VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG, OTCQB-RCTRF) (“Trans Canada” or the “Company”), is pleased to announce that, after a series of operational and permitting delays, the Company has now received all of the new permits, required to drill its multi-lateral well situated near Lloydminster, Alberta. 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 scheduled to be drilled in mid-September, and surface preparations are now in progress for drilling to commence.
Trans Canada, after successfully drilling and equipping the first multilateral horizontal well will have the first right of refusal on an Area of Mutual Interest (AMI) of approximately one mile in each direction from the test well. Additional wells within the AMI, if the Company elects to participate, will be drilled on a non-promoted basis with Trans Canada paying 18.75% to earn 18.75%. Additionally, Croverro currently has a second prospect in the AMI that is in the development stage. Also, Croverro may present additional drilling opportunities to Trans Canada, as opportunities are developed and lands/minerals are obtained in the greater Lloydminster region of Alberta and Saskatchewan.
The Well is surveyed and is fully permitted by Croverro and approved by Alberta Energy for drilling by September 2023. Drilling completion and equipping costs are expected to be $1.7 million for the well ($425,000 net to Trans Canada). Croverro Energy Ltd. under the terms of the agreement will be Operator.
Commented Tim Coupland, “We are excited to now be finally fully permitted, after his long wait, to be drilling a multi-lateral oil well with an experienced partner. Croverro Energy Ltd. has an experienced oil and gas technical team and has proven oil production success with multi-lateral wells currently under their supervision and operation. We believe drilling at home in Alberta and Saskatchewan, Canada will allow the Company to prosper and remain a reliable oil & gas energy supplier, as world oil prices continue to remain high due to the lack of energy security, ongoing supply issues, shipping and pipeline issues in the United States, combined with war and geo-political conflict between Ukraine and Russia and lack of overall global energy security.
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
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