Trans Canada Gold Corp. to Sell Its 18.75 % Petroleum and Natural Gas Rights and Interest in the Non-performing 8-23-049-1 W4M GP Well Only, and the GP Petroleum Zone Rights Within the AMI to Its Working Interest Partners
Trans Canada Gold has announced the sale of its 18.75% interest in the non-performing 8-23-049-1 W4M GP well and GP Petroleum rights within the AMI to its working interest partners for $100,000 CDN. The deal structure includes $75,000 immediate payment and a bonus tied to 45,000 barrels of oil production.
The company is shifting focus to the Sparky zone, planning to drill a new 7-leg multilateral well (5-23) with partner Croverro in summer 2025. This follows their successful 12-14 well, which has produced over 85,000 barrels of oil. The new well aims to open approximately 3,000m of Sparky formation.
The Area of Mutual Interest now contains 1,040 acres with potential in the Sparky Zone. This strategic move aims to enhance operational efficiency, reduce risks, lower costs, and avoid shareholder dilution while navigating market volatility and expected lower energy prices in the sector.
Trans Canada Gold ha annunciato la vendita della sua partecipazione del 18,75% nel pozzo GP 8-23-049-1 W4M non produttivo e nei diritti petroliferi GP all'interno dell'AMI ai partner con quota di lavoro per 100.000 dollari canadesi. La struttura dell'accordo prevede un pagamento immediato di 75.000 dollari e un bonus legato a una produzione di 45.000 barili di petrolio.
L'azienda sta concentrando l'attenzione sulla zona Sparky, pianificando di perforare un nuovo pozzo multilaterale a 7 rami (5-23) con il partner Croverro nell'estate 2025. Questo segue il successo del pozzo 12-14, che ha prodotto oltre 85.000 barili di petrolio. Il nuovo pozzo mira ad aprire circa 3.000 metri della formazione Sparky.
L'Area di Interesse Comune ora comprende 1.040 acri con potenziale nella zona Sparky. Questa mossa strategica punta a migliorare l'efficienza operativa, ridurre i rischi, abbassare i costi e evitare la diluizione degli azionisti, affrontando la volatilità del mercato e i prevedibili prezzi energetici più bassi nel settore.
Trans Canada Gold ha anunciado la venta de su participación del 18,75% en el pozo GP 8-23-049-1 W4M que no está en producción y los derechos petroleros GP dentro del AMI a sus socios con participación operativa por 100,000 dólares canadienses. La estructura del acuerdo incluye un pago inmediato de 75,000 dólares y un bono ligado a la producción de 45,000 barriles de petróleo.
La compañía está enfocando su atención en la zona Sparky, planeando perforar un nuevo pozo multilateral de 7 ramas (5-23) con el socio Croverro en el verano de 2025. Esto sigue al éxito del pozo 12-14, que ha producido más de 85,000 barriles de petróleo. El nuevo pozo tiene como objetivo abrir aproximadamente 3,000 metros de la formación Sparky.
El Área de Interés Mutuo ahora contiene 1,040 acres con potencial en la zona Sparky. Este movimiento estratégico busca mejorar la eficiencia operativa, reducir riesgos, disminuir costos y evitar la dilución de los accionistas mientras se navega la volatilidad del mercado y los esperados precios más bajos de energía en el sector.
Trans Canada Gold는 AMI 내 비생산성 8-23-049-1 W4M GP 유정 및 GP 석유 권리에 대한 18.75% 지분을 작업 지분 파트너에게 100,000 캐나다 달러에 매각했다고 발표했습니다. 거래 구조는 즉시 75,000 달러 지급과 45,000 배럴의 석유 생산량에 연동된 보너스를 포함합니다.
회사는 Sparky 구역에 집중을 전환하여 2025년 여름에 파트너 Croverro와 함께 7지선 다중 분기 유정(5-23)을 시추할 계획입니다. 이는 85,000 배럴 이상의 석유를 생산한 성공적인 12-14 유정 이후의 계획입니다. 새 유정은 약 3,000m의 Sparky 지층을 개방하는 것을 목표로 합니다.
상호 관심 지역은 현재 Sparky 구역에 잠재력을 가진 1,040에이커를 포함하고 있습니다. 이 전략적 조치는 운영 효율성을 높이고 위험을 줄이며 비용을 절감하고 주주 희석을 방지하는 한편, 시장 변동성과 예상되는 에너지 가격 하락에 대응하기 위한 것입니다.
Trans Canada Gold a annoncé la vente de sa participation de 18,75 % dans le puits GP 8-23-049-1 W4M non performant et les droits pétroliers GP au sein de l'AMI à ses partenaires titulaires d'intérêts pour 100 000 dollars canadiens. La structure de l'accord comprend un paiement immédiat de 75 000 dollars et un bonus lié à une production de 45 000 barils de pétrole.
L'entreprise se concentre désormais sur la zone Sparky, prévoyant de forer un nouveau puits multilatéral à 7 branches (5-23) avec le partenaire Croverro à l'été 2025. Cela fait suite au succès du puits 12-14, qui a produit plus de 85 000 barils de pétrole. Le nouveau puits vise à ouvrir environ 3 000 mètres de la formation Sparky.
La zone d'intérêt mutuel comprend désormais 1 040 acres avec un potentiel dans la zone Sparky. Cette démarche stratégique vise à améliorer l'efficacité opérationnelle, réduire les risques, diminuer les coûts et éviter la dilution des actionnaires tout en gérant la volatilité du marché et la baisse attendue des prix de l'énergie dans le secteur.
Trans Canada Gold hat den Verkauf seines 18,75% Anteils am nicht leistungsfähigen GP-Bohrloch 8-23-049-1 W4M und den GP-Ölrechten innerhalb des AMI an seine Partner mit Arbeitsbeteiligung für 100.000 kanadische Dollar bekanntgegeben. Die Struktur des Deals umfasst eine sofortige Zahlung von 75.000 Dollar und einen Bonus, der an die Produktion von 45.000 Barrel Öl gekoppelt ist.
Das Unternehmen verlagert den Fokus auf die Sparky-Zone und plant im Sommer 2025 zusammen mit dem Partner Croverro eine neue 7-Arm-Multilateralbohrung (5-23). Dies folgt auf den erfolgreichen Bohrung 12-14, der über 85.000 Barrel Öl produziert hat. Das neue Bohrloch soll etwa 3.000 Meter der Sparky-Formation erschließen.
Das Gebiet des gegenseitigen Interesses umfasst nun 1.040 Acres mit Potenzial in der Sparky-Zone. Mit diesem strategischen Schritt sollen die Betriebseffizienz gesteigert, Risiken reduziert, Kosten gesenkt und eine Verwässerung der Aktionäre vermieden werden, während man die Marktvolatilität und erwartete niedrigere Energiepreise im Sektor berücksichtigt.
- Sale of non-performing GP well assets for $100,000 CAD helps reduce operational costs
- Previous 12-14 Sparky well has produced over 85,000 barrels of oil with consistent monthly production
- New 5-23 multilateral well planned with 3000m of Sparky formation targeting increased production
- Company maintains 18.75% working interest in 1040 acres with Sparky zone potential
- Strategic focus on prolific Sparky zone to improve operational efficiency
- Divestment of 18.75% interest in GP zone indicates non-performing asset
- Company faces market volatility and expected lower energy prices
- Uncertainty due to tariff pricing pressures and potential policy changes
- Drilling plans subject to regulatory approval from Alberta Energy Regulator
- Industry and capital market challenges acknowledged in both central Canada and US
VANCOUVER, BC / ACCESS Newswire / April 30, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to announce that the Company has agreed to sell to its working interest partners it's
Under the terms of the agreement Trans Canada agree to sell its
Commented Tim Coupland, "We are expecting continued drilling success with the new 5-23 Multilateral Well targeting the Sparky Zone slated for July, and additional increased oil production for 2025 with Croverro. We continue to focus on continued drilling success in the Sparky Zone, while navigating the increased market volatility and expected lower energy prices in the oil and gas energy sector. The Company remains extremely mindful of the current uncertainty within energy sector including tariff pricing pressures and the Canadian election results, which may influence energy policy direction." The Company continues exploring additional exploration drilling opportunities, despite industry and capital market challenges in both central Canada and the United States. The Company continues with advanced multilateral drilling techniques strategy for 2025-2026 to deliver long term value and production stability."
DRILLING TO COMMENCE SUMMER 2025 MULTILATERAL WELL-TARGETING SPARKY FORMATION
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 now has an
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
FAQ
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