Trans Canada Gold Corp. Doubles Oil Production With Multilateral Wells, Shipping 9,750 Barrels in October 2024 From Lloydminster Heavy Oil Wells
Rhea-AI Summary
Trans Canada Gold Corp reports successful oil production from its Lloydminster wells, shipping 9,750 barrels in October 2024. The company's two multilateral wells produced at an average daily rate of 315 bbl/d gross (59.0 bbl/d net), reflecting its 18.75% working interest. Combined production from both wells has exceeded 85,610 barrels. The company has acquired additional lands within the Area of Mutual Interest, enabling future multilateral well opportunities in 2025 in both Sparky and GP producing zones. The wells are operated by Croverro Energy
Positive
- Doubled oil production with new multilateral well
- Achieved 9,750 barrels production in October 2024
- Reached 315 bbl/d gross production rate
- Surpassed 85,610 barrels total production milestone
- Acquired new lands for additional drilling opportunities
- Lower operational costs through multilateral well strategy
Negative
- 18.75% working interest ownership
- Dependent on high oil prices for growth strategy
News Market Reaction – TTGXF
On the day this news was published, TTGXF gained 11.50%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / November 7, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to announce that the Company has now completed another month of robust steady oil production for the month of October 2024, with trucking and oil sales to Altex. The two Lloydminster wells have shipped 9,750 barrels (bbl) for the month of October and produced at an average daily rate of 315 bbl/d gross (59.0 bbl/d net) to the Company since being placed on production, representing its
The Company has acquired additional lands inside the Area of Mutual Interest ("AMI"), which will allow additional opportunity for multilateral wells in 2025. The lands are contiguous with our existing lands. The newly acquired lands, together combined with our existing lands have the oil resource potential for additional drilling in 2025 in both the Sparky and GP producing zones.
Commented Tim Coupland, "We have now doubled production, successfully produced our two Multilateral Well program for over a year now, and brought on to production two Multilateral wells, with steady oil production and successfully surpassed the 85,000-barrel production benchmark, showcasing the Company's partnership with Croverro Energy. The Company is utilizing its newly adopted multilateral well drilling strategy using new state of the art multilateral well drilling techniques in Alberta and Saskatchewan to create growth. The Company continues utilizing our technical proficiency and drilling expertise. World oil prices are forecasted to remain high, with ongoing conflict in the Middle East. The new U.S. Election results will allow the Company to actively pursue and finance additional drilling opportunities and pursue new acquisitions in 2025."
"Our production increases combined with recent land and lease acquisitions and multilateral drilling success strengthen our newly adopted strategic business model," commented Director Chris Timmins. "Multilateral wells are the future. They offer the potential for modest decline rates, affording a more stable and sustained production level over time, lowering operational costs. Lower operating costs enhance our overall production strategy and sustained revenue growth. We continue to seek new opportunities to grow our 2025 drilling inventory and expand our operational footprint in Alberta."
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.
SOURCE: Trans Canada Gold Corp.
View the original press release on accesswire.com
FAQ
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