VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / March 12, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to announce that the Company has now completed another month of steady oil production for the month of February 2025, with trucking and oil sales to Altex. The two Lloydminster wells have shipped 3,763 barrels (bbl) for the month of February and produced at an average daily rate of 127 bbl/d gross (25.2 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership in both wells. Daily production was impaired due to extremely cold weather conditions which resulted in seven lost shipping days. Production shipping and sales commenced on the first newly drilled Multilateral well a year ago on October 6th, 2023, and the new well was brought on production in mid-September 2024. Croverro Energy Ltd. is the Operator.
The Company has agreed to participate to drill a 7-leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 well will be situated adjacent to the Company's 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 85,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer/ third quarter of 2025, subject to final permitting by the Alberta Energy Regulator.
The company has an 18.75% working interest in the Joint Venture with Croverro. The Area of Mutual Interest now contains 1040 acres with potential in the Sparky and GP zones. This third multi-lateral horizontal well is based on similar wells drilled in the Sparky Oil Formation using surrounding well control and recently processed seismic lines. Croverro Energy Ltd., under the terms of the agreement, is the Operator.
Drilling, completion and equipping costs are expected to be $1.9 million ($350,000 net to Trans Canada). The well costs are fully funded out of production cash flow thereby preventing any share dilution.
Croverro continues to proactively implement a range of repair solutions on the newly drilled GP well blocked at the intermediate casing, including multiple Super Flushes on the well. Croverro remains optimistic about resuming operations and restoring lost production once the Alberta extreme cold weather conditions improve and the repair plan is fully implemented.
Commented Tim Coupland, "We are expecting additional oil production for 2025, and are exploring additional exploration drilling opportunities in both central Canada and the United States and the Company will continue with its newly adopted multilateral well drilling strategy for 2025-2026, using new state of the art multilateral well drilling techniques in Alberta and Saskatchewan, to create growth".
ABOUT TRANS CANADA GOLD CORP. - OIL AND GAS PRODUCTION/REVENUE PRODUCING WELLS
The Company is a discovery focused Oil & Gas Resource Development and Mineral Exploration Company that is currently focused on developing and drilling its' production of conventional heavy oil exploration properties, increasing production capabilities, and increasing future oil production revenues through responsible exploration. The Company identifies, acquires and finances with its working interest partners, the ongoing development of oil and gas assets primarily situated in Alberta Canada. The Company has qualified Senior exploration management and Geological teams of professionals, seasoned in exploration production, field exploration and drilling. The Company currently works with Croverro Energy Ltd., who has demonstrated proficiency, expected of an experienced oil and gas technical team that has proven oil production, and revenue success with large multi-lateral wells currently under their supervision. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through selective property acquisitions, and responsible exploration drilling, and maximizing long term petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Trans Canada Gold Corp.
Tel: (604) 681-3131
astar@telus.com
www.transcanadagold.com
or
Christian Timmins, Director
Trans Canada Gold Corp.
Tel: (403) 597-3410
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Trans Canada Gold Corp.
View the original press release on ACCESS Newswire
