Tuscany International Drilling Inc. has entered into a forbearance agreement (the "Forbearance Agreement") with its senior secured lenders ("Senior Lenders") under the third amended and restated credit agreement (as amended, the "Credit Agreement") dated December 23, 2013.

Pursuant to the Forbearance Agreement, the Senior Lenders have agreed to forbear from exercising their rights or remedies in connection with certain existing events of default under the Credit Agreement, including realizing on their security granted in connection with the Credit Agreement, until the earlier of February 3, 2014, or the occurrence of an additional event of default within the meaning of the Forbearance Agreement (the "Forbearance Period").

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