Trans Canada Gold Corp. Completes its Eight (8) Full Months of Successful Steady Oil Production for May, Shipping Another 6,203 Barrels from its Lloydminster Multilateral Horizontal Heavy Oil Well

Rhea-AI Summary

Trans Canada Gold Corp. (OTCQB:RCTRF) reported successful oil production for eight consecutive months, shipping 6,203 barrels in May from its Lloydminster multilateral horizontal heavy oil well.

The well has a daily average production rate of 185 barrels gross (37.5 barrels net to the company) and has surpassed the 50,000-barrel milestone, with a total production of 51,439 barrels.

The company owns an 18.75% working interest in the well.

Future plans include drilling another multilateral well targeting over 3,000 meters of oil reservoir once final permits are received.

Trans Canada recently acquired additional land and leases, enhancing its production capabilities.

The company collaborates with Croverro Energy and is exploring further opportunities in Canada and the US.

With rising global oil prices, Trans Canada aims to pursue additional drilling and acquisitions.

Positive

• Shipped 6,203 barrels in May.
• Reached a total production of 51,439 barrels.
• Surpassed the 50,000-barrel production milestone.
• Average daily production rate: 185 barrels gross (37.5 barrels net).
• 18.75% working interest in the well.
• Plans to drill a new multilateral well targeting over 3,000 meters.
• Acquired additional land and leases.
• Collaborates with experienced partner Croverro Energy
• Exploring further drilling opportunities in Canada and the US.
• Benefiting from rising global oil prices.

Negative

• Current production net to the company is only 37.5 barrels per day.
• Dependence on receiving final permits from Alberta Energy Regulator.
• Potential risks associated with new drilling operations.
• Operational challenges and costs associated with multilateral wells.

Lloydminster Well Performance:

• Shipped 6,203 barrels (bbl) of oil for the month of May.
• Average daily production rate: 185 bbl/d gross (37.5 bbl/d net) to the Company.
• Represents an 18.75% working interest ownership.

Production Milestone:

• Production shipping and sales commenced on October 6th, 2023.
• The 7HZ well has produced over 51,439 bbl of oil.
• Exceeded the 50,000-barrel production benchmark.

Upcoming Drilling Plans:

• New multilateral well drill is expected to contact over 3,000 meters of oil reservoir in the General Petroleum sand.
• Spud date to be announced once final permitting is received from the Alberta Energy Regulator ("AER").

VANCOUVER, BC / ACCESSWIRE / June 11, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:RCTRF) ("Trans Canada" or the "Company") is pleased to announce that the Company has the results of the eighth (8) full month of oil production, trucking and oil sales to purchasers Altex and Cenovus Energy Ltd. The Lloydminster well has shipped 6,203 barrels (bbl) for the month of May and produced at an average daily rate of 185 bbl/d gross (37.5 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 6^th, 2023, and the well has now produced over 51,439 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 land position 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 once final permitting has been received from the Alberta Energy Regulator ("AER").

Commented Tim Coupland, "We have now successfully produced over eight (8) months of steady oil production and reached the 50,000-barrel production benchmark. With the 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. With global oil prices steadily increasing and the TMX pipeline now opened to start shipping oil, world oil prices are forecasted to remain high which will allow the Company to pursue additional drilling opportunities and new acquisitions."

"The Croverro 7HZ Oil Well, producing over 51,439 barrels and surpassing the 50,000-barrel benchmark, underscores the effectiveness of our multilateral drilling approach," said Christian Timmins, Director of Trans Canada Gold Corp. "Multilateral wells enable us to access more oil with fewer surface disturbances while maintaining low operational costs, growing production through land acquisition and drilling."

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.

View the original press release on accesswire.com

FAQ

What is the daily production rate for Trans Canada Gold Corp.'s Lloydminster well?

The daily production rate is 185 barrels gross and 37.5 barrels net to the company.

How much oil did Trans Canada Gold Corp. ship in May from the Lloydminster well?

The company shipped 6,203 barrels of oil in May.

What is the total production from Trans Canada Gold Corp.'s Lloydminster well?

The total production has reached 51,439 barrels.

When did Trans Canada Gold Corp. start oil production at the Lloydminster well?

Production started on October 6th, 2023.

What is the working interest ownership of Trans Canada Gold Corp. in the Lloydminster well?

The company has an 18.75% working interest ownership.

What are the future drilling plans for Trans Canada Gold Corp.?

The company plans to drill a new multilateral well targeting over 3,000 meters of oil reservoir once it receives final permits.

What is the significance of the 50,000-barrel milestone for Trans Canada Gold Corp.?

Surpassing the 50,000-barrel milestone demonstrates consistent and steady oil production.

With which companies does Trans Canada Gold Corp. collaborate for oil production?

The company collaborates with Croverro Energy

How are global oil prices affecting Trans Canada Gold Corp.'s operations?

Rising global oil prices are enabling the company to pursue additional drilling opportunities and new acquisitions.