltd., Crude Oil Production 15 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16 Tuscany Energy Ltd., Natural Gas Production 17 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18 Tuscany Energy Ltd., Valuation and Financial Data, 2011-2015 19 Tuscany Energy Ltd., Share Price Performance, 2011-2015 19 Share Price Performance, 2011-2015 19 Key Valuation Metrics, 2011-2015 20 Tuscany Energy Ltd., Production and Reserves Trends 21 Total Oil and Gas, Reserves and Production 21 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 23 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 25 Crude Oil/Liquids Production and Reserve 26 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 26 Crude Oil Production and Reserves By Country/Region, 2011-2015 27 Crude Oil/Liquids Reserve Changes, 2011-2015 29 Natural Gas Production and Reserve 30 Natural Gas Production and Reserve Trend, 2011-2015 30 Natural Gas Production and Reserves, By Country/Region, 2011-2015 31 Natural Gas Reserve Changes, 2011-2015 33 Total Crude Oil and Natural Gas Reserves Life Index 34 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 35 Tuscany Energy Ltd., E&P Costs Trends 37 Allocation of the Upstream Capital Expenditure 37 Upstream Capital Expenditure, 2011-2015 37 Exploration and Development Costs, By Country/Region, 2011-2015 38 Oil and Gas Cost Per boe, US$/boe 40 Oil and Gas Cost Per boe, US$/boe, 2011-2015 40 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 41 Tuscany Energy Ltd., Reserve Replacement Ratio 43 Oil and Gas Production Replacement Ratio 43 Oil and Gas Production Replacement Ratio, 2011-2015 43 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 45 Tuscany Energy Ltd., Results of Oil & Gas Operations Trend 49 Oil and Gas Revenue and Expenses 49 Oil and Gas Revenue and Expenses, 2011-2015 49 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 50 Oil and Gas Revenue and Expenses, Per boe 55 Oil and Gas Revenue and Expenses, By boe, 2011-2015 55 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 56 Oil and Gas Performance Metrics 60 Tuscany Energy Ltd., Land Holdings and Well Data 61 Developed and Undeveloped Acreage 61 Gross and Net Developed and Undeveloped Acreage, 2011-2015 61 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 62 Well Statistics 64 Producible Oil and Gas Well, 2011-2015 64 Producible Oil and Gas Well, By Country/Region, 2011-2015 65 Exploration and Development Wells Drilled, 2011-2015 69 Recent Developments 70 Tuscany Energy Ltd. - Recent Developments 70 Jun 17, 2016: Tuscany Announces Extension Of Bank Waiver And Strategic Review Update 70 May 31, 2016: Tuscany Reports Financial And Operating Results For The Three Months Ended March 31, 2016 70 Apr 29, 2016: Tuscany Reports Financial And Operating Results For The Year Ended December 31, 2015 71 Mar 01, 2016: Tuscany Reports 2015 Year-End Reserves; Heavy Oil Proved Plus Probable Volumes Unchanged, Values Reduced Due To Lower Commodity Price 72 Dec 09, 2015: Tuscany Commences Oil Production At Winter, Saskatchewan 73 Nov 30, 2015: Tuscany Announces New Heavy Oil Pool Discovery 73 Nov 26, 2015: Tuscany Reports Financial And Operating Results For The Nine Months Ended September 2015 74 Nov 09, 2015: Tuscany To Drill Exploration Well At Winter Saskatchewan 74 Sep 09, 2015: Tuscany Announces Resource Estimate And Operations Update 75 Aug 19, 2015: Tuscany Announces Financial And Operating Results For The Six Months Ended June 30, 2015 75 Appendix 77 Methodology 77 Coverage 77 Secondary Research 77 Primary Research 77 Data Information Sources 78 Company Source 78 SEC/Other Regulatory Filings 78 Other Sources 78 Expert Panel Validation 78 Data Definition 78 Oil and Gas Reserves 78 Units of Measure 79 About GlobalData 79 Disclosure 79 Disclaimer 79

List of Tables Table 1: Tuscany Energy Ltd., Key Facts 7 Table 2: Tuscany Energy Ltd., Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Tuscany Energy Ltd., Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Tuscany Energy Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Tuscany Energy Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Tuscany Energy Ltd., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Tuscany Energy Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Tuscany Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Table 9: Tuscany Energy Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Table 10: Tuscany Energy Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Table 11: Tuscany Energy Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Table 12: Tuscany Energy Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Table 13: Tuscany Energy Ltd., Share Price Performance, 2011-2015 19 Table 14: Tuscany Energy Ltd., Key Valuation Metrics, 2011-2015 20 Table 15: Tuscany Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Table 16: Tuscany Energy Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 24 Table 17: Tuscany Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 25 Table 18: Tuscany Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26 Table 19: Tuscany Energy Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 28 Table 20: Tuscany Energy Ltd., Crude Oil Reserve Changes, mmbbl, 2011-2015 29 Table 21: Tuscany Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30 Table 22: Tuscany Energy Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 32 Table 23: Tuscany Energy Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 33 Table 24: Tuscany Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 34 Table 25: Tuscany Energy Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 36 Table 26: Tuscany Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 37 Table 27: Tuscany Energy Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 39 Table 28: Tuscany Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 40 Table 29: Tuscany Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 42 Table 30: Tuscany Energy Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 44 Table 31: Tuscany Energy Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 48 Table 32: Tuscany Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 49 Table 33: Tuscany Energy Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 54 Table 34: Tuscany Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55 Table 35: Tuscany Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 59 Table 36: Tuscany Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 60 Table 37: Tuscany Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61 Table 38: Tuscany Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 63 Table 39: Tuscany Energy Ltd., Producible Oil and Gas Wells, 2011-2015 64 Table 40: Tuscany Energy Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 68 Table 41: Tuscany Energy Ltd., Exploratory and Developed Wells, 2011-2015 69 List of Figures Figure 1: Tuscany Energy Ltd., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Tuscany Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Tuscany Energy Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Tuscany Energy Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Tuscany Energy Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Tuscany Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Figure 7: Tuscany Energy Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Figure 8: Tuscany Energy Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Figure 9: Tuscany Energy Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Figure 10: Tuscany Energy Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Figure 11: Tuscany Energy Ltd., Share Price Performance, CAD/Share, 2011-2015 19 Figure 12: Tuscany Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20 Figure 13: Tuscany Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21 Figure 14: Tuscany Energy Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 23 Figure 15: Tuscany Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 23 Figure 16: Tuscany Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 25 Figure 17: Tuscany Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26 Figure 18: Tuscany Energy Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 27 Figure 19: Tuscany Energy Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 27 Figure 20: Tuscany Energy Ltd., Crude Oil Reserve Changes, mmbbl, 2015 29 Figure 21: Tuscany Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30 Figure 22: Tuscany Energy Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 31 Figure 23: Tuscany Energy Ltd., Gas Production, By Country/Region, bcf, 2011-2015 31 Figure 24: Tuscany Energy Ltd., Natural Gas Reserve Changes, bcf, 2015 33 Figure 25: Tuscany Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 34 Figure 26: Tuscany Energy Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 27: Tuscany Energy Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 28: Tuscany Energy Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 29: Tuscany Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 37 Figure 30: Tuscany Energy Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 38 Figure 31: Tuscany Energy Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 38 Figure 32: Tuscany Energy Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 40 Figure 33: Tuscany Energy Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41 Figure 34: Tuscany Energy Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41 Figure 35: Tuscany Energy Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 43 Figure 36: Tuscany Energy Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 45 Figure 37: Tuscany Energy Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 45 Figure 38: Tuscany Energy Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 39: Tuscany Energy Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 40: Tuscany Energy Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 47 Figure 41: Tuscany Energy Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 47 Figure 42: Tuscany Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 49 Figure 43: Tuscany Energy Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 44: Tuscany Energy Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 45: Tuscany Energy Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 46: Tuscany Energy Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 51 Figure 47: Tuscany Energy Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52 Figure 48: Tuscany Energy Ltd., Production Costs, By Country/Region, US$ mil, 2011-2015 52 Figure 49: Tuscany Energy Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53 Figure 50: Tuscany Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55 Figure 51: Tuscany Energy Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 52: Tuscany Energy Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 53: Tuscany Energy Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 54: Tuscany Energy Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 55: Tuscany Energy Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 56: Tuscany Energy Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 57: Tuscany Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 60 Figure 58: Tuscany Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61 Figure 59: Tuscany Energy Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62 Figure 60: Tuscany Energy Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62 Figure 61: Tuscany Energy Ltd., Producible Oil and Gas Wells, 2011-2015 64 Figure 62: Tuscany Energy Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 65 Figure 63: Tuscany Energy Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 65 Figure 64: Tuscany Energy Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 66 Figure 65: Tuscany Energy Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 66 Figure 66: Tuscany Energy Ltd., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 67 Figure 67: Tuscany Energy Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 67 Figure 68: Tuscany Energy Ltd., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 68 Figure 69: Tuscany Energy Ltd., Exploratory and Developed Wells, 2011-2015 69