Tuscany reports that its total proved plus probable reserve volumes decreased only marginally for the year ended December 31, 2015, compared with 2014. This is despite the fact that the Company only drilled one horizontal heavy oil well in the Winter area during the year. Reserve volumes in Saskatchewan increased as a result of the discovery well at Winter and better than estimated production performance of higher quality Dina wells drilled at the end of 2014, which resulted in improved recovery factors and increased reserves attributed to the wells.

The value of Tuscany's proved plus probable reserves declined by 29% as a result of lower future commodity price estimate used in the McDaniel Report.

2015 Highlights

• 5% increase in proved and probable heavy oil reserves in Saskatchewan to 2.61 MMBO compared with 2.49 MMBO in 2014.
• 3% decrease in total Company proved plus probable reserves to 2.77 MMBOE, compared with 2.86 MMBOE in 2014.
• 7% decrease in total proved reserves to 1.48 MMBOE, compared with 1.60 MMBOE in 2014.
• 29% decrease in the estimated net present value of future net revenue, before tax, attributable to the Company's proved plus probable reserves, discounted at 10% to $43.7 MM, compared with $61.9 MM in 2014. Based on Tuscany's 2015 production of 709 BOEd, the Company's reserve life index is 5.7 years for proved reserves and 10.7 years for proved plus probable reserves.

2015 Reserves

The McDaniel Report shows 5% year-over-year growth in heavy oil reserves in Saskatchewan. The increase in Saskatchewan heavy oil reserves was primarily due to increased reserve estimates in the two Dina oil pools located at Evesham and Macklin along with the new well at Winter. Proved heavy oil reserves at Evesham and Macklin were revised upward by a total of 141 MBO (111 MBO net), as a result of the improved production performance of wells drilled in the areas in 2014. Tuscany's new pool discovery at Winter added 124 MBO of proved heavy oil reserves and 288 MBO of proved plus probable heavy oil reserves. These additions more than offset 203 MBO of heavy oil production from Saskatchewan during 2015.

The increase in Tuscany's Saskatchewan heavy oil reserves was offset by a decrease in the Company's oil and natural gas reserves in Alberta, due to reserves associated with these assets becoming uneconomic at lower commodity prices.

Tuscany's proved plus probable reserves totaled 2.77 MMBOE as of December 31, 2015, a 3% decrease from the prior year. The estimated net present value of future net revenue, before tax, attributable to the Company's proved plus probable reserves, discounted at 10%, decreased by 29% to $43.7 million, compared with $61.9 million at December 31, 2014.

The decrease in net present value was primarily due to significantly reduced price forecasts used in the McDaniel Report.

The McDaniel Report assigns proved reserves to 17 undrilled locations (14.2 net locations) and probable reserves to a further 15 undrilled locations (13.4 net locations) on the Company's Saskatchewan heavy oil properties.

The Company's December 31, 2015 reserves were evaluated by McDaniel and Associates Consultants Ltd., a qualified reserves evaluator in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The McDaniel Report is dated February 23, 2016 and effective December 31, 2015.

The following summary is based on the McDaniel Report:

It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further there is no assurance that the forecast prices and costs assumptions will be attained and variances could be material.

Detailed reserve information will be contained in the Company's Statement of Reserves Data and Other Oil and Gas Information which will be available in the Company's Annual Information Form at www.sedar.com when it is filed.

Please refer to Tuscany's website at www.tuscanyenergy.com for more information on the Company's Evesham and Macklin fields and other prospects in Alberta and Saskatchewan.

ADVISORY: This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the following: the volumes and estimated net present value of Tuscany's oil and gas reserves.

The estimates of Tuscany's reserves and the net present value of the future net revenue attributable thereto provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered or that the forecast prices and costs assumptions such estimates are based upon will be attained. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Tuscany which have been used to develop such statements and information but which may prove to be incorrect. Although Tuscany believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Tuscany can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Tuscany will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Tuscany's reserve volumes; continued availability of debt and equity financing and cash flow to fund Tuscany's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Tuscany operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Tuscany to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Tuscany has an interest in to operate the field in a safe, efficient and effective manner; the ability of Tuscany to obtain financing on acceptable terms; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Tuscany operates; and the ability of Tuscany to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tuscany's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Tuscany or by third party operators of Tuscany's properties, increased debt levels or debt service requirements; inaccurate estimation of Tuscany's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Tuscany's public disclosure documents, (including, without limitation, those risks identified in this news release). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Where amounts are expressed on a barrel of oil equivalent (BOE) basis, natural gas volumes have been converted to barrels of oil on the basis of six thousand cubic feet (mcf) per barrel (bbl). BOE figures may be misleading, particularly if used in isolation. A BOE conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, using a conversion on a 6 mcf: 1 bbl basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids (NGLs).

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