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November 29, 2015 11:32 AM ET

Energy Equipment and Services

Company Overview of Tuscany International Drilling Inc.

Company Overview

Tuscany International Drilling Inc. completed the sale of substantially all of its assets in June 2014. Previously, it provided oilfield services to the oil and natural gas industry in South America and central Africa. The company offered drilling, completion, workover, and equipment rental services to exploration and production companies in Colombia, Ecuador, Trinidad, Brazil, Gabon, Congo, and Tanzania. The company is headquartered in Calgary, Canada.

140–4th Avenue SW

Suite 1950

Calgary, AB T2P 3N3






Key Executives for Tuscany International Drilling Inc.

Founder, Chief Executive Officer, President, Director and Chairman of Health, Safety & Environment Committee
Age: 74
Chief Financial Officer
Chief Restructuring Officer
Corporate Controller
General Manager of Brazil
Compensation as of Fiscal Year 2015.

Tuscany International Drilling Inc. Key Developments

Tuscany International Drilling Inc. Auditor Raises 'Going Concern' Doubt

Tuscany International Drilling Inc. filed its Annual on Mar 31, 2014 for the period ending Dec 31, 2013. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Tuscany International Drilling To Be Delisted From TSX

Further to TSX Bulletin 2014-0121 dated February 3, 2014, TSX has determined to delist the common shares of Tuscany International Drilling Inc. at the close of business on March 12, 2014 for failure to meet the continued listing requirements of TSX. The common shares will remain suspended from trading.

Tuscany International Drilling Inc. Amends Credit Agreement

Tuscany International Drilling Inc. amended credit agreement. Pursuant to the Amended Credit Agreement, certain of the company's lenders will provide a new credit facility to the company under the Amended Credit Agreement (DIP Credit Facility) which will provide new funding to the company in an aggregate principal amount of $35 million. The DIP Credit Facility is subject to Court approval and the new funds will be used to provide the Company and its subsidiaries with working capital to meet their ongoing obligations over the course of the restructuring. The DIP Credit Facility is subject to various conditions, including a condition that it be approved by the United States Bankruptcy Court for the District of Delaware pursuant to the US Code. Upon satisfaction or waiver of the conditions precedent contained in the Amended Credit Agreement, the company will be indebted to the Lenders in the principal amount of approximately $237 million under the Amended Credit Agreement (Obligations). The company and the Lenders have also entered into a forbearance agreement pursuant to which the Lenders have agreed to forbear from enforcing their existing rights and remedies against the company's subsidiaries in order to allow those subsidiaries to carry on business in the normal course during the company's restructuring process.

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