VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG, OTCQB-RCTRF) (“Trans Canada” or the “Company”), is pleased to announce that it has started equipping and preparing for the completion of the newly drilled well. The well is expected to be on production by September 30, 2023. The company has successfully drilled and completed all seven (7) legs of the newly drilled multilateral well, on the Company’s heavy oil property situated near Lloydminster, Alberta. The Company encountered oil in all of the target zones of interest. After initial well testing, the well will be placed on full oil production by the end of September. Once the well has been completed, fully equipped, and flow tested, oil production rates will be released. The Company has received all required drill permits from the Alberta AER Regulator, and has completed all surface drilling operations. The Lloyd well is a 7- Leg Multilateral horizontal oil well that targeted oil in the Sparky oil formation. Total metres drilled in all wellbores on the multilateral well, was 2675 meters, of open hole in all 7 legs. 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.
Commented Tim Coupland, “Warm sunny September weather has allowed us to move quickly and start equipping, completing and flow testing oil, on our new well. Our timing and market conditions and current oil pricing will optimize any benefits in the near, and long term, and we are excited to be completing the Company’s first successful large multi-leg Multi-Lateral well. The Croverro Team, has demonstrated the proficiency efficiency, expected of an experienced oil and gas technical team that has consistent, 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
www.transcanadagold.com
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