VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG, OTCQB-RCTRF) (“Trans Canada” or the “Company”), is pleased to announce that, surface and pad preparations are currently underway on the project lands. The Company has recently received the project drill permits from the Alberta AER regulator, and is preparing to drill its multi-lateral well situated near Lloydminster, Alberta. Croverro Energy Ltd. under the terms of the agreement will be Operator
The Company has entered into a one-well Farmout Agreement with Croverro Energy Ltd, of Calgary, Alberta, (“Croverro”) to drill a multi-lateral horizontal oil well. The well is in close proximity to Lloydminster, Alberta. The lands for the well are currently controlled by Croverro. Under the terms of the negotiated agreement, Trans Canada (Farmee) must pay 25% of Croverro’s share of the cost to drill, complete and fully equip or abandon the well to earn an 18.75% net working interest. Croverro (“Farmor”), will be carried for a 6.25% interest. The multi-lateral horizontal well is based on similar wells drilled in the Sparky Oil Formation. The well is planned to have over 3000 m of Sparky formation open for production. The well is fully permitted and scheduled to be drilled late September, and surface preparations are now in progress preparing for drilling to commence.
Commented Tim Coupland, “We are excited to be starting our surface and pad preparations, and prepare to begin drilling a multi-lateral oil well with Croverro Energy Ltd. We are excited to be working with an experienced oil and gas technical team that has proven oil production success with multi-lateral wells currently under their supervision and operation.”
ABOUT TRANS CANADA GOLD CORP. – GOLD MINERAL EXPLORATION/ OIL AND GAS PRODUCTION
The Company is a discovery focused Canadian Gold and Mineral Exploration and Oil & Gas Resource Development Company that is currently focused on developing its’ District Scale Gold exploration projects in Ontario, increasing its production capabilities, and obtaining potential future oil production revenues. The Company identifies, acquires and finances the acquisition of gold exploration properties and the ongoing development of mining and oil and gas assets primarily situated in Canada, a time-honored safe mineral exploration jurisdiction. The Company is permitting and developing a number of District Scale gold mineral exploration property opportunities, and identifying low risk exploration opportunities through selective acquisitions and development of mining exploration assets situated in these favorable resource jurisdictions. The Company has qualified Senior exploration management and Geological Mining teams of professionals, seasoned in exploration production, field exploration and drilling. 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 and development of mining, and petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Trans Canada Gold Corp.
Tel: (604) 681-3131
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.