Business
Trans Canada Gold Corp. Completes One Full Year of Steady Oil Production From Multilateral Wells, Shipping 7,900 Barrels in September 2024 From Its Lloydminster Multilateral Horizontal Heavy Oil Wells
VANCOUVER, BC / ACCESSWIRE / October 8, 2024 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) ...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Completes One Full Year of Steady Oil Production From Multilateral Wells, Shipping 7,900 Barrels in September 2024 From Its Lloydminster Multilateral Horizontal Heavy Oil WellsVANCOUVER, BC / ACCESSWIRE / October 8, 2024 / Trans Canada Gold Corp. (TSX-V:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\") is pleased to announce that the Company has now completed its first full year (12 months) of robust steady oil production for the month of September 2024, with trucking and oil sales to Altex. The Lloydminster wells have shipped 7,900 barrels (bbl) for the month of September and produced at an average daily rate of 263.3 bbl/d gross (49.37 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership in both wells. Production shipping and sales commenced on the newly drilled well, a year ago on October 6th, 2023, and the new well being brought on production in mid-September. Both multilateral wells combined have now produced over 75, 861 bbl, exceeding the 75,000-barrel production benchmark of consistent steady oil production drilling multilateral wells exclusively. Croverro Energy Ltd. is the Operator.The Company has acquired additional lands inside the Area of Mutual Interest (\"AMI\"), which will allow additional opportunity for multilateral wells in 2025. The lands are contiguous with our existing lands. The newly acquired lands, together combined with our existing lands have the oil resource potential for additional drilling in 2025 in both the Sparky and GP producing zones.Commented Tim Coupland, \"We have now successfully produced for over a year now, twelve (12) months of steady oil production and surpassed the 75,000-barrel production benchmark, showcasing the Company's partnership with Croverro utilizing its multilateral well drilling strategy using new state of the art multilateral well drilling techniques to create growth. The Company continues utilizing our technical proficiency and drilling expertise. World oil prices are forecasted to remain high, with ongoing conflict in the Middle East, which will allow the Company to actively pursue additional drilling opportunities and new acquisitions in 2025.\"\"Our recent land and lease acquisitions, and multilateral drilling success strengthen our strategic position and newly adopted strategic bus...