Trans Canada Gold Corp. Ships 4,558 Barrels for the Month of March 2025, From Both of Its Lloydminster Multilateral Heavy Oil Wells
Rhea-AI Summary
Trans Canada Gold Corp. (TTGXF) reports steady oil production from its Lloydminster wells for March 2025, shipping 4,558 barrels with an average daily rate of 147 bbl/d gross (28 bbl/d net) based on its 18.75% working interest. Production was partially affected by railcar access, resulting in seven lost shipping days.
The company plans to participate in drilling a new 7-leg Sparky multi-lateral well (5-23) with operator Croverro Energy , adjacent to their existing 12-14 Multilateral Well. The new well is expected to open approximately 3,000m of Sparky formation and will be drilled in Q3 2025. The project costs are estimated at $1.9 million ($350,000 net to Trans Canada) and will be funded through production cash flow.
The existing 12-14 Sparky well has produced over 85,000 barrels of oil since 2023 and maintains consistent monthly production. The company's Area of Mutual Interest now encompasses 1,040 acres with potential in Sparky and GP zones.
Positive
- Steady oil production with 4,558 barrels shipped in March 2025
- New well project fully funded through production cash flow, avoiding share dilution
- Existing 12-14 Sparky well demonstrates strong performance with 85,000+ barrels produced
- Expansion of operations with new 5-23 well targeting 3,000m of Sparky formation
Negative
- Seven lost shipping days due to railcar access affecting March production
- GP well currently blocked at intermediate casing requiring repairs
News Market Reaction – TTGXF
In the trading session that priced this news, TTGXF declined 21.43%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / April 8, 2025 / Trans Canada Gold Corp. (TSXV: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 March 2025, with trucking and oil sales to Altex. The two Lloydminster wells have shipped 4,558 barrels (bbl) for the month of March and produced at an average daily rate of 147 bbl/d gross (28 bbl/d net) to the Company since being placed on production, representing its
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
The company has an
Drilling, completion and equipping costs are expected to be
Croverro continues to proactively implemented a range of repair solutions on the newly drilled GP well blocked at the intermediate casing, including multiple Super Flushes on the well. Croverro remains optimistic about resuming operations and restoring lost production. and the repair plan is fully implemented this spring.
Commented Tim Coupland, "We are expecting additional oil production for 2025, and we are exploring additional exploration drilling 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
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