CORPORATE PRESENTATION March 2011 tuscanydrilling TSX: TID

1. CORPORATE PRESENTATION March 2011 www.tuscanydrilling.com TSX: TID All Values in US$ unless otherwise stated

2. Disclaimer Certain statements included or incorporated by reference in this presentation constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward–looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect“, "plan", "intend", "estimate", "propose", "project“, “seek”, “continue”, “forecast”, “may”, “will”, “potential”, “could”, “should” or similar words suggesting future outcomes or statements regarding an outlook or statements relating to matters that are not historic facts. Forward-looking statements or information in this presentation include, but are not limited to, statements or information with respect to: business strategy and objectives; acquisition plans and the timing thereof; capital expenditures; net revenue; operating and other costs; and taxes. Forward-looking statements or information are based on a number of factors and assumptions that have been used to develop such statements and information but which may prove to be incorrect. Although the Company 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 the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which the Company operates or plans to operate; the timely receipt of any required regulatory approvals; and the ability of the Company to obtain qualified staff, and equipment in a timely and cost-efficient manner. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. The forward-looking statements or information contained in this presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this presentation are expressly qualified by this cautionary statement. 2

3. Overview • Tuscany is a provider of contract drilling, work‐over services and equipment rentals to the oil and gas industry. • Proven Executive track record for • Building quality public companies • Delivering superior service to clients • Robust returns to shareholders • The Company is providing newly built, state-of-the-art equipment and services to customers operating in South America. • Current operating centers • Bogota, Colombia • Quito, Ecuador • Manaus & Rio, Brazil • Peru • Approximately 500 employees, primarily in South America. Rig 108 3

4. Overview • Tuscany has commenced listing process on the Colombian Stock Exchange “Bolsa de Valores de Colombia – BVC”. • Construction and deployment of 10 new rigs in 2010 • Acquisition of one rig in 2010 • $6 million equity investment in Warrior Rig Ltd. • Nineteen rigs to be deployed to South America. • Seventeen rigs are currently in South America • Two rigs currently under construction. Delivery anticipated in the second and third quarter of 2011 Rig 111 4

5. 2010 Overview • Over $200 million of equity capital raised to date. • Includes equity held by equipment manufacturers • Employees, directors and close friends have invested $44 million inclusive of $26 million from Walter Dawson • Obtained US$125 million senior secured term loan with Credit Suisse of which $80 million has been drawn as detailed below. Further loan expansion is subject to certain growth conditions. • US$50 million closed in third quarter 2010 • US$30 million closed in fourth quarter 2010 • Completed bought deal financing for gross proceeds of $40 million with over-allotment option for additional $6 million on December 21, 2010. Rig 114 5

6. Proven Management Team • Walter Dawson, Chairman & CEO - Calgary • Over forty years experience building oilfield service companies and delivering superior shareholder returns • Founder, Chairman: Tuscany International Drilling • Founder, Chairman: Saxon Energy Services (sold for $700 million); Enserco Energy Services (sold for $450 million); and Computalog Gearhart (sold for $500 million) • Reg Greenslade, President - Calgary • Over twenty years experience in the oil and gas industry • Founder, Chairman, President and CEO: Enterra Energy Trust , Enterra Energy Corp., Big Horn Resources Ltd. (market capitalization increased from $1.4 million to over $1 billion); JED Oil Inc. (market capitalization increased from $50 million to over $170 million) during tenure as President and CEO. • Bruce Moyes, CFO - Calgary • Over Twenty-five years of experience in finance; most recently VP Finance & Treasurer, Ensign Energy Services Inc. • Previous experience with Canadian Pacific Limited and PricewaterhouseCoopers LLP • Matt Moorman, Executive VP Finance and Corporate Development - Calgary • Over Twenty-five years of experience in finance; most recently VP Finance & Treasurer, Provident Energy Ltd. • Previous experience with TransAlta Corporation. 6

7. Strong Operations Team • Kiel Clark, President South America • Over 30 years drilling experience in USA, South America and The Middle East, both on land and heli-portable drilling rigs, from start up to growing the business unit • Previously employed with Standard Drilling, Nabors and Helmerich & Payne • Andres Lozano, VP Business Development • Over 15 years of management experience in the drilling and geophysical industries • Previously employed with PGS EM, EMGS and Nabors • Don Bertsch, President Colombia • Thirty years + experience in international drilling and workover services; 15 years in South and Central America • Regional Manager, Ecuador & Colombia, Saxon Energy Services; General Manager - Pool International Ecuador, Nabors Drilling & Welltech • Ted Secrist, General Manager Brazil • Over 25 years of international and domestic drilling experience • Previously employed with Nabors, Loffland, Parker, Golden St, Monterey and Tri Services Drilling. • Bolivar Villarreal, General Manager - Ecuador • Thirty years experience in international drilling companies (Saxon Energy Services/Pool International) – legal and administration 7

8. Board of Directors • Walter Dawson (Calgary, Alberta) - Chairman • Reginald Greenslade (Calgary, Alberta) • Donald Wright (Toronto, Ontario) - Lead Director • Chairman, The Winnington Capital Group, Former Director, Saxon Energy, Ex-Chairman & CEO, TD Securities + Deputy Chairman, TD Bank Financial Group • Jeffrey Scott (Calgary, Alberta) • Chairman, Gran Tierra Energy Inc., President, Postell Energy Co. Ltd, Former Director, Saxon Energy Services • Herb Snowdon (Calgary, Alberta) • Former Partner KPMG • Terry McIver (Brady, Texas) • President, Loadcraft Industries Ltd. - a Texas-based drilling and work-over rig manufacturer • William Dorson (New York, New York) • Former CEO and Head of Investment Banking, Standard Bank Americas, New York 8

9. Capitalization • Tuscany shares and warrants commenced trading on the Toronto Stock Exchange on April 19, 2010 under the symbol “TID” (millions) 6.4mm at $US1.50 ($US9.6 million) and 23.5mm at $US1.75 (US$41.0 million) Closing price on the TSX on March 21, 2011 Using a CAD/USD exchange rate of 1.0207 at closing on March 21, 2011 Long term debt is net of cash of $17 mm 9

10. Business Strategy Rig 116 10 • High priority on new, latest technology equipment built in North America • New equipment “tailor made” for operating in South America • Mobile rigs designed for narrow roads and bridges • Heli-portable rigs design to break down into small loads complete with cranes for remote operation • Large rigs with fast moving capability • Maintain a healthy balance sheet • Ability to deliver superior margins • Lower maintenance costs • New equipment • Common parts and components among rigs • Robust day rates • No spring breakup • Long term contracts

11. Business Strategy Rig 118 11 • Solid, experienced, vested Management team and Board of Directors • Committed, vested and experienced “in country” field staff and managers • Strong local contacts leads to proprietary deal flow • Diversified customer base • Diversified geographic area with multiple drilling needs

12. Target Markets – South America Increasing customer demand for new cost-efficient rigs and technology Expanded multi-well drilling markets in heavy oil New tenders will lead to a dramatic increase in exploration and resultant development drilling on “spend or lose concessions” • 80 blocks were awarded in 2008 and 225 blocks are up for auction in 2010 in Colombia • 95 blocks were recently awarded at the auction in June 2010 with commitments to spend over $1 billion • Significant exploration projects planned in Peru • Large portions of these countries have remote access and lack the infrastructure necessary for the efficient transportation of drilling rigs • This will increase demand for Tuscany’s fleet of heli-portable rigs • New exploration drilling programs require small footprint rig equipment 12

13. Market for Latin America Drilling • As of June 2010, 338 rigs operating in Latin America vs. 1,760 operating in Canada and the U.S. • North American rig count impacted by recent financial crisis and drop in crude oil price to a much greater extent than the Latin American rig count Source: Baker Hughes 13

14. Tuscany’s Current Operating Fleet COLOMBIA GUYANA 1 - 1500hp 2 - 1000hp 1 – 750/850hp 3 - 650hp 2- 550hp 1 - 1500hp • Six rig were in South America at the beginning of 2010. • Ten rigs to be constructed and deployed to South America before the end of 2010. One rig was purchased. • All 17 rigs will be operational in the first quarter 2011. ECUADOR 1 - 2000hp 1 - 1000hp 1 - 650hp 1 – 550hp PERU 1 - 650 hp BRAZIL 2 - 1500hp 14

15. Investment Case • Proven Executive Track Record • Reputation for building quality public companies • Superior service to clients • Robust returns to shareholders • Strong In-Country Management with Key Relationships • Solid “on-the-ground” relationships developed by experienced country managers over several decades • Proven Operational Model and Superior Crews • High quality, new technology equipment • Superior services delivered with experienced employees in growth markets Rig 105 15

16. Investment Case • Strong Corporate Governance: Well-respected Board of Directors responsible for significant successes in private and public businesses, focused domestically and internationally • Strong Demand and Acceptance: Customer acceptance and demand for additional Tuscany new build technology is overwhelming • Compelling Valuation: • High margins • Significant growth profile Rig 108 16

17. Contact Details Walter Dawson (Chairman and CEO):(403)265-8258 or cell (403)861-6708; wdawson@tuscanydrilling.com Reg Greenslade (President):(403)265-8258 or cell (403)701-2933; rgreenslade@tuscanydrilling.com Matt Moorman (EVP Corp Finance and Bus Dev): (403)265-8258 or cell (403)862-3877; mmoorman@tuscanydrilling.com Bruce Moyes (Chief Financial Officer):(403)265-8258 or cell (403)613-4327; bmoyes@tuscanydrilling.com Website: www.tuscanydrilling.com 17

18. Operating Fleet 18