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Trans Canada Gold Corp. (TTGXF) has agreed to participate in drilling a third 7-leg Sparky multi-lateral well with Croverro Energy The new 5-23 well will be located adjacent to their successful 12-14 Multilateral Well near Lloydminster, Alberta, with Trans Canada holding an 18.75% interest.
The planned well is expected to open approximately 3000m of Sparky formation and will be drilled in summer/Q3 2025, subject to regulatory approval. The drilling, completion, and equipping costs are estimated at $1.9 million ($350,000 net to Trans Canada), fully funded from production cash flow without share dilution.
The company's previous 12-14 Sparky well, drilled in 2023, has produced over 85,000 barrels of oil and continues consistent monthly production. The Area of Mutual Interest now encompasses 1040 acres with potential in the Sparky and GP zones. Croverro Energy will serve as the operator under the agreement terms.
Trans Canada Gold Corp. (TTGXF) has expanded its land holdings through the acquisition of a 320-acre parcel near Lloydminster, Alberta, bringing total controlled lands to 1,040 acres. The company maintains an 18.75% non-promoted interest in the properties.
The acquisition, led by Croverro Partnership Group, enables the drilling of up to three additional multilateral wells targeting the Sparky and General Petroleum (GP) producing zones. Croverro Energy has acquired and processed two additional seismic lines to enhance drilling precision in these zones.
The company is preparing to drill its third large multi-lateral oil well with Croverro Energy, focusing on conventional heavy oil exploration with an emphasis on low operational costs and proven revenue success.
Trans Canada Gold Corp. (TTGXF) reported oil production results for January 2025, with its two Lloydminster wells shipping 5,376 barrels. The wells produced at an average daily rate of 168.5 bbl/d gross (31.5bbl/d net) to the Company, reflecting its 18.75% working interest ownership.
The first multilateral well began production in October 2023, while the second well started in September 2024. Operator Croverro Energy has set a preliminary 2025 budget including one new Multilateral Sparky well planned for summer 2025. The company is monitoring oil prices and potential U.S. tariff impacts.
Croverro is implementing repairs on the newly drilled GP well, which is currently blocked at the intermediate casing. Operations are expected to resume once Alberta's extreme cold weather conditions improve. The company plans to continue its multilateral well drilling strategy through 2025-2026 in Alberta and Saskatchewan.
Trans Canada Gold Corp. (TTGXF) reported robust oil production for December 2024, with 5,376 barrels shipped from two Lloydminster wells. The wells produced at an average daily rate of 180 bbl/d gross (32.5bbl/d net) to the Company, reflecting its 18.75% working interest.
The operator, Croverro Energy, has set a 2025 preliminary budget including one Multilateral Sparky well planned for Spring 2025. The second well (8-23) targeting the GP zone initially produced over 150 bbl/d and delivered more than 5,000 bbls before encountering a blockage. Repair solutions are being implemented once weather conditions improve.
The Company has surpassed the 90,000-barrel production benchmark and continues its multilateral well drilling strategy for 2025-2026, exploring additional opportunities in Canada and the United States.
Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) held its Annual Meeting on December 19th, 2024, where shareholders voted on key matters. 43.81% of common shares (22,473,049) voted in favor of director nominees. Shareholders approved the reappointment of Dale Matheson Carr-Hilton Labonte LLP as auditors and the amended 10% rolling stock option plan.
The amended stock option plan includes new provisions requiring TSXV approval for share capital adjustments and disinterested shareholder approval for insider option extensions. The plan maintains a rolling 10% limit of the Company's issued and outstanding share capital at grant date.
Trans Canada Gold is an Oil & Gas Resource Development and Mineral Exploration Company focused on developing conventional heavy oil exploration properties in Alberta, Canada, working with partners like Croverro Energy
Trans Canada Gold Corp. (TTGXF) reported its November 2024 oil production from two Lloydminster multilateral heavy oil wells, shipping 5,197 barrels to Altex. The wells produced at an average daily rate of 183 bbl/d gross (32.48 bbl/d net) based on the Company's 18.75% working interest.
The second well (8-23) targeting the GP zone initially produced over 150 bbl/d but encountered a blockage, leading to temporary shutdown during extreme cold conditions. Croverro Energy, the operator, has implemented repair solutions and is developing a comprehensive repair program.
Croverro has set a 2025 preliminary budget including one Multilateral Sparky well planned for Spring 2025. Additional GP zone wells may be drilled in late 2025 depending on oil prices and repair success of the current GP well.
Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) announces measures to address potential delays in delivering meeting materials for its December 19, 2024 annual general meeting due to the Canada Post strike. Meeting Materials are available on SEDAR+ and will be provided via email upon request. Shareholders can vote by proxy (registered) or through intermediaries (unregistered) until December 17, 2024, at 10:00 a.m. Pacific time. The company focuses on oil and gas resource development in Alberta, working with Croverro Energy on conventional heavy oil exploration properties.
Trans Canada Gold reported operational results for fiscal year 2024, highlighting successful multilateral drilling operations and increased oil production. The company completed two multilateral wells that produced over 85,610 barrels by fiscal year-end, with October 2024 production reaching 9,750 barrels at 315 bbl/d gross. Fiscal year-end revenue from oil production totaled $793,253 CAD, up from $115,881 in the previous year. The wells were completed within budget at $2.2 million CAD each ($412,500 net to Trans Canada). The company expanded its resource potential through strategic land acquisitions and benefits from the operational TMX Pipeline, which improves Canadian crude oil export capacity and pricing.
Trans Canada Gold Corp (TSXV:TTG)(OTCQB:TTGXF) has released its 2024 Independent Reserves report for two Lloyd wells, prepared by Petrotech & Associates. The report shows Total Proved plus Probable reserves of 579.4 Mbbl (gross), with a Net Present Value at 10% discount of $3,895.1 million. The evaluation was conducted using Sproule's June 30, 2024 price forecast for heavy crude oil.
The company has an 18.75% working interest opportunity to participate in drilling 2-3 additional multilateral wells in 2025 with Croverro. The completion of the Trans Mountain Pipeline expansion is expected to eliminate transportation bottlenecks that have historically Western Canada's oil industry growth.
Trans Canada Gold Corp reports successful oil production from its Lloydminster wells, shipping 9,750 barrels in October 2024. The company's two multilateral wells produced at an average daily rate of 315 bbl/d gross (59.0 bbl/d net), reflecting its 18.75% working interest. Combined production from both wells has exceeded 85,610 barrels. The company has acquired additional lands within the Area of Mutual Interest, enabling future multilateral well opportunities in 2025 in both Sparky and GP producing zones. The wells are operated by Croverro Energy
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