Trans Canada Gold Corp. Ships 2,886 Barrels for the Month of May, From Its Lloydminster Multilateral Heavy Oil Well and Prepares for Upcoming Drilling Program
Rhea-AI Summary
Positive
- New well permit approved for 7-leg multilateral well near successful existing well
- Project fully funded through production cash flow, avoiding share dilution
- Existing 12-14 Sparky well has produced over 100,000 barrels and maintains consistent production
- New well planned to access 3,000m of Sparky formation
Negative
- Nine lost shipping days in May due to maintenance and pump change
- Company facing increased market volatility and lower energy prices
- Loss of board member Christian Timmins
News Market Reaction – TTGXF
In the trading session that priced this news, TTGXF declined 23.56%, reflecting a significant negative market reaction.
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VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / June 12, 2025 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to announce that the Company has now completed another month of steady oil production for the month of May 2025, with trucking and oil sales to Altex. The Lloydminster multilateral well shipped 2,886 barrels (bbl) for the month of May and produced at an average daily rate of 96 bbl/d gross (20 bbl/d net) to the Company since being placed on production, representing its
The company is announcing the resignation of Christian Timmins as a member of the Board of Director's, with his decision pursue and focus on Pegasus Resources due to time commitment obligations. The Board wishes to thank Mr. Timmins for his contributions to the Company.
DRILL PERMIT AND WELL LICENSE APPROVED
The Company has now received formal approval for its new Lloyd 5-23-49-1W4 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
Drilling, completion and equipping costs are expected to be
Commented Tim Coupland, "We continue to focus on continued multilateral drilling success in the Sparky Zone, while navigating increased market volatility and lower energy prices in the oil sector. The company remains mindful of the current uncertainty within energy sector including tariff pressures and energy policy direction. We are expecting increased oil production for 2025 with our upcoming drill programs, and we are exploring additional exploration drilling and acquisition opportunities in both central Canada and the United States. The Company will continue with its newly 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".
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
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