Trans Canada Gold Corp. Prepares For Drilling Its Second Multilateral Well with Croverro Energy Ltd. in Mid July and Expecting to Contact 3000 Meters of Oil Reservoir in the General Petroleum Sand
Trans Canada Gold Corp. (TSXV: TTG, OTCQB: RCTRF) announced it is preparing to drill its second multilateral well in mid-July. This follows the successful completion of the first Croverro 7HZ Well in October 2023, which encountered oil throughout the 2,675 meters of lateral oil pay in the Sparky formation and has produced over 50,000 barrels of oil to date. The new multilateral well is expected to contact 3,000 meters of oil reservoir in the General Petroleum sand.
The company has strengthened its land position with two new land and lease acquisitions under a Farmout Agreement dated November 1, 2022. With steady oil prices and the recent startup of the TMX pipeline, the company aims to build cash reserves and pursue further drilling opportunities in Alberta and Saskatchewan. The focus is on cost-effective oil production with a smaller surface footprint.
- Successful drilling and completion of the first Croverro 7HZ Well in October 2023.
- Over 50,000 barrels of oil produced from the first well.
- Preparation for a second multilateral well, expected to contact 3,000 meters of oil reservoir.
- Strengthened land position with two new land and lease acquisitions.
- Steady global oil prices and recent startup of the TMX pipeline.
- Low operational costs due to multilateral well strategy.
- Potential to build cash reserves and pursue additional drilling opportunities.
- Dependence on final permitting from Alberta AER for spud date.
- Potential risks associated with drilling new wells.
- Uncertainty regarding future oil production rates and economic viability.
Preparation for Second Multilateral Well:
- The Company is preparing to drill its second multilateral well in mid-July.
- This follows the successful drilling and completion of the first seven-leg multilateral well, the Croverro 7HZ Well, in October 2023.
Successful First Well:
- The Croverro 7HZ Well encountered oil throughout the entire 2,675 meters of lateral oil pay in the Sparky formation.
- Since its completion, it has produced over 45,236 barrels of consistent oil production.
VANCOUVER, BC / ACCESSWIRE / June 5, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:RCTRF) ("Trans Canada" or the "Company"), is pleased to announce that the Company is now preparing to drill its second multilateral well in mid-July. In October 2023, the Company successfully drilled and completed its first seven (7) multilateral leg multilateral well. The Company successfully encountered oil throughout the entire 2675 meters of lateral oil pay in the Sparky formation. Since drilling the Company's first Multilateral well, the Croverro 7HZ Well has now produced over 50, 000 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 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 AER
Commented, President & CEO Tim Coupland, "We now have eight steady months of steady robust oil production and oil revenue, and now we are now delighted to be drilling our second multilateral well, after the completion of multiple recent strategic land acquisitions. Drilling preparation and pre-planning are in full progress, we now look forward to drilling our second large multilateral well on schedule for mid-summer. With global oil and energy prices remaining steady, and the recent successful startup of the TMX pipeline, oil prices are forecasted to remain relatively high, which will allow the Company to build a cash reserves, and aggressively pursue additional multilateral drilling opportunities and new property acquisitions in Alberta and Saskatchewan."
Commented Director Chris Timmins, " Multilateral wells offer the Company a remarkable opportunity to grow production while maintaining low operational costs. Targeting oil-rich zones in the Sparky and General Petroleum (GP) formations with multilateral wells allow cost-effective access to more oil while maintaining a much smaller surface footprint."
Successfully drilled in October 2023. Trans Canada's first successfully drilled Multilateral Well with robust production.
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
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