Trans Canada Gold Corp. Places Second Successfully Drilled Multilateral Heavy Oil Well on Production Near Lloydminster, Alberta

Rhea-AI Summary

Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) has successfully placed its second multilateral heavy oil well on production near Lloydminster, Alberta. The well, drilled in August and September, started production on September 7th and is currently recovering drilling fluid with increased oil recovery percentage. Trans Canada has an 18.75% interest in the well and Area of Mutual Interest (AMI).

The company has also acquired additional lands inside the AMI, providing opportunities for more multilateral wells. These new lands, combined with existing holdings, have oil resource potential in both the Sparky and GP producing zones. Production rates will be released once the well stabilizes.

Positive

• Successfully drilled and placed second multilateral well on production
• Acquired additional lands with oil resource potential in Sparky and GP zones
• 18.75% interest in the well and Area of Mutual Interest

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to announce that it has successfully placed the second newly drilled multilateral well on production. The second multilateral well was just successfully drilled in August and September and all legs were successfully drilled in the GP reservoir. The Operator has finished battery construction and successfully completed the well. The well started production on September 7^th and is currently recovering drilling fluid with increased oil recovery percentage. The Company encountered oil in the GP reservoir target zones of interest and oil production rates will be released shortly once production has stabilized. The Company has an 18.75% interest in the well and Area of Mutual Interest (AMI). Croverro Energy Ltd., under the terms of the agreement, is the Operator.

Precision Rig 145

Second Multilateral Well Placed on Production: Trans Canada Gold has successfully placed its second drilled multilateral well in the GP reservoir on production as of September 7th, 2024. The well is currently recovering drilling fluid with increasing oil recovery. Oil production rates will be released once the well stabilizes.

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 President & CEO Tim Coupland, "We have now successfully drilled our second multilateral well, showcasing both drilling and production expertise in both the Sparky and GP reservoir sands in Lloydminster area. We will be releasing the new well's daily production rates shortly once the rates have been established and stabilized. The Croverro Team has again demonstrated proficiency and efficiency of an experienced oil and gas technical team that has consistent, proven oil production success with multi-lateral wells under their supervision and operation."

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

When did Trans Canada Gold Corp. (TTGXF) start production on its second multilateral well?

Trans Canada Gold Corp. started production on its second multilateral well on September 7th, 2024.

What is Trans Canada Gold Corp.'s (TTGXF) interest percentage in the new well?

Trans Canada Gold Corp. has an 18.75% interest in the new multilateral well and the Area of Mutual Interest (AMI).

Where is the new multilateral well of Trans Canada Gold Corp. (TTGXF) located?

The new multilateral well is located near Lloydminster, Alberta.

What additional assets has Trans Canada Gold Corp. (TTGXF) acquired?

Trans Canada Gold Corp. has acquired additional lands inside the Area of Mutual Interest (AMI), providing opportunities for more multilateral wells.