Trans Canada Gold Corp Receives Well License/Drill Permit from the Alberta Energy Regulator and Prepares to Start Lease Construction and Begin Drilling Its Second Multilateral Oil Well Near Lloydminster, Alberta
Rhea-AI Summary
Trans Canada Gold Corp (TSXV:TTG)(OTCQB:TTGXF) has received a well license to drill its second multilateral well targeting the General Petroleum (GP) Zone near Lloydminster, Alberta. The company holds an 18.75% interest in the well, which is expected to access over 8000 meters of the GP oil reservoir. Lease construction is scheduled for completion by August 10th, 2024, with drilling set to begin mid-August.
Trans Canada has also acquired an additional 320-acre parcel, allowing for the drilling of up to four more multilateral wells. The total cost for drilling and equipping the new well is estimated at $2.2 million, with Trans Canada's share being $412,500, for which the company is fully funded.
Positive
- Received well license for second multilateral well, expanding oil production capacity
- Acquired 320 additional acres, allowing for up to 4 more multilateral wells
- Company is fully funded for its $412,500 share of the $2.2 million well cost
- New well expected to access over 8000 meters of GP oil reservoir
- Partnership with experienced operator Croverro Energy
Negative
- None.
News Market Reaction
On the day this news was published, TTGXF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Highlights:
Well, License and Drilling Permit Received: Trans Canada Gold Corp. has received the necessary well license to drill its second multilateral well targeting the General Petroleum (GP) Zone near Lloydminster, Alberta. This new well is based on successful similar wells in the GP oil formation.
Partnership and Well Details: The well, located on lands controlled by a strategic partnership led by Croverro Energy, with Trans Canada holding an
18.75% interest, is expected to access over 8000 meters of the GP oil reservoir. Surface preparations are underway, with lease construction scheduled for completion by August 10th, 2024, and drilling set to begin mid-August.Expansion and Future Potential: Trans Canada Gold has acquired an additional 320-acre parcel from Canpar (CN Pension Fund), Freehold Royalties and Rife Resources, increasing their land holdings and allowing for the drilling of up to four more multilateral wells. The newly acquired lands, along with existing ones, offer significant oil resource potential in both the Sparky and GP producing zones. The total cost for drilling and equipping the new well, which includes the cost of drilling, casing, and installing production equipment, is estimated at
$2.2 million , with Trans Canada's share being$412,500 , for which the company is fully funded.
VANCOUVER, BC / ACCESSWIRE / August 6, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company") is pleased to announce that the Company has now received the well license required to drill its second multilateral well targeting the General Petroleum (GP) Zone, situated near Lloydminster, Alberta. The lands for the well are currently controlled by a partnership led by Croverro, with the Company holding
Drilling completion and equipping costs are expected to be
The Company has acquired additional lands inside the AMI, which will allow the drilling of up to 4 additional multilateral wells. The 320-acre parcel offset our existing lands to the north were acquired from Canpar (CN Pension Fund), Freehold Royalties and Rife Resources. The newly acquired lands, together combined with our existing lands, have the oil resource potential in both the Sparky and General Petroleum (GP) producing zones.
Commented Tim Coupland, "We are excited to be drilling our second multilateral oil well with a reliable and experienced partner who has consistently targeted and successfully drilled, completed and started production several wells targeting different oil reservoirs. Croverro has proven to be a very competent operator providing low operating cost and consistent production days. We believe drilling multilateral horizontal wells with good well control and utilizing new computer modelling and seismic techniques will provide continued success. The partnership is allowing the Company to grow rapidly and prosper, as world oil prices continue to remain high."
"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 General Petroleum Sand has been de-risked as much as possible. This well will further strengthen our strategic growth position with increased oil production and increased revenue. Multilateral wells offer the best potential for high initial production rates, modest decline rates, resulting in a more stable and sustained production level over time, which enhances our overall production growth strategy." commented Director Chris Timmins.
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 multilateral 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
What is the well license Trans Canada Gold Corp (TTGXF) received for?
When is Trans Canada Gold Corp (TTGXF) scheduled to begin drilling its new well?
How much does Trans Canada Gold Corp (TTGXF) own of the new well?
What is the total cost for drilling and equipping the new well for Trans Canada Gold Corp (TTGXF)?
How much additional land did Trans Canada Gold Corp (TTGXF) acquire in this announcement?
