Trans Canada Gold Corp Completes Its Tenth Full Month of Steady Oil Production for July 2024, Shipping Another 5,715 Barrels From Its Lloydminster Multilateral Horizontal Heavy Oil Well and Prepares for Drilling Its Second Multilateral Well
VANCOUVER, BC, August 14, 2024 (Newswire.com) - Tenth Month of Steady Oil Production: Production for July 2024, 5,715 bbl at an average daily rate of 184 bbl/d gross (35.0 bbl/d net) since production began in October 2023.
Exceeding Production Milestone: The Lloydminster multilateral well surpassed the 60,000-barrel production benchmark, with total production over 62,755 barrels.
Expansion of Land Holdings: Acquired a 320-acre parcel within the Area of Mutual Interest (AMI), expanding opportunities for up to four additional multilateral wells in the Sparky and General Petroleum
("Trans Canada" or the "Company") is pleased to announce that the Company has now completed its tenth full month of robust steady oil production for the month of July 2024, with trucking and oil sales to Altex and Cenovus Energy Ltd. The Lloydminster well has shipped 5,715 barrels (bbl) for the month of July and produced at an average daily rate of 184 bbl/d gross (35.0 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership. Production shipping and sales commenced on the newly drilled well on October 6th, 2023, and the well has now produced over 62, 755 bbl, exceeding the 60,000-barrel production benchmark of consistent steady oil production with its multilateral well. Croverro Energy Ltd. is the Operator.
The Company has acquired additional lands inside the Area of Mutual Interest ("AMI"), which will allow the drilling of up to 4 additional multilateral wells. The 320-acre parcel offset our existing lands to the north were acquired from Canpar (CN Pension Fund), Freehold Royalties and Rife Resources. The newly acquired lands, combined with our existing lands have the oil resource potential in both the Sparky and General Petroleum (GP) producing zones.
Commented Tim Coupland, "We have now successfully produced over ten (10) months of steady oil production and surpassed the 60,000-barrel production benchmark. With the signing of our latest lease and completion of the land acquisition, and utilizing our technical proficiency and drilling expertise, we now look forward to drilling our second multilateral well this August, targeting the General Petroleum Zone (GP), which is expected to contact over 8000 meters of GP oil reservoir. The TMX pipeline is now fully operational, shipping Canadian oil, and world oil prices are forecasted to remain high, which will allow the Company to actively pursue additional drilling opportunities and new acquisitions."
"Our recent land and lease acquisitions, along with the upcoming multilateral well in the General Petroleum Sand, further strengthen our strategic position," commented Director Chris Timmins. "Multilateral wells offer the potential for modest decline rates, indicating a more stable and sustained production level over time, which enhances our overall production strategy. We continue to seek new opportunities to grow our drilling inventory and expand our operational footprint. We look forward to announcing the spud date soon and are confident in the continued growth and success of our operations.
The Company continues to explore additional exploration drilling opportunities in Canada and the United States.
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
[email protected]
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.
Contact Information
Chris Timmins
Director
[email protected]
403-597-3410
SOURCE: Trans Canada Gold Corp.
Source: Trans Canada Gold Corp.
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