Trans Canada Gold Corp. Releases 2024 Reserves Report for 13-14 7HZ Lloyd Well and 15-14 Lloyd Well, Prepared by Petrotech and Associates, Highlighting Reserves and Revenue From Multilateral Oil Well Program

Rhea-AI Summary

Trans Canada Gold Corp (TSXV:TTG)(OTCQB:TTGXF) has released its 2024 Independent Reserves report for two Lloyd wells, prepared by Petrotech & Associates. The report shows Total Proved plus Probable reserves of 579.4 Mbbl (gross), with a Net Present Value at 10% discount of $3,895.1 million. The evaluation was conducted using Sproule's June 30, 2024 price forecast for heavy crude oil.

The company has an 18.75% working interest opportunity to participate in drilling 2-3 additional multilateral wells in 2025 with Croverro. The completion of the Trans Mountain Pipeline expansion is expected to eliminate transportation bottlenecks that have historically Western Canada's oil industry growth.

Positive

• Total Proved plus Probable reserves of 579.4 Mbbl gross (108.6 Mbbl Company Gross)
• Strong NPV valuations: $5,607.6MM at 0%, $3,895.1MM at 10%, and $2,924.2MM at 20% discount rates
• Opportunity to participate in 2-3 additional multilateral wells in 2025
• Infrastructure improvement with Trans Mountain Pipeline expansion reducing transportation bottlenecks

Negative

• None.

News Market Reaction – TTGXF

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+3.16% News Effect

On the day this news was published, TTGXF gained 3.16%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESSWIRE / November 13, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to release the Company's 2024 Independent Reserves report on its two newly drilled and producing 13-14-049-01W4 well and the undeveloped well location 15-14-049-01W4 (the "Wells") from its reserves evaluator. The preliminary report was completed by Petrotech & Associates, an independent qualified reserves evaluator based in Calgary, Alberta, and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). The reserves evaluation was conducted using the Sproule June 30, 2024 price forecast for heavy crude oil (12 °API) at www.sproule.com, adjusted for location and quality.

The disclosures contained in this reserves report represent information compiled, related to the Company's reserves, future net revenue, and discounted value of future net revenue, and discounted value of future net cash flows as of June 30, 2024.

NI 51-101 CRUDE OIL RESERVES REPORT ON THE 13-14 and 15-14 LLOYDMINSTER MULTILATERAL WELLS

Heavy Crude Oil Reserves (@ June 30, 2024)	100% Heavy Crude Oil Mbbl	Company Gross(1) Heavy Crude Oil Mbbl	Company Net(2) Heavy Crude Oil Mbbl	0% NPV MM$	10% NPV MM$	20% NPV MM$
Proved Developed Producing	306.5	57.5	52.5	3,107.1	2,249.1	1,753.4
Total Proved	504.6	94.6	87.8	4,879.8	3,497.3	2,675.3
Probable	74.8	14.0	11.6	729.9	397.7	248.9
Total Proved plus Probable	579.4	108.6	99.4	5,607.6	3,895.1	2,924.2

• (1) "Gross Reserves" are the Company's working interest reserves before the deduction of royalties

• (2) "Net Reserves" are the Company's working interest reserves after deductions of royalty obligations, plus the Company's royalty interests.

Commented Tim Coupland, "The June 30, 2024 year end NI 51-101 Reserve report is indicating a very long life, for our two- revenue producing multilateral wells drilled this year. These wells, drilled under our newly adopted Multi-lateral well drilling strategy, are providing new revenues for the Company, and providing much needed additional capital, to deploy future drilling opportunities and land acquisitions in 2025. Our production increases combined with recent land and lease acquisitions, and multilateral drilling success, strengthen our newly adopted strategic business model, drilling and developing multilateral wells. The Company currently have a potential 18.75% working interest opportunity to participate in drilling 2 or 3 additional multilateral wells in 2025 with Croverro, subject to permitting. The new U.S. Election results have now produced, a more energy friendly environment, south of the border, the Trans Mountain Pipeline expansion has brought an end to transportation bottlenecks for years which has prevented the Canadian oil industry's ability to grow, and assisted in a new ability to ship more barrels out of Western Canada's oil producing region. This industry success, will in turn will allow the Company to actively pursue and finance additional drilling opportunities and pursue new Canadian oil and gas drilling opportunities and acquisitions both domestically and abroad in 2025."

The Company continues to explore additional exploration drilling opportunities in Canada and the United States, and abroad.

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

What are Trans Canada Gold Corp's (TTGXF) total proved plus probable reserves as of June 2024?

According to the 2024 reserves report, Trans Canada Gold Corp's total proved plus probable reserves are 579.4 Mbbl gross, with company gross reserves of 108.6 Mbbl and company net reserves of 99.4 Mbbl.

What is the 10% NPV value of TTGXF's reserves as of June 2024?

The Net Present Value (NPV) at 10% discount rate for Trans Canada Gold Corp's reserves is $3,895.1 million as of June 30, 2024.

What is Trans Canada Gold Corp's (TTGXF) working interest opportunity for 2025?

Trans Canada Gold Corp has an 18.75% working interest opportunity to participate in drilling 2-3 additional multilateral wells in 2025 with Croverro, subject to permitting.