Trans Canada Gold Corp. Receives Well License-Drill Permit for Its New Lloyd 5-23-29-1W4 Multilateral Well From Alberta Energy and Prepares for Summer Drilling

Rhea-AI Summary

Trans Canada Gold Corp. (TTGXF) has received approval for its new Lloyd 5-23-29-1W4 well license and drill permit in Lloydminster, Alberta. The company will participate in drilling a 7-leg Sparky multilateral well with an 18.75% interest. The well is adjacent to their successful 12-14 Multilateral Well, which has produced over 100,000 barrels of oil. The new 5-23 well is planned to open 3,000 meters of Sparky formation, with drilling scheduled for summer 2025. Total costs are estimated at $1.9 million ($350,000 net to Trans Canada), fully funded from production cash flow. The company has interests in 1,040 acres in the AMI, allowing for up to two additional multilateral wells targeting the Sparky Zone for 2025-2026.

Positive

• New well permit received for 7-leg multilateral well with potential for 3,000m of Sparky formation
• Previous 12-14 well has successfully produced over 100,000 barrels of oil
• Project fully funded through production cash flow, avoiding share dilution
• Company has expanded acreage to 1,040 acres with potential for two additional wells

Negative

• Limited 18.75% working interest in the joint venture
• High drilling costs of $1.9 million for the project

VANCOUVER, BC / ACCESS Newswire / May 27, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to announce that the Company has now received formal approval for its new Lloyd 5-23-29-1W4 Well with the issuance of its well license and drill permit for the new 7 leg-multilateral well and drill program situated near Lloydminster, Alberta.

The Company has agreed to participate to drill a 7 leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 multilateral well will be situated adjacent to the Company's successful 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 100,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer.

Drilling, completion and equipping costs are expected to be $1.9 million ($350,000 net to Trans Canada). The well costs are fully funded out of production cash flow thereby preventing any share dilution.

MULTILATERAL DRILLING IN 2025
The Company now has an interest in 1040 acres in the AMI, led by the Croverro Partnership Group, which will allow the drilling of up to two (2) additional multilateral wells targeting the Sparky Zone for 2025-2026. The 320-acre parcel offset our existing lands to the south were acquired by the Croverro Energy Group. The company interest in the lands is 18.75% with all wells to be drilled on a non-promoted basis (pay 18.75% to earn 18.75%).

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 when drilling the horizontal wells in the oil resource reservoirs.

Commented Tim Coupland, "We are expecting increased additional oil production for 2025, as we prepare to drill another large Multilateral well. We are always exploring additional exploration drilling opportunities in both central Canada and the United States. The Company will continue with its adopted multilateral well drilling strategy for 2025-2026", using new state of the art multilateral well drilling techniques in Alberta and Saskatchewan, to create growth."

DRILLING TO COMMENCE SUMMER 2025 MULTILATERAL WELL-TARGETING SPARKY FORMATION
The Company has agreed to participate to drill a 7 leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 well will be situated adjacent to the Company's 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 85,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer/ third quarter of 2025, subject to final permitting by the Alberta Energy Regulator.

The company now has an 18.75% working interest in the Joint Venture with Croverro. The Area of Mutual Interest now contains 1040 acres with potential in the Sparky Zone only. This third multi-lateral horizontal well is based on similar wells drilled in the Sparky Oil Formation using surrounding well control and recently processed seismic lines. Croverro Energy Ltd., under the terms of the agreement, is the Operator.

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 ACCESS Newswire

FAQ

What is the drilling cost and Trans Canada Gold's (TTGXF) share in the new Lloyd 5-23 well?

The total drilling cost is $1.9 million, with Trans Canada Gold's 18.75% share being $350,000, fully funded from production cash flow.

How much oil has Trans Canada Gold's (TTGXF) existing 12-14 Multilateral Well produced?

The 12-14 Multilateral Well has produced over 100,000 barrels of oil and continues to produce consistently month over month.

When will Trans Canada Gold (TTGXF) begin drilling the new Lloyd 5-23 well?

Drilling is scheduled to commence in summer 2025, subject to final permitting by the Alberta Energy Regulator.

How many additional wells can Trans Canada Gold (TTGXF) drill in their AMI area?

The company can drill up to two additional multilateral wells targeting the Sparky Zone for 2025-2026 in their 1,040-acre AMI area.