Trans Canada Gold Corp. and Partnership Group Lead by Croverro Energy, Acquires Additional Land and Lease Rights, Which Will Allow for Drilling Up to Three (3) Additional New Multilateral Wells Situated Near Lloydminster, Alberta
Rhea-AI Summary
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.
Positive
- Expansion of land holdings by 320 acres, reaching total of 1,040 acres
- Potential for three additional multilateral wells in proven oil-producing zones
- Enhanced drilling precision through new seismic data acquisition
- 18.75% working interest maintained without promotion costs
Negative
- Minority interest position (18.75%) limits revenue potential
- Capital requirements for well development not disclosed
News Market Reaction
On the day this news was published, TTGXF gained 8.47%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESS Newswire / February 10, 2025 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to announce that the Company has acquired additional lands inside the AMI, lead by Croverro Partnership Group, which will allow the drilling of up to three (3) additional multilateral wells targeting the Sparky and GP Zones. The 320-acre parcel offset our existing lands to the south were acquired by the Croverro Energy Group. The newly acquired lands, combined with our existing lands, have the oil resource potential in both the Sparky and General Petroleum (GP) producing zones. These additional lands bring total lands controlled to 1040 acres. The company's interest in the lands is
Our operator, Croverro Energy, has acquired and processed 2 additional seismic lines, which combined together with existing well control will allow the more precise targeting in the Sparky Zone and GP, when drilling the horizontal wells in the oil resource reservoirs.
Commented Tim Coupland, "This will allow for drilling up to three (3) more additional multilateral wells targeting the prolific Sparky and GP producing zones. We will be drilling our third large multi-lateral oil well shortly, with a reliable and experienced partner, who can consistently target and discover oil reservoirs, followed by successful drilling, oil production, low operational costs and proven revenue success."
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.
Contact Information
Chris Timmins
Director
ctimmins29@gmail.com
403-597-3410
Tim Coupland
CEO
astar@telus.com
604-681-3131
SOURCE: Trans Canada Gold Corp.
View the original press release on ACCESS Newswire
FAQ
How many additional acres did Trans Canada Gold (TTGXF) acquire in the Lloydminster area?
What is Trans Canada Gold's (TTGXF) working interest percentage in the new land acquisition?
How many new multilateral wells can be drilled on TTGXF's newly acquired land?
What zones is TTGXF targeting for oil production in the Lloydminster area?
What technical improvements has Croverro Energy implemented for TTGXF's drilling program?
