VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / May 6, 2025 / Trans Canada Gold Corp. (TSX-V: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 April 2025, with trucking and oil sales to Altex. The Lloydminster multilateral well shipped 3,919 barrels (bbl) for the month of April and produced at an average daily rate of 150 bbl/d gross (25 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership in the well. Daily production and shipping sales were slightly impaired due to two factors, limited access to railcars which resulted in six lost shipping days via rail, and the decision to sell to its working interest partners, it's 18.75% interest in the recently drilled, non-performing 8-23-049-1 W4M General Petroleum (GP) zone well including all surface and downhole equipment, and GP Petroleum rights within the Area of Mutual Interest (AMI) for $100,000 CDN. 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.
DRILLING TO COMMENCE MID - JULY
The Company has agreed to participate to drill a 7 leg Sparky multi-lateral well with Croverro as operator for the Joint Venture in mid-July subject to final permitting. The newly proposed 5-23 multilateral well will be situated adjacent to the Company's successful 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This second multi-lateral horizontal well, targeting the Sparky Zone 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 88,000 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, 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 zone only. 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.
Commented Tim Coupland, "We continue to focus on continued multilateral drilling success in the Sparky Zone, while navigating the increased market volatility and price swings expected with lower energy prices in the oil and gas energy sector. The Company remains extremely mindful of the current uncertainty within energy sector including tariff pressures and the Canadian election results, which may influence energy policy direction. We are expecting increased oil production for 2025 with our upcoming drill programs, and we are exploring additional exploration drilling and acquisition opportunities in both central Canada and the United States. 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".
DRILLING TO COMMENCE SUMMER 2025 MULTILATERAL WELL-TARGETING SPARKY FORMATION
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 now 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 Zone only. 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.
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:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/trans-canada-gold-corp.-ships-3-919-barrels-for-the-month-of-april-2025-from-its-1023644
