Latest News Feed
• Progress on Second Multilateral Well: Successfully completed 50% of the drilling on its second multilateral well located on the Company's heavy oil property
• Efficient Drilling Operations: Contractor crews, led by Precision Drilling, are progressing efficiently and are expected to complete drilling by August 30, 2024. Completion operations are scheduled to follow in early September.
Permitting and Timeline: The Alberta Energy Regulator has issued drilling permits, with lease construction nearing completion. Drilling is set to begin.
Operational and Financial Preparedness: The well's total costs are projected at $2.2 million, with Trans Canada's fully funded share at $412,500. Croverro Energy Ltd. will operate the project under the partnership agreement.
• Tenth Month of Steady Oil Production: Trans Canada Gold Corp. has completed its tenth consecutive month of robust oil production for July 2024, with oil sales to Altex and Cenovus Energy Ltd.
• Successful Multilateral Well Production: Since its inception in October 2023, the Croverro 7HZ Well, featuring seven multilateral legs, has produced over 60,000 barrels of oil.
• Upcoming Drilling of Second Multilateral Well: Trans Canada is preparing to drill its second multilateral horizontal well targeting the General Petroleum (GP) Zone
Highlights:
Well, License and Drilling Permit Received: Trans Canada Gold Corp. has received the necessary well license to drill its second multilateral well targeting the General Petroleum (GP) Zone near Lloydminster, Alberta. This new well is based on successful similar wells in the GP oil formation.
Partnership and Well Details: The well, located on lands controlled by a strategic partnership led by Croverro Energy, with Trans Canada holding an 18.75% interest, is expected to access over 8000 meters of the GP oil reservoir. Surface preparations are underway, with lease construction scheduled for completion by August 10th, 2024, and drilling set to begin mid-August.
Expansion and Future Potential: Trans Canada Gold has acquired an additional 320-acre parcel from Canpar (CN Pension Fund), Freehold Royalties and Rife Resource
Ninth Month of Steady Oil Production: Trans Canada Gold Corp. has successfully completed its ninth consecutive month of steady oil production as of June 2024
Successful Drilling and Production: In October 2023, the Company drilled and completed its first multilateral well, discovering oil throughout the 2675 meters of the Sparky formation.
Land Acquisitions and Future Drilling Plans: Trans Canada Gold has strengthened its land holdings with strategic acquisitions under an Area of Mutual Interest agreement. The company is preparing to drill a new multilateral well this summer, which is expected to reach over 3000 meters of oil reservoir in the General Petroleum sand, as it continues to seek partnerships with senior oil and gas companies to expand its drilling inventory.
Lloydminster Well Performance:
- Shipped 6,203 barrels (bbl) of oil for the month of May.
- Average daily production rate: 185 bbl/d gross (37.5 bbl/d net) to the Company.
- Represents an 18.75% working interest ownership.
Production Milestone:
- Production shipping and sales commenced on October 6th, 2023.
- The 7HZ well has produced over 51,439 bbl of oil.
- Exceeded the 50,000-barrel production benchmark.
Upcoming Drilling Plans:
- New multilateral well drill is expected to contact over 3,000 meters of oil reservoir in the General Petroleum sand.
- Spud date to be announced once final permitting is received from the Alberta Energy Regulator ("AER").
Preparation for Second Multilateral Well:
- The Company is preparing to drill its second multilateral well in mid-July.
- This follows the successful drilling and completion of the first seven-leg multilateral well, the Croverro 7HZ Well, in October 2023.
Successful First Well:
- The Croverro 7HZ Well encountered oil throughout the entire 2,675 meters of lateral oil pay in the Sparky formation.
- Since its completion, it has produced over 45,236 barrels of consistent oil production.