Trans Canada Gold Corp. Completes Its Eighth Full Month of Steady Oil Production for the Month of May 2024, on Its Lloydminster Multilateral Horizontal Heavy Oil Well and Prepares for Drilling Its Second Multilateral Well in Mid July
Trans Canada Gold Corp. (TSX-V:TTG, OTCQB:RCTRF) has completed eight full months of steady oil production in May 2024 from its Lloydminster Multilateral Horizontal Heavy Oil Well. The company plans to release final May production numbers soon. Since October 2023, the Croverro 7HZ Well has produced over 45,236 barrels of oil. Trans Canada has also acquired strategic land and lease positions and is preparing to drill a second multilateral well in mid-July 2024. The new well is expected to access over 3000 meters of oil reservoir in the General Petroleum sand. The company is optimistic about future drilling opportunities due to steady global oil prices and the recent startup of the TMX pipeline. Drilling multilateral wells is noted for cost efficiency and increased exposure to larger oil pay zones.
- Completed eight full months of steady oil production.
- Produced over 45,236 barrels of oil since October 2023.
- Strategic land and lease acquisitions finalized.
- Preparation underway for drilling a second multilateral well in mid-July 2024.
- New well expected to access over 3000 meters of oil reservoir.
- Steady global oil prices and TMX pipeline startup forecast high oil prices.
- Multilateral wells offer operational cost savings and access to larger oil pay zones.
- May production numbers not yet finalized.
- Dependence on global oil prices and TMX pipeline for future opportunities.
VANCOUVER, BC / ACCESSWIRE / May 30, 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 eighth full month of robust steady oil production for the month of May 2024, with trucking and oil sales to Altex and Cenovus Energy Ltd. The Company will release the May numbers in the coming days, once finalized. In October 2023, the Company successfully drilled and completed seven (7) multi-lateral legs of the Company's first multilateral well. The Company encountered oil throughout the entire 2675 meters of lateral oil pay in the Sparky formation. Since drilling inception, the Croverro 7HZ Well has now produced over 45,236 barrels of consistent steady oil production. Croverro Energy Ltd. under the terms of the agreement is the Operator.
The Company has strengthened its land position, and completed the purchase of two vital strategic land and lease acquisitions pursuant to an AMI ("Area of Mutual Interest") in a Farmout Agreement ("Farmout") dated November 1, 2022. The Operator has secured a surface lease and is permitting a multilateral well for mid-summer start for drilling. This new multilateral well is expected to contact over 3000 meters of oil reservoir in the General Petroleum sand.
Commented, President & CEO Tim Coupland, "We have now hit the eight-month of steady oil production, and are excited to be soon releasing our May production rates, once the final oil production numbers have been finalized with Croverro, and confirmed by Altex and Cenovus Energy Ltd. With the completion of the recent land acquisition, and drilling pre-planning in full progress, we now look forward to drilling our second large Multilateral Well on schedule for mid-summer. With global oil prices remaining steady, and the recent startup of the TMX pipeline, oil prices are forecasted to remain high which will allow the Company to pursue additional drilling opportunities and new property acquisitions."
Commented, Director, Chris Timmins, " Drilling large Multilateral oil wells offers remarkable operational cost savings to the Company and its working interest partners. By drilling multiple legs from a single well bore, allows for more of an oil reservoir to be accessed and increases our exposure to much larger oil pay zones."
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
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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