Tuscany Energy Ltd. reported audited earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net loss of $5.9 million or $0.12 per diluted share on oil & gas revenue of $4.7 million compared to net loss of $2.0 million or $0.05 per diluted share on oil & gas revenue of $3.3 million reported in the same period last year. Cash flow from operations was $1.9 million or $0.04 per diluted share against $1.3 million or $0.04 per diluted share reported last year. Capital expenditures, net of dispositions was $3.6 million against $1.0 million reported last year.

For the year, the company reported net loss of $5.1 million or $0.12 per diluted share on oil & gas revenue of $17.6 million compared to net loss of $3 million or $0.09 per diluted share on oil & gas revenue of $10.1 million reported in the same period last year. Cash flow from operations was $8.1 million or $0.19 per diluted share against $3.4 million or $0.10 per diluted share reported last year. Capital expenditures, net of dispositions was $11.5 million against $5 million reported last year. Year-end net debt was reduced to $6.8 million from $7.4 million in 2013.

For the quarter, the company reported production of oil and NGLs of 777 Bopd compared to 536 Bopd reported last year. Production of gas was 834 Mcfd against 995 Mcfd reported last year. The company reported average production of 9916 BOEd for the fourth quarter of 2014, up from 702 BOEd reported in the fourth quarter of 2013.

For the year, the company reported production of oil and NGLs of 609 Bopd compared to 382 Bopd reported last year. Production of gas was 852 Mcfd against 578 Mcfd reported last year. The company reported average production of 751 BOEd for the year, up from 478 BOEd reported last year.