Trans Canada Gold Provides Operational Results Highlighted by Multilateral Drilling Success, Increased Crude Oil Production, and Higher Production Revenue
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 ha riportato i risultati operativi per l'anno fiscale 2024, evidenziando operazioni di perforazione multilaterale di successo e un aumento della produzione di petrolio. L'azienda ha completato due pozzi multilaterali che hanno prodotto oltre 85.610 barili entro la fine dell'anno fiscale, con una produzione di ottobre 2024 che ha raggiunto 9.750 barili a 315 bbl/d lordi. Le entrate finali dell'anno fiscale dalla produzione di petrolio hanno totalizzato $793.253 CAD, in aumento rispetto a $115.881 dell'anno precedente. I pozzi sono stati completati nel budget previsto di $2,2 milioni CAD ciascuno ($412.500 netti per Trans Canada). L'azienda ha ampliato il suo potenziale di risorse attraverso acquisizioni terrene strategiche e beneficia della funzionalità operativa dell'oleodotto TMX, che migliora la capacità di esportazione e la valorizzazione del greggio canadese.
Trans Canada Gold reportó los resultados operativos para el año fiscal 2024, destacando las exitosas operaciones de perforación multilateral y el aumento de la producción de petróleo. La compañía completó dos pozos multilaterales que produjeron más de 85.610 barriles al final del año fiscal, con una producción de octubre de 2024 que alcanzó 9.750 barriles a 315 bbl/d brutos. Los ingresos al final del año fiscal provenientes de la producción de petróleo totalizaron $793.253 CAD, un aumento en comparación con $115.881 del año anterior. Los pozos se completaron dentro del presupuesto de $2,2 millones CAD cada uno ($412.500 netos para Trans Canada). La empresa amplió su potencial de recursos mediante adquisiciones estratégicas de terrenos y se benefició de la operación del Oleoducto TMX, que mejora la capacidad y los precios de exportación del crudo canadiense.
트랜스 캐나다 골드(Trans Canada Gold)는 2024 회계 연도의 운영 결과를 보고하며 성공적인 다각적 시추 작업과 증가한 석유 생산을 강조했습니다. 회사는 회계 연말까지 85,610배럴 이상을 생산한 두 개의 다각적 우물을 완공했습니다. 2024년 10월의 생산량은 9,750배럴로, 일일 총 생산량은 315 bbl/d에 달합니다. 석유 생산에 대한 회계 연말 수익은 $793,253 CAD에 달하며, 이는 전년도 $115,881에서 증가한 것입니다. 우물은 각각 220만 달러 CAD의 예산 내에서 완료되었으며(트랜스 캐나다에 대해 순수익 $412,500). 회사는 전략적인 토지 인수를 통해 자원 잠재력을 확장했으며, 캐나다 원유의 수출 용량 및 가격 개선을 도와주는 TMX 파이프라인의 운영 혜택을 누리고 있습니다.
Trans Canada Gold a rapporté les résultats opérationnels pour l'exercice fiscal 2024, mettant en avant des opérations de forage multilatérales réussies et une augmentation de la production de pétrole. L'entreprise a achevé deux puits multilatéraux qui ont produit plus de 85.610 barils à la fin de l'exercice fiscal, avec une production de 9.750 barils en octobre 2024 à 315 bbl/jour brut. Les revenus de la production pétrolière à la fin de l’exercice fiscal ont totalisé 793.253 $ CAD, en hausse par rapport à 115.881 $ l'année précédente. Les puits ont été réalisés dans le budget de 2,2 millions $ CAD chacun (412.500 $ nets pour Trans Canada). La société a élargi son potentiel de ressources grâce à des acquisitions de terrains stratégiques et a bénéficié de l'opération du pipeline TMX, qui améliore la capacité d'exportation et la tarification du pétrole brut canadien.
Trans Canada Gold hat die Betriebsergebnisse für das Geschäftsjahr 2024 bekannt gegeben, wobei erfolgreiche multilaterale Bohrungen und eine erhöhte Ölproduktion hervorgehoben wurden. Das Unternehmen hat zwei multilaterale Brunnen abgeschlossen, die bis zum Geschäftsjahresende über 85.610 Barrel produzierten, wobei die Produktion im Oktober 2024 9.750 Barrel bei 315 bbl/d brutto erreichte. Die Einnahmen aus der Ölproduktion beliefen sich zum Ende des Geschäftsjahres auf $793.253 CAD, ein Anstieg gegenüber $115.881 im Vorjahr. Die Brunnen wurden innerhalb des Budgets von jeweils 2,2 Millionen CAD ($412.500 netto für Trans Canada) fertiggestellt. Das Unternehmen hat sein Ressourcenpotenzial durch strategische Flächenerwerbe erweitert und profitiert von der operativen TMX-Pipeline, die die Exportkapazität und Preisgestaltung für kanadisches Rohöl verbessert.
- Revenue increased significantly from $115,881 to $793,253 CAD
- Oil production exceeded 85,610 barrels benchmark in fiscal 2024
- Current production rate of 315 bbl/d gross (59 bbl/d net)
- Wells completed under budget at $2.2M CAD each
- Strong balance sheet with minimal debt
- None.
VANCOUVER, BC / ACCESSWIRE / November 27, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to provide its Corporate Overview and Operational Results for the fiscal year ended June 30, 2024. The year was marked by robust oil production, significant revenue growth, and the achievement of new production benchmarks. The Company successfully met all drilling and operational milestones by employing its multilateral well drilling strategy, which targets proven Sparky and General Petroleum (GP) oil reservoirs.
The Company's partnership with Croverro Energy Ltd. recognized for its technical expertise and operational excellence, has been instrumental in achieving and surpassing daily production benchmarks. With global oil prices expected to remain high and the TMX Pipeline fully operational, Trans Canada is well-positioned to pursue additional multilateral drilling opportunities in 2025.
Operational Highlights
In October 2023, Trans Canada successfully drilled its first multilateral well in the Sparky reservoir. This well featured seven lateral legs and encountered oil throughout 2,675 meters of lateral oil pay. The project was completed under budget at
The Company drilled its second multilateral well in September 2024, targeting the GP reservoir. This well was drilled using advanced seismic data and surrounding well control and was completed within the
Trans Canada has implemented a responsible growth strategy, focusing on low-risk drilling locations in energy-stable jurisdictions like Alberta and Saskatchewan. This approach has allowed the Company to maintain a strong working capital position supported by multilateral well production and selective capital financing.
Robust Oil Production
The Company's two multilateral wells combined produced over 85,610 barrels by the end of fiscal 2024, surpassing the 85,000-barrel production benchmark. In October 2024, the wells shipped 9,750 barrels, with an average daily production rate of 315 bbl/d gross (59 bbl/d net to Trans Canada).
Fiscal year-end revenue from oil production totaled
Strategic Land Acquisitions
In November 2022, Trans Canada acquired two strategic land and lease packages under an Area of Mutual Interest (AMI) agreement. These acquisitions enabled the permitting and drilling of the second multilateral well and expanded the Company's resource potential in the Sparky and GP producing zones. The acquired lands are contiguous with existing holdings, further strengthening the Company's operational footprint.
Financial and Market Position
Revenue growth has been driven by increased production from multilateral wells and reduced operational costs compared to traditional vertical wells. The Company has benefited from the operational efficiency of its multilateral drilling strategy, which has supported sustained production levels.
The TMX Pipeline's completion has alleviated transportation bottlenecks, improving Canadian crude oil export capacity and pricing. This favorable market development is expected to provide long-term support for producers like Trans Canada Gold.
Additionally, the Company maintains minimal debt, a strong balance sheet, and low administrative costs, allowing it to allocate capital strategically while preserving cash reserves for future growth opportunities.
Strategic Initiatives
The Company plans to expand its multilateral drilling program, leveraging the strategy's proven benefits of lower operational costs, modest decline rates, and sustained production levels. Management is also evaluating new exploration opportunities in Canada and select regions of the United States to further diversify its portfolio.
To strengthen its marketing and investor outreach, Trans Canada has appointed Christian Timmins as Vice-President of Business Development and Marketing Communications. Mr. Timmins will lead initiatives aimed at driving production growth and enhancing shareholder engagement.
Sustainable Exploration Strategy
Trans Canada continues to maintain its gold mining assets in Ontario, which hold long-term exploration potential. These assets, which have minimal carrying costs, can be reactivated when market conditions are favorable.
The Gold Crow Property, located in Ontario, lies within a 700-kilometre-long belt that spans the Canadian Shield from Lake Winnipeg to the James Bay lowlands. This property hosts significant gold and magmatic copper-nickel-cobalt potential, warranting a multiyear exploration program focused on drilling in and along strike with the Jackpot Zone and the Nickel Crow Zone.
Production Revenue (2011-2024)
Total cumulative revenue from Trans Canada's oil production has exceeded
Updated OTCQB Trading Symbol: TTGXF
Effective July 23, 2024, the Company's common shares began trading on the OTCQB Venture Market under the symbol "TTGXF." This listing enhances accessibility for U.S. investors and increases liquidity. The Company's primary listing remains on the TSX Venture Exchange (TSX-V) under the symbol "TTG."
Executive Commentary
Tim Coupland, President & CEO, stated:
"2024 was a transformative year for Trans Canada Gold. With two successful multilateral wells now in production, we have exceeded our targets and established a strong foundation for continued growth. As oil prices remain high and the TMX Pipeline boosts market access, we are well-positioned to expand our operations and deliver greater value to our shareholders."
Chris Timmins, Director, added:
"Our multilateral drilling success and strategic land acquisitions have reinforced our growth model. By focusing on stable production, low operational costs, and disciplined capital allocation, we are confident in our ability to drive long-term revenue growth while exploring new opportunities in Canada and beyond."
Outlook for 2025
The Company remains committed to sustainable growth through strategic drilling initiatives, operational efficiency, and responsible capital allocation. With favorable market conditions and a robust pipeline of opportunities, Trans Canada Gold is poised to deliver continued success in the coming year.
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.
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