Trans Canada Gold Corp. Completes Eleventh Full Month of Steady Oil Production for August 2024, Shipping 5,207 Barrels From Lloydminster Multilateral Horizontal Heavy Oil Well and Finishes Drilling Second Multilateral Well
VANCOUVER, BC, September 23, 2024 (Newswire.com) - ("Trans Canada" or the "Company") is pleased to announce that the Company has now completed its eleventh (11) full month of robust steady oil production for the month of August 2024, with trucking and oil sales to Altex. The Lloydminster well has shipped 5,207 barrels (bbl) for the month of August and produced at an average daily rate of 168 bbl/d gross (32.0 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 well a year ago on October 6th, 2023, and the well has now produced over 67, 962 bbl, exceeding the 65,000-barrel production benchmark of consistent, steady oil production with its multilateral well. Croverro Energy Ltd. is the Operator.
: Successfully drilled its second multilateral well in August 2024, targeting the General Petroleum (GP) reservoir.
: Reporting eleven months of steady oil production in August 2024, shipping 5,207 barrels from the Lloydminster multilateral well, which has now produced over 67,962 barrels
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 for additional drilling in both the Sparky and GP producing zones.
Commented Tim Coupland, "We have now successfully produced over eleven (11) months of steady oil production and surpassed the 65,000-barrel production benchmark. With the signing of our latest lease completion of the land acquisition and utilizing our technical proficiency and drilling expertise, we successfully drilled our second multilateral well this August, targeting the General Petroleum Zone (GP) reservoir. World oil prices are forecasted to remain high which will allow the Company to actively pursue additional drilling opportunities and new acquisitions."
"The successful drilling of our second multilateral well in the GP reservoir marks an important milestone in our strategy to expand production. This well positions us to increase our output significantly and demonstrates our ability to grow efficiently while maintaining steady production from our first well," commented Director Chris Timmins. " As we bring this new well online, we are excited about the potential to enhance our production growth further and strengthen our presence in the region."
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
Source: Trans Canada Gold Corp.
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