Trans Canada Gold Corp. Signs Agreement With Croverro Energy Ltd. to Drill a Third Multilateral Horizontal Heavy Oil Well, Adjacent to the Company's First Successful Lloyd 12-14 Heavy Oil Well
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) ha accettato di partecipare alla perforazione di un terzo pozzo multilaterale Sparky a sette gambe con Croverro Energy. Il nuovo pozzo 5-23 sarà situato accanto al loro fortunato pozzo multilaterale 12-14 vicino a Lloydminster, Alberta, con Trans Canada che detiene una partecipazione del 18,75%.
Il pozzo pianificato dovrebbe aprire circa 3000m di formazione Sparky e sarà perforato nell'estate/terzo trimestre del 2025, soggetto all'approvazione normativa. I costi di perforazione, completamento e attrezzature sono stimati in 1,9 milioni di dollari (350.000 dollari netti per Trans Canada), completamente finanziati dal flusso di cassa della produzione senza diluizione delle azioni.
Il precedente pozzo Sparky 12-14 dell'azienda, perforato nel 2023, ha prodotto oltre 85.000 barili di petrolio e continua a mantenere una produzione mensile costante. L'Area di Interesse Comune ora comprende 1040 acri con potenziale nelle zone Sparky e GP. Croverro Energy sarà l'operatore secondo i termini dell'accordo.
Trans Canada Gold Corp. (TTGXF) ha acordado participar en la perforación de un tercer pozo multilateral Sparky de siete patas con Croverro Energy. El nuevo pozo 5-23 estará ubicado junto a su exitoso pozo multilateral 12-14 cerca de Lloydminster, Alberta, con Trans Canada teniendo un interés del 18.75%.
Se espera que el pozo planeado abra aproximadamente 3000m de formación Sparky y será perforado en verano/tercer trimestre de 2025, sujeto a la aprobación regulatoria. Los costos de perforación, finalización y equipamiento se estiman en 1.9 millones de dólares (350,000 dólares netos para Trans Canada), completamente financiados a partir del flujo de caja de la producción sin dilución de acciones.
El anterior pozo Sparky 12-14 de la empresa, perforado en 2023, ha producido más de 85,000 barriles de petróleo y continúa con una producción mensual constante. El Área de Interés Mutuo ahora abarca 1040 acres con potencial en las zonas Sparky y GP. Croverro Energy actuará como operador bajo los términos del acuerdo.
Trans Canada Gold Corp. (TTGXF)는 Croverro Energy와 함께 7개의 다리를 가진 세 번째 Sparky 다중 구멍을 시추하기로 합의했습니다. 새로운 5-23 구멍은 알버타주 로이드민스터 근처의 성공적인 12-14 다중 구멍 옆에 위치하며, Trans Canada는 18.75%의 지분을 보유하고 있습니다.
계획된 구멍은 약 3000m의 Sparky 층을 개방할 것으로 예상되며, 규제 승인을 조건으로 2025년 여름/3분기에 시추될 예정입니다. 시추, 완공 및 장비 비용은 190만 달러(Trans Canada에 순이익 35만 달러)로 추정되며, 주식 희석 없이 생산 현금 흐름으로 완전히 자금을 조달합니다.
회사의 이전 12-14 Sparky 구멍은 2023년에 시추되어 85,000 배럴의 원유를 생산하였으며, 매달 일정한 생산을 유지하고 있습니다. 상호 관심 지역은 이제 Sparky 및 GP 구역의 잠재력을 가진 1040 에이커를 포함합니다. Croverro Energy는 계약 조건에 따라 운영자로 활동할 것입니다.
Trans Canada Gold Corp. (TTGXF) a accepté de participer à la forage d'un troisième puits multilatéral Sparky à sept branches avec Croverro Energy. Le nouveau puits 5-23 sera situé à côté de leur puits multilatéral 12-14 réussi près de Lloydminster, Alberta, Trans Canada détenant un intérêt de 18,75%.
Le puits prévu devrait ouvrir environ 3000m de formation Sparky et sera foré durant l'été/le troisième trimestre 2025, sous réserve de l'approbation réglementaire. Les coûts de forage, de complétion et d'équipement sont estimés à 1,9 million de dollars (350 000 dollars nets pour Trans Canada), entièrement financés par le flux de trésorerie de production sans dilution des actions.
Le précédent puits Sparky 12-14 de l'entreprise, foré en 2023, a produit plus de 85 000 barils de pétrole et continue de maintenir une production mensuelle constante. La zone d'intérêt mutuel couvre maintenant 1040 acres avec un potentiel dans les zones Sparky et GP. Croverro Energy agira en tant qu'opérateur selon les termes de l'accord.
Trans Canada Gold Corp. (TTGXF) hat zugestimmt, an der Bohrung eines dritten 7-beinigen Sparky-Multilateralbohrlochs mit Croverro Energy teilzunehmen. Das neue 5-23 Bohrloch wird neben ihrem erfolgreichen 12-14 Multilateralbohrloch in der Nähe von Lloydminster, Alberta, liegen, wobei Trans Canada einen Anteil von 18,75% hält.
Das geplante Bohrloch soll etwa 3000m der Sparky-Formation erschließen und wird im Sommer/dritten Quartal 2025 gebohrt, vorbehaltlich der behördlichen Genehmigung. Die Bohr-, Abschluss- und Ausrüstungskosten werden auf 1,9 Millionen Dollar (350.000 Dollar netto für Trans Canada) geschätzt, die vollständig aus dem Produktionscashflow ohne Aktienverwässerung finanziert werden.
Das vorherige 12-14 Sparky-Bohrloch des Unternehmens, das 2023 gebohrt wurde, hat über 85.000 Barrel Öl produziert und weist weiterhin eine konstante monatliche Produktion auf. Das Gebiet des gemeinsamen Interesses umfasst nun 1040 Acres mit Potenzial in den Sparky- und GP-Zonen. Croverro Energy wird gemäß den Vereinbarungsbedingungen als Betreiber fungieren.
- Previous well (12-14) has produced over 85,000 barrels of oil with consistent monthly production
- New well costs ($350,000) to be funded entirely from production cash flow, avoiding shareholder dilution
- Area of Mutual Interest expanded to 1040 acres
- 18.75% working interest in the joint venture
VANCOUVER, BC / ACCESS Newswire / February 13, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to announce it has agreed to participate to drill a 7-leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 well will be situated adjacent to the Company's 12-14 Multilateral Well near Lloydminster, Alberta. Trans Canada has an
The company has an
Drilling, completion and equipping costs are expected to be
Commented Tim Coupland, "We are excited to be drilling and advancing our third new well, the 5-23 multi-lateral oil well, adjacent to our first highly successful 12-14 Multilateral Well drilled in October 2023. This will be our third multi-lateral oil well drilled with Croverro, a reliable and experienced partner, a key step in advancing growth and production goals. Croverro has proven to be a very competent operator providing low operating cost and consistent production days. We believe drilling multi-lateral horizontal wells with good well control and utilizing new computer modelling and seismic techniques will provide continued drilling success. The partnership is allowing the Company to grow steadily and prosper as world oil prices continue to remain stable."
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 ACCESS Newswire
FAQ
What is the expected cost and timeline for TTGXF's new Sparky multi-lateral well?
How much oil has TTGXF's existing Lloyd 12-14 well produced since 2023?
What is TTGXF's working interest percentage in the new Sparky well project?
How will TTGXF finance the new well drilling costs?
How many meters of Sparky formation is the new TTGXF well expected to open?
