Maurel & Prom and Tuscany International Drilling Inc., a Canadian-based oilfield services company, listed on the Toronto Stock Exchange, announce the entering into of a definitive agreement whereby Tuscany’s wholly-owned subsidiary Tuscany Rig Leasing S.A. will acquire all of the issued and outstanding shares of Caroil SAS, the drilling and work-over subsidiary of Maurel & Prom.

The purchase price will be paid by Tuscany by the delivery of US$120 million in cash, 82.5 million Tuscany shares and 27.5 million zero cost, non-transferable, non-voting common share purchase warrants (1/1).

Since 1 st January 2011, Tuscany share price was a maximum of U.S.$ 2.1 and a minimum of U.S.$ 1.1.

Closing is expected to occur in the third quarter of 2011.

On the completion of the acquisition, it is expected that Maurel & Prom will own approximately 29% of the issued and outstanding Tuscany shares. Tuscany will be required to obtain the approval of a simple majority of its shareholders for the issuance of Tuscany shares and warrants to Maurel & Prom pursuant to the acquisition.

Caroil & Tuscany are joining forces to create a leading emerging market player, active in two high growth areas: Latam & Africa.