VANCOUVER, BC / ACCESSWIRE / December 11, 2024 / 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 robust steady oil production for the month of November 2024, with trucking and oil sales to Altex. The two Lloydminster wells have shipped 5,197 barrels (bbl) for the month of November and produced at an average daily rate of 183 bbl/d gross (32.48 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership in both wells. 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 into production in mid-September 2024. Croverro Energy Ltd. is the Operator.
The second newly drilled well the 8-23 targeting the GP zone, successfully commenced production of over 150 bbl/d, delivering more than 5,000 bbls of oil production before encountering a blockage near the end of the intermediate casing. While this has temporarily impacted production, Croverro has proactively implemented a range of repair solutions, including multiple Super Flushes on the well. Despite minimal results so far, the operator remains proactive and has decided to temporarily shut in the well during the extreme cold winter conditions in central Alberta. This decision allows for careful monitoring of fluid levels and pressures while a more detailed and comprehensive repair program is developed and approved. Croverro is optimistic about resuming operations and restoring production once the Alberta extreme cold weather conditions improve and the repair plan is fully implemented.
Croverro has set a 2025 preliminary budget with one Multilateral Sparky well forecasted to be drilled for Spring 2025. This well is expected to be identical to the original Sparky well drilled by the Company in October 2023. Once the GP well has been repaired and proves continued production, additional GP zone wells may be drilled in late 2025. The Company is currently monitoring oil prices, and should they improve, Croverro is expected to accelerate drilling and development.
Commented Tim Coupland, "We have now managed steady production for 2024, successfully producing our two Multilateral Well program for over a year now, and brought on to production two Multilateral wells, and successfully surpassed the 90,000-barrel production benchmark, showcasing the Company's partnership with Croverro Energy. The Company is utilizing its newly adopted multilateral well drilling strategy using new state of the art multilateral well drilling techniques in Alberta and Saskatchewan to create growth."
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.
SOURCE: Trans Canada Gold Corp.
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