Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) is pleased to announce that the company has received the necessary well license to drill its second multilateral well targeting the General Petroleum (GP) Zone near Lloydminster, Alberta. This achievement marks a significant step forward in Trans Canada’s exploration and production efforts.
The new well is based on the success of similar wells in the GP oil formation. It is located on lands controlled by a strategic partnership led by Croverro Energy, with Trans Canada holding an 18.75% interest. The well is expected to access over 8000 meters of the GP oil reservoir.
Surface preparations are currently underway, with lease construction scheduled for completion by August 10th, 2024. The drilling is set to begin in mid-August.
In addition to this exciting development, Trans Canada Gold has acquired an additional 320-acre parcel from Canpar (CN Pension Fund), Freehold Royalties, and Rife Resources. This acquisition increases their land holdings and allows for the drilling of up to four more multilateral wells. These newly acquired lands, combined with existing ones, offer significant oil resource potential in both the Sparky and GP producing zones.
The total cost for drilling and equipping the new well is estimated at $2.2 million, with Trans Canada’s share being $412,500. The company is fully funded for these operations.
Commenting on the upcoming drilling program, Tim Coupland, President and CEO of Trans Canada Gold Corp., expressed excitement about the partnership with Croverro Energy, stating that they have consistently targeted and successfully drilled and completed several wells targeting different oil reservoirs. Coupland believes that drilling multilateral horizontal wells with good well control and utilizing new computer modeling and seismic techniques will provide continued success.
Director Chris Timmins also emphasized the strategic growth position that this well will strengthen, with increased oil production and revenue. Multilateral wells offer the potential for high initial production rates and modest decline rates, resulting in a more stable and sustained production level over time.
Trans Canada Gold Corp. is a discovery-focused oil and gas resource development and mineral exploration company. They are committed to responsible exploration and maximizing long-term petroleum and natural gas resource assets.
For further information, please contact Tim Coupland, President and CEO of Trans Canada Gold Corp., at (604) 681-3131 or via email at astar@telus.com. You can also visit their website at www.transcanadagold.com.