Trans Canada Gold Corp Commences Drilling on Its Second Multilateral Well Near Lloydminster, Alberta
Rhea-AI Summary
Trans Canada Gold Corp (TSXV:TTG, OTCQB:TTGXF) has commenced drilling on its second multilateral well near Lloydminster, Alberta. Key points include:
1. Precision Drilling appointed as Rig Contractor
2. Drilling expected to last approximately 12 days
3. Company holds 18.75% interest in the well
4. Well planned for 11 lateral legs in the GP sand
5. Additional lands acquired within Area of Mutual Interest
6. Potential in both Sparky and GP producing zones
The company's strategy focuses on low decline rates for steady, long-term output, aiming to maximize resource recovery and create value for shareholders. Trans Canada continues to explore additional drilling opportunities in Canada and the United States.
Positive
- Commencement of drilling on second multilateral well
- Appointment of experienced contractor Precision Drilling
- Acquisition of additional lands within Area of Mutual Interest
- Low decline rates in multilateral wells ensuring steady, long-term output
- Exploration of additional drilling opportunities in Canada and the United States
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, TTGXF declined 100.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Appointment of Precision Drilling: Precision Drilling has been appointed as its Rig Contractor, bringing expertise and reliability to the drilling operation. • Second Multilateral Well Spudded: Drilling has commenced on the Company's second multilateral well, with operations expected to last approximately twelve days.
VANCOUVER, BC / ACCESSWIRE / August 21, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to announce that the Operator (Croverro Energy) has hired Precision Drilling as the Rig Contractor, and has now spudded, and commenced drilling on the second multilateral and is expected to be drilling for approximately ten days. The lands for the well are currently controlled by a partnership led by Croverro, with the Company holding a
The Company has acquired additional lands inside the Area of Mutual Interest ("AMI"), which will allow additional opportunity for multilateral wells. The lands are contiguous with our existing lands. The newly acquired lands, together combined with our existing lands have the oil resource potential in both the Sparky and GP producing zones.
Commented Tim Coupland, "We now look forward to drilling our second multilateral well which is planned with 11 lateral legs in the GP oil reservoir. With the recent strategic land and lease acquisitions, together with well control and recently obtained and processed seismic data, the upcoming drill program in the GP sand has been de-risked as much as possible."
"Our proven drilling and production strategy continues to deliver strong results, with our multilateral wells showcasing low decline rates that ensure steady, long-term output," commented Director Chris Timmins. "This approach not only maximizes our resource recovery but also provides a stable foundation for sustained growth and value creation for our shareholders."
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
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 accesswire.com
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