Trans Canada Gold Corp. Ships 5,376 Barrels for December 2024 From Both Lloydminster Multilateral Heavy Oil Wells
Rhea-AI Summary
Trans Canada Gold Corp. (TTGXF) reported robust oil production for December 2024, with 5,376 barrels shipped from two Lloydminster wells. The wells produced at an average daily rate of 180 bbl/d gross (32.5bbl/d net) to the Company, reflecting its 18.75% working interest.
The operator, Croverro Energy, has set a 2025 preliminary budget including one Multilateral Sparky well planned for Spring 2025. The second well (8-23) targeting the GP zone initially produced over 150 bbl/d and delivered more than 5,000 bbls before encountering a blockage. Repair solutions are being implemented once weather conditions improve.
The Company has surpassed the 90,000-barrel production benchmark and continues its multilateral well drilling strategy for 2025-2026, exploring additional opportunities in Canada and the United States.
Positive
- Steady production with 5,376 barrels shipped in December 2024
- Average daily production rate of 180 bbl/d gross (32.5bbl/d net)
- Surpassed 90,000-barrel production benchmark
- New well planned for Spring 2025
Negative
- Second well (8-23) experiencing production blockage requiring repairs
- Repair operations delayed due to extreme weather conditions
- working interest of only 18.75% in both wells
VANCOUVER, BC / ACCESSWIRE / January 8, 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 robust steady oil production for the month of December 2024, with trucking and oil sales to Altex. The two Lloydminster wells have shipped 5,376 barrels (bbl) for the month of December and produced at an average daily rate of 180 bbl/d gross (32.5bbl/d net) to the Company since being placed on production, representing its
Croverro has set a 2025 preliminary budget with one Multilateral Sparky well forecasted to be drilled for Spring 2025. This well is expected to be identical to the original Sparky well drilled by the Company in October 2023. Once the GP well has been repaired and resumes production, additional GP zone wells may be drilled in late 2025. The Company is currently monitoring oil prices, and should they improve Croverro is expected to accelerate drilling and development.
The second newly drilled well the 8-23 targeting the GP zone, successfully commenced production of over 150 bbl/d, delivering more than 5,000 bbls of oil production before encountering a blockage near the end of the intermediate casing. While this has temporarily impacted production, Croverro has proactively implemented a range of repair solutions, including multiple Super Flushes on the well. Croverro remains optimistic about resuming operations and restoring production once the Alberta extreme cold weather conditions improve and the repair plan is fully implemented.
Commented Tim Coupland, "We have now managed steady oil production for 2024, successfully producing our two Multilateral Well program for over a year now, and brought on to production, two Multilateral wells, and successfully surpassed the 90,000-barrel production benchmark. The Company is continuing 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.
The Company continues to explore additional exploration drilling opportunities in Canada and the United States.
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.
Contact Information
Chris Timmins
Director
ctimmins29@gmail.com
403-597-3410
Tim Coupland
CEO
astar@telus.com
604-681-3131
SOURCE: Trans Canada Gold Corp.
View the original press release on accesswire.com
FAQ
What was TTGXF's oil production volume for December 2024?
What is TTGXF's working interest percentage in the Lloydminster wells?
What is the status of TTGXF's GP zone well (8-23)?
What are TTGXF's drilling plans for 2025?
How much daily oil production does TTGXF generate from its Lloydminster wells?
