Maurel & Prom is pleased to announce that it closed on September 15th, 2011, the acquisition by TUSCANY INTERNATIONAL DRILLING INC of all of the issued and outstanding shares of Caroil SAS. The transaction includes the following financial terms:
• Payment on September 15th, 2011, of US$ 117 million (US$ 3 million already paid as deposit);
• Issuance for the exclusive benefit of Maurel & Prom of 81,500,000 common shares of Tuscany listed in Toronto and 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany;
• Pursuant to the terms of the shareholder rights agreement entered into at closing, appointment of two new board members designated by Maurel et Prom main shareholder at the present time.
