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
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
Trans Canada Gold Corp. (TTGXF) reported shipping 2,886 barrels of oil in May 2025 from its Lloydminster multilateral well, averaging 96 bbl/d gross (20 bbl/d net) based on its 18.75% working interest. Production was affected by nine lost shipping days due to routine maintenance. The company received approval for a new 7-leg multilateral well (Lloyd 5-23-49-1W4) near Lloydminster, Alberta, with drilling scheduled for summer 2025. The new well project, costing $1.9M ($350,000 net to Trans Canada), will be funded through production cash flow. The company's existing 12-14 Sparky multilateral well has produced over 100,000 barrels since 2023. Additionally, Christian Timmins resigned from the Board of Directors to focus on Pegasus Resources.
Trans Canada Gold Corp. (TTGXF) ha riportato la spedizione di 2.886 barili di petrolio a maggio 2025 dal suo pozzo multilaterale di Lloydminster, con una media di 96 bbl/giorno lordi (20 bbl/giorno netti) basata su una quota di partecipazione del 18,75%. La produzione è stata influenzata da nove giorni di mancata spedizione a causa di manutenzione ordinaria. La società ha ottenuto l'approvazione per un nuovo pozzo multilaterale a 7 rami (Lloyd 5-23-49-1W4) vicino a Lloydminster, Alberta, con perforazione prevista per l'estate 2025. Il nuovo progetto del pozzo, del costo di 1,9 milioni di dollari (350.000 dollari netti per Trans Canada), sarà finanziato con il flusso di cassa derivante dalla produzione. Il pozzo multilaterale esistente 12-14 Sparky ha prodotto oltre 100.000 barili dal 2023. Inoltre, Christian Timmins si è dimesso dal Consiglio di Amministrazione per concentrarsi su Pegasus Resources.
Trans Canada Gold Corp. (TTGXF) informó el envío de 2,886 barriles de petróleo en mayo de 2025 desde su pozo multilateral en Lloydminster, con un promedio de 96 bbl/d brutos (20 bbl/d netos) basado en su participación del 18.75%. La producción se vio afectada por nueve días sin envíos debido a mantenimiento rutinario. La compañía recibió aprobación para un nuevo pozo multilateral de 7 ramas (Lloyd 5-23-49-1W4) cerca de Lloydminster, Alberta, con perforación programada para el verano de 2025. El nuevo proyecto del pozo, con un costo de 1.9 millones de dólares (350,000 dólares netos para Trans Canada), será financiado con el flujo de caja de la producción. El pozo multilateral existente 12-14 Sparky ha producido más de 100,000 barriles desde 2023. Además, Christian Timmins renunció al Consejo de Administración para enfocarse en Pegasus Resources.
Trans Canada Gold Corp.(TTGXF)는 2025년 5월 Lloydminster 다지점 우물에서 2,886배럴의 원유를 출하했다고 보고했으며, 18.75% 작업지분 기준으로 일일 총 96배럴(순 20배럴)을 평균 생산했습니다. 생산은 정기 유지보수로 인한 9일간의 출하 중단으로 영향을 받았습니다. 회사는 앨버타 주 Lloydminster 인근에 위치한 7지점 다지점 우물(Lloyd 5-23-49-1W4)에 대한 승인을 받았으며, 시추는 2025년 여름에 예정되어 있습니다. 새로운 우물 프로젝트 비용은 190만 달러(Trans Canada 순 35만 달러)이며, 생산 현금 흐름을 통해 자금 조달될 예정입니다. 기존의 12-14 Sparky 다지점 우물은 2023년 이후 10만 배럴 이상을 생산했습니다. 또한, Christian Timmins는 Pegasus Resources에 집중하기 위해 이사회에서 사임했습니다.
Trans Canada Gold Corp. (TTGXF) a annoncé l'expédition de 2 886 barils de pétrole en mai 2025 depuis son puits multilatéral de Lloydminster, avec une moyenne de 96 bbl/j brut (20 bbl/j net) basée sur une participation de 18,75%. La production a été affectée par neuf jours sans expédition en raison d'une maintenance de routine. La société a obtenu l'approbation pour un nouveau puits multilatéral à 7 branches (Lloyd 5-23-49-1W4) près de Lloydminster, Alberta, avec un forage prévu pour l'été 2025. Le nouveau projet de puits, coûtant 1,9 million de dollars (350 000 dollars nets pour Trans Canada), sera financé par les flux de trésorerie de la production. Le puits multilatéral existant 12-14 Sparky a produit plus de 100 000 barils depuis 2023. De plus, Christian Timmins a démissionné du conseil d'administration pour se concentrer sur Pegasus Resources.
Trans Canada Gold Corp. (TTGXF) meldete für Mai 2025 den Versand von 2.886 Barrel Öl aus seinem Lloydminster Multilateral-Brunnen, mit einem Durchschnitt von 96 bbl/d brutto (20 bbl/d netto) basierend auf einem Arbeitsanteil von 18,75%. Die Produktion wurde durch neun ausgefallene Versandtage aufgrund routinemäßiger Wartung beeinträchtigt. Das Unternehmen erhielt die Genehmigung für einen neuen 7-Arm-Multilateral-Brunnen (Lloyd 5-23-49-1W4) nahe Lloydminster, Alberta, mit einer Bohrung, die für den Sommer 2025 geplant ist. Das neue Brunnenprojekt kostet 1,9 Mio. USD (350.000 USD netto für Trans Canada) und wird durch den Produktions-Cashflow finanziert. Der bestehende 12-14 Sparky Multilateral-Brunnen hat seit 2023 über 100.000 Barrel produziert. Zudem ist Christian Timmins aus dem Vorstand zurückgetreten, um sich auf Pegasus Resources zu konzentrieren.
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
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 18.75% working interest ownership in the well. Daily production and shipping sales were slightly impaired due to nine lost shipping days due to a routine pump change and routine equipment maintenance. Production shipping and sales commenced on the first newly drilled Multilateral well, a year ago on October 6th, 2023. Croverro Energy Ltd. is the Operator.
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 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 multilateral well has now produced over 100,000 barrels of oil and continues to produce consistently month over month. The newly permitted 5-23 multilateral well when drilled, is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled later this summer subject to rig availability.
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.
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.
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.
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