Trans Canada Gold Corp. Completes Its Ninth Full Month of Steady Oil Production For The Month Of June 2024
Shipping Another 5,435 Barrels From Its Lloydminster Multilateral Horizontal Heavy Oil Well And Prepares For Drilling Its Second Multilateral VANCOUVER, July 15, 2024 - Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:RCTRF) ("Trans Canada" or the "Company"), is pleased to announce that the Company has now completed its ninth full month of robust steady oil production for the month of June 2024, with trucking and oil sales to Altex and Cenovus Energy Ltd. The Lloydminster well has shipped 5,435 barrels (bbl) for the month of June and produced at an average daily rate of 181 bbl/d gross (34.0 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership. Production shipping and sales commenced on the newly drilled well on October 6th, 2023, and the well has now produced over 56,730 bbl and exceeded the 50,000-barrel production benchmark of consistent, steady oil production with its multilateral well. Croverro Energy Ltd. is the Operator.
The Company has strengthened its leases and land positions and completed the purchase of two land and lease acquisitions pursuant to an AMI ("Area of Mutual Interest") in a Farmout Agreement ("Farmout") dated November 1, 2022. This new multilateral well is expected to contact over 3000 meters of oil reservoir in the General Petroleum Sand. The spud date will be announced shortly once final permitting has been received from the Alberta Energy Regulator ("AER").
Commented Tim Coupland, "We have now successfully produced over nine (9) months of steady oil production and surpassed the 50,000-barrel production benchmark. With the signing of our latest lease and completion of the land acquisition, and utilizing our technical proficiency and drilling expertise, we now look forward to drilling our second multilateral well this summer. The TMX pipeline is now fully operational, shipping Canadian oil, and world oil prices are forecasted to remain high which will allow the Company to actively pursue additional drilling opportunities and new acquisitions."
"Our recent land and lease acquisitions, along with the upcoming multilateral well in the General Petroleum Sand, further strengthen our strategic position," commented Director Chris Timmins. "Multilateral wells offer the potential for modest decline rates, indicating a more stable and sustained production level over time, which enhances our overall production strategy. We continue to seek new opportunities to grow our drilling inventory and expand our operational footprint. We look forward to announcing the spud date soon and are confident in the continued growth and success of our operations."
The Company continues to explore additional exploration drilling opportunities in Canada and the United States.
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 multilateral 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.
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