The Calgary-based driller filed theprotection petition at a bankruptcy court in Delaware and trading was suspendedon the Toronto Stock Exchange.
In a filing, the company blamed stiff rigcompetition on falling utilisation that has negatively affected financialposition since the end of 2012.
Some lenders have agreed to an amendedcredit facility of $35 million to help the company with its ongoingcommitments.
Tuscany said it expects to complete itsfinancial restructuring in the second quarter.
