Trans Canada Gold Corp. Starts Equipping and Prepares for the Completion of the Newly Successfully Drilled Multilateral Horizontal Heavy Oil Well
After Encountering Oil in Its Target Zone Near Lloydminster, AlbertaCompletion of Second Multilateral Well
Trans Canada Gold Corp. has started equipping and preparing for the completion of its second multilateral well. Production is expected to start by September 15th, 2024. - Successful Drilling and On-Budget Completion: The well was successfully drilled and completed as planned, targeting oil pay in the GP sands.
VANCOUVER, September 9, 2024 - Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to announce that it has started equipping and preparing for the completion of the Company's second newly drilled multilateral well. The well is expected to be on production by September 15th, 2024. The Company successfully drilled and completed all legs of the newly drilled multilateral well on the Company's heavy oil property situated near Lloydminster, Alberta. The Company encountered oil in all of the target zones of interest in the GP sands. The well is expected to be placed on full oil production shortly, and once the well has been completed and fully equipped, oil production rates will be released. The Lloyd Multilateral well was completed as planned and on budget, targeting oil pay in the GP sands. Croverro Energy Ltd., under the terms of the agreement, will be Operator.
The Company has acquired additional lands inside the Area of Mutual Interest ("AMI"), which will allow additional opportunity for multilateral wells. The lands are contiguous with our existing lands. The newly acquired lands, together combined with our existing lands have the oil resource potential in both the Sparky and GP producing zones.
Commented Tim Coupland, "Warm, sunny and hot August weather has allowed us to move quickly and start equipping, completing our newly drilled well. Our timing and market conditions and current oil pricing will optimize any benefits in the near, and long term, and we are excited to be completing the Company's second successful large multi-leg Multilateral well. The Croverro Team has again demonstrated the proficiency expected of an experienced oil and gas technical team that has consistent, proven oil production success with multi-lateral wells currently under their supervision and operation."
"The successful drilling and completion of our second multilateral well is a significant milestone for the Company, confirming the potential of the GP sands. We encountered oil in all target zones, and with the well expected to be in production by mid-September, we are well-positioned to capitalize on strong market conditions." Commented Chris Timmins.
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 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.
Contact Information
Chris Timmins
Director
ctimmins29@gmail.com
403-597-3410
Tim Coupland
CEO
astar@telus.com
604-681-3131
SOURCE: Trans Canada Gold Corp.