TSXV: TUS September 8, 2015

TSXV: TUS September 8, 2015

TSXV: TUS SEPTEMBER 8, 2015 2 Why Buy Tuscany Now? Tuscany has built a large inventory of horizontal oil locations on properties with significant potential oil in place 80 to 191 potential locations in eight areas (1) 34 of potential locations booked in reserve report Tuscany trades at a large discount to 10% NAV (1)(2) Almost 90% of Tuscany s revenue from assets in Saskatchewan (1) Management s estimate and forecast- see Advisories Forward looking statements (2) See page 16 for calculation on NAV

Tuscany s Oil Exposure Revenue distribution by product Revenue distribution by province AB 11% SASK 89% Q2 2015 TSXV: TUS SEPTEMBER 8, 2015 3

2014-2015 Oil Price Collapse Collapse in world oil prices due to; Increase in US drilling. Success of fracked horizontal tight shale wells. Large increase in North American production. Abundant energy financing. Lack of OPEC cut-back in production. TSXV: TUS SEPTEMBER 8, 2015 4

Oil Price Recovery Oil price will recover due to; Large drop in US horizontal drilling. US oil production peaking. Increasing U.S. and China energy demand. Increasing number of financially stressed energy companies. Greatly reduced energy financing, world wide. TSXV: TUS SEPTEMBER 8, 2015 5

Oil price, monthly avg ($/bbl, WTI; source: EIA) US Oil Price vs Oil Rig Count $135 US Crude Oil Price / Oil Rig Count Monthly 8-Sep-2015 1,750 $120 $105 $90 $75 $60 $45 1,500 1,250 1,000 750 500 250 Oil Rig Count, last week of month (source: Baker Hughes) $30 0 Recession Oil Price Rig Count TSXV: TUS SEPTEMBER 8, 2015 6

Oil Price (WTI; source: EIA) US Oil Price vs Oil Rig Count $112 $106 US Crude Oil Price / Oil Rig Count Weekly 8-Sep-2015 1,700 1,600 $100 $94 $88 $82 $76 $70 $64 $58 Oil price Oil rigs 1,500 1,400 1,300 1,200 1,100 1,000 900 800 Oil Rig Count (source: Baker Hughes) $52 700 $46 600 $40 500 Oil Price TSXV: TUS SEPTEMBER 8, 2015 7 Rig Count

US Crude Oil Production (million BBLS Oil/Day; source: EIA) US Oil Production vs Oil Rig Count 10.0 US Crude Oil Production / Oil Rig Count Weekly Production Plateauing 8-Sep-2015 1,800 1,700 1,600 1,500 9.5 9.0 8.5 Oil production Oil Rigs * * 1,400 1,300 1,200 1,100 1,000 900 800 700 600 Oil Rig Count (source: Baker Hughes) 500 400 300 8.0 200 Production (EIA) Rig Count *Alaska production issues TSXV: TUS SEPTEMBER 8, 2015 8

TSXV: TUS SEPTEMBER 8, 2015 9 Tuscany Overview Oil focussed asset base in Saskatchewan. Substantial Discovered Oil Initially in Place. Large horizontal development well inventory. Proven development areas - Evesham and Macklin locations offsetting producing wells and large discovered oil initially in place. Balance sheet integrity. Strategic low cost land acquisitions to capitalize on geological model.

Capital Structure (millions unless otherwise indicated) Shares outstanding: 50.6 Fully diluted: 54.3 Management ownership: 36% Net debt June 30, 2015 (1) $ 6.5 Bank line $ 8.5 Market cap: (at $0.13/share) $ 6.6 Debt/Cash Flow: Estimate Q2 2015 (1)(2) 1.5 X (1) Non-GAAP measures see Tuscany s June 30,2015 MD&A (2) Cash flow annualized (Cash flow for quarter x 4) TSXV: TUS SEPTEMBER 8, 2015 10

2014 Review Raised $ 5.3 million. Drilled 8 horizontal Dina oil wells; Two at Evesham, Five at Macklin, and One at Rutland Drilled initial horizontal Lloydminster well at Morgan. Drilled a Macklin disposal well TSXV: TUS SEPTEMBER 8, 2015 11

Operating Highlights ($ thousands Unless otherwise indicated) Q2 2015 Q1 2015 Year 2014 Production (BOEd) 811 879 751 Oil price ($/Bbl) 51.32 36.33 73.19 Revenue 3,396 2,630 17,607 Revenue from oil 94% 93% 92% Cash Flow from operations (1) 1,100 509 8,077 Capital additions 267 903 11,525 Net debt (1) 6,450 7,211 6,763 (1) Non-GAAP measures see Tuscany s Q1 2015 MD&A for definitions TSXV: TUS SEPTEMBER 8, 2015 12

TSXV: TUS SEPTEMBER 8, 2015 13 Operating Results

TSXV: TUS SEPTEMBER 8, 2015 14 Operating Results

Growth in Reserves and NPV * * * *This does not represent fair market value of the assets or the future net revenue attributable thereto. TSXV: TUS SEPTEMBER 8, 2015 15

Net Asset Value Proven Reserves (NPV 10%) (1)(7) 30.9 0.60 Probable Reserves (NPV 10%) (1)(7) 31.1 0.61 Undeveloped land ($50 per acre) (2) 3.3 0.06 Abandonment liability (3) (1.0) (0.02) Net debt (4) (6.7) (0.13) Net Asset Value (basic) (5) 57.6 1.13 Net Asset Value (fully diluted) (6) 59.4 1.04 (1) Reserve values based on McDaniel reserve report as at December 31, 2014 (see Tuscany s AIF for year ended December 31, 2014) (2) Based on Management s estimate of $50 per acre (3) Additional liability not reflected in McDaniel reserve report as at December 31, 2014 (4) As at December 31, 2014 (5) Based on 51.0 million shares outstanding (6) Based on 5.8 million dilutive instruments with an average exercise price of $0.31 per share (7) This does not represent fair market value of the assets or the future net revenue attributable thereto TSXV: TUS SEPTEMBER 8, 2015 16

Discovered Oil Initially in Place Millions of barrels of oil equivalent (1) COMPANY TOTAL SHARE EVESHAM (Dina) 42 25 MACKLIN (Dina) 81 81 ---------- --------- TOTAL 123 106 (1) Company s working interest share before deducting royalties. Based on McDaniel & Associates as of July 1, 2015 report. TSXV: TUS SEPTEMBER 8, 2015 17

Contingent Resource-Best Estimate Millions of barrels of oil equivalent (1) COMPANY TOTAL SHARE EVESHAM (Dina) 3.591 2.155 MACKLIN (Dina) 5.515 5.515 ---------- --------- TOTAL 9.106 7.670 (1) Company s working interest share before deducting royalties. Based on McDaniel & Associates as of July 1, 2015 report. TSXV: TUS SEPTEMBER 8, 2015 18

Key Property Location Tuscany s oil assets are concentrated in the heavy oil prone corridor near Lloydminster TSXV: TUS SEPTEMBER 8, 2015 19

TSXV: TUS SEPTEMBER 8, 2015 20 Area Activity Map

Well Logs Showing Dina Oil Pay TSXV: TUS SEPTEMBER 8, 2015 21

TSXV: TUS SEPTEMBER 8, 2015 22 Evesham Dina Oil Play

Key Development Factors Significant pay thickness increases oil reserves Large structures provide repeatable development locations Horizontal drilling enhances oil recovery Use of slotted liner reduces capital costs. No frac required Water disposal facilities reduce operating costs Use of natural gas for fuel reduces operating costs Oil prices > US $60 WTI (Cdn. $54) generates expected payouts of less than one year TSXV: TUS SEPTEMBER 8, 2015 23

Evesham Dina Oil Pool Vertical wells (1) See Tuscany s AIF dated April 28, 2015 (2) See Advisories Drilling Locations (3) Type curve economics are based on Tuscany s experience in the area and estimates of well performance (4) Based on McDaniel & Associates as of July 1, 2015 report. TSXV: TUS SEPTEMBER 8, 2015 24 Tuscany - 60% working interest (Husky 40%) Drilled 16 horizontal wells. Discovered Oil Initially in Place: 42 million barrels (25 million barrels net) (4) 2P Reserves 2014 919 MBOE (1) 8 proved and 3 probable locations booked (1) 27 potential locations (2) Production Q2 2015 194 BOEd (net) Type Curve Economics (3) Capex: $840,000 per well Reserve target: 75,000 BOE IP 90 : 80 BOEd

Evesham Horizontal Drilling 2-21 Vertical Well Cum Oil = 2,753 bbls 97/15-16 Horizontal Well Cum Oil =49,904 bbls (to July 2015) Grd Level 750 Metres DINA SAND OIL WATER TSXV: TUS SEPTEMBER 8, 2015 25

Evesham Dina Production 55,000 50,000 Cumulative Production to July 2015 Tuscany Horizontal Wells ( In chronological order left to right ) 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Estimated Bbls to payout a well at $60 US-WTI oil (1) Original Vertical Wells * * Shut-in waiting on water disposal pipeline * Well locations (1) Estimated payout assumes a capital cost of $840,00, exchange rate of $0.80 Cdn to $1 US, operating cost of $17/Bbl TSXV: TUS SEPTEMBER 8, 2015 26

Tuscany 100 % WI. Drilled 14 Dina oil wells. Two shut-in Dina oil wells 3D seismic and geological control. Discovered Oil Initially in Place: 81 million barrels (4) 2P Reserves 2014 1,590 BOE (1) 9 proved and 8 probable booked locations (1) 43 potential locations (2) Production Q2 2015 405 BOEd Type curve Economics (3) Capex: $840,000 per well Reserve target: 75,000 BOE IP 90 : 100 BOEd TSXV: TUS SEPTEMBER 8, 2015 27 Macklin Dina Oil Pool (4) Based on McDaniel & Associates as of July 1, 2015 report

Macklin Type Curve - Well Economics WTI$70US/Bbl Payout 0.5 years ROI 80% WTI $60US/Bbl ($50cdn at well) Payout < 1.0 year ROI 49% Type Wells generates an NPV10% of $2.3 million based on McDaniel January 1, 2015 price forecast WTI $50US/Bbl Payout 2.0 years ROI 31% Months on production Type curve based on the performance of all Tuscany s wells drilled in the pool to date. Economic assumptions: Drill & equip $840,000 Operating cost $12/Bbl, Royalty 3% US exchange $0.76 Cdn./$1.00 US TSXV: TUS SEPTEMBER 8, 2015 28

TSXV: TUS June 10, 2015 29 Winter Dina Location

Winter Dina 3D Seismic Type Log 6-36-42-25W3 TSXV: TUS June 10, 2015 30

TSXV: TUS June 10, 2015 31 Winter Type Log

Macklin Sparky Play Sparky Pool Outline TSXV: TUS SEPTEMBER 8, 2015 32

Maclin Sparky and Dina Pool Outlines Dina wells Sparky wells TSXV: TUS SEPTEMBER 8, 2015 33

Macklin Sparky Logs 4-14 on prod; Aug, 2013. July 2015 cum: 39.4 MSTB 2-22 on prod; June, 2013. July 2015 cum: 46.4 MSTB TSXV: TUS SEPTEMBER 8, 2015 34

TOTAL DEVELOPMENT POTENTIAL Potential horizontal locations LOW CASE HIGH CASE EVESHAM (Dina) 20 27 EVESHAM (Cummings) 2 4 MACKLIN (Dina) 20 43 MACKLIN (Sparky) 14 24 MORGAN (Lloydminster) 10 70 PROVOST ( 2 Properties) 2 6 Lloydminster (Lloydminster) 6 6 WINTER (Dina) 6 11 ---------- -------- TOTAL 80 191 * 19 Proven and 15 Probable locations are included in the McDaniel December 31, 2014 Reserve Report. See Tuscany s AIF dated April 28, 2015. (Please refer to the Drilling locations Advisories at the end of the presentation) TSXV: TUS SEPTEMBER 8, 2015 35

Analyst Coverage Acumen Capital Financial Partners Limited Trevor Reynolds Industrial Alliance Securities Inc. Michael Charlton TSXV: TUS SEPTEMBER 8, 2015 36

Advisories Forward looking statements This presentation contains a summary of managements assessment of historical financial and operating results and should be read together with the annual information form, annual report, Q1 2015 interim report, MD&A and consolidated financial statements of the Company and other information and financial reports which have been filed on SEDAR from time to time. Certain of the statements contained herein including, without limitation, management's assessment of potential drilling locations, world oil price recovery, estimated debt to annualized quarterly cash flow, type curve economics, estimated Bbls to payout an Evesham well, future plans and operations, drilling plans and the timing thereof, plans to finance continuing exploration and development expenditures, expected effects of low oil prices, timing thereof and resulting plan and expected commodity prices may be forward looking statements. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue" and similar expressions may be used to identify these forward looking statements. These statements reflect Management's beliefs at the date of the report and are based on information available to Management at that time. Forward looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including, but not limited to, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources and the risk factors outlined under "Risk Factors" in the Company s Annual Information Form, annual report and elsewhere in information filed on SEDAR. There are a number of assumptions associated with the potential of resource volumes including the quality of the Dina reservoir, future drilling programs and the funding thereof, continued performance from existing wells and performance of new wells, the growth of infrastructure, well density per section, and recovery factors and development necessarily involves known and unknown risks and uncertainties, including those identified in this press release. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Tuscany's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at Tuscany's website (www.tuscanyenergy.com). Although the forward looking statements contained herein are based upon what Management believes to be reasonable assumptions. TSXV: TUS SEPTEMBER 8, 2015 37

Advisories Forward looking statements (Continued) Management cannot assure that actual results will be consistent with these forward looking statements. Investors should not place undue reliance on forward looking statements. These forward looking statements are made as of the date hereof and the Company assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws. TSXV: TUS SEPTEMBER 8, 2015 38

Drilling locations Advisories Disclosed herein are possible drilling locations in three categories: (i) proved locations; (ii) probable locations; and (iii) unbooked locations. Proved locations and probable locations are derived from the McDaniel Report and are drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on prospective acreage and an assumption as to number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have any attributed reserves or resources. Of the 80-191possible development locations identified herein, 19 are proved locations, 15 are probable locations and 46-157 are unbooked locations. Unbooked locations have been identified by management as an estimation of our future drilling activities based on an evaluation of applicable geological, seismic, engineering, production and reserves information. There is no certainty that we will drill all unbooked locations, and if drilled, there is no certainty that such locations will result in addition oil and gas reserves, resources or production. The drilling locations on which we actually drill wells will also be dependent upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relatively close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir therefor there is more uncertainty whether wells will be drilled in such locations and, if drilled, there is more uncertainty that such wells will result in additional reserves, resources or production. Presentation of Oil and Gas Information The term barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this report are derived by converting gas to oil in the ratio of six Mcf of gas to one Bbl of oil. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. All oil and gas information in this presentation has been prepared and presented in accordance with NI 51-101 adopted by the Canadian securities regulatory authorities. Unless otherwise specified, in this presentation, all production is reported on the basis of the Corporation s working interest ( WI ) (operating and non-operating) before the deduction of royalties payable. All numbers of wells and acreage information are presented on a gross basis. Unless otherwise indicated, reserves and resources information in this presentation is given as of December 31, 2014. For complete NI 51-101 reserves disclosures, refer to Tuscany s Annual Information Form dated April 28, 2015. TSXV: TUS SEPTEMBER 8, 2015 39

Advisories Presentation of Oil and Gas Information (continued) Discovered Petroleum Initially-in-Place or Discovered Oil Initially-in-Place ( DOIP ), is defined in the Canadian Oil and Gas Evaluation Handbook as the quantity of oil that is estimated to be in place within a known accumulation prior to production. DOIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion consisting of production, reserves and contingent resources. There is no certainty that it will be economically viable or technically feasible to produce any portion of the DOIP except for those portions already produced or identified. At July 1, 2015 all DOIP that has not already been produced or classified as reserves or contingent resources would be classified unrecoverable DOIP. The DOIP estimates assume 600 meter conventional horizontal wells spaced at 50 meters and 56 Mbbl of recoverable oil per location. The Company s ability to recover additional resources is subject to numerous principal risks, that include factors such access to capital that would enable us to continue development; low commodity prices which could impact economics; the future performance of wells; regulatory approvals; and access to required services. In order for contingent to be converted into reserves, the Company must continue to assess commercial production rates, devise firm development plans that incorporate timing, infrastructure and capital commitments. With continued development and delineation, some resources currently classified as contingent resources are expected to be reclassified as reserves. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology of technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economics, legal, environmental, political, and regulatory matters, or a lack of markets. Projects have not been defined to develop the resources in Macklin and Evesham areas as at the evaluation date. Such projects, in the case of the have historically been developed sequentially over a number of drilling seasons and are subject to annual budget constraints Tuscany s policy of orderly development on a staged basis, the timing and cost of the growth of infrastructure, the short and long-term view of Tuscany on oil and gas prices, the results of exploration and development activities of Tuscany and others in the area and possible infrastructure capacity constraints. As with any resource estimates, the evaluation will change over time as new information becomes available. TSXV: TUS SEPTEMBER 8, 2015 40

Advisories Presentation of Oil and Gas Information (continued) The discounted and undiscounted net present value of future net revenues attributable to reserves does not represent the fair market value of such reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of crude oil, natural gas and NGL reserves and resources provided in this presentation are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Actual crude oil, natural gas and NGL reserves and resources may be greater or less than the estimates provided in this presentation. The estimates of reserves and future net revenue for individual properties in this presentation may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. TSXV: TUS SEPTEMBER 8, 2015 41

For further information, please visit: www.tuscanyenergy.com TSXV: TUS Suite #1800 633 6th Avenue S.W. Calgary, AB T2P 2Y5 Tel: (403) 269-9889 Fax: (403) 269-9890

Macklin Tuscany s management team. TSXV: TUS SEPTEMBER 8, 2015 43

Macklin Macklin 93/6-33-39-28W3 Electric Driver for PC Pump. TSXV: TUS SEPTEMBER 8, 2015 44

Macklin Slotted liner awaiting installation. TSXV: TUS SEPTEMBER 8, 2015 45

Evesham Evesham 10-21-39-27 W3 Battery TSXV: TUS SEPTEMBER 8, 2015 46

Evesham Evesham 10-21 Battery with Drilling Rig on 97/15-16 TSXV: TUS SEPTEMBER 8, 2015 47

Macklin Macklin 2-33 Battery. TSXV: TUS SEPTEMBER 8, 2015 48