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Trans Canada Gold Corp. Releases 2024 Reserves Report for 13-14 7HZ Lloyd Well and 15-14 Lloyd Well, Prepared by Petrotech and Associates, Highlighting Reserves and Revenue From Multilateral Oil Well Program
VANCOUVER, BC / ACCESSWIRE / November 13, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Releases 2024 Reserves Report for 13-14 7HZ Lloyd Well and 15-14 Lloyd Well, Prepared by Petrotech and Associates, Highlighting Reserves and Revenue From Multilateral Oil Well ProgramVANCOUVER, BC / ACCESSWIRE / November 13, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\"), is pleased to release the Company's 2024 Independent Reserves report on its two newly drilled and producing 13-14-049-01W4 well and the undeveloped well location 15-14-049-01W4 (the \"Wells\") from its reserves evaluator. The preliminary report was completed by Petrotech & Associates, an independent qualified reserves evaluator based in Calgary, Alberta, and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). The reserves evaluation was conducted using the Sproule June 30, 2024 price forecast for heavy crude oil (12 °API) at www.sproule.com, adjusted for location and quality.The disclosures contained in this reserves report represent information compiled, related to the Company's reserves, future net revenue, and discounted value of future net revenue, and discounted value of future net cash flows as of June 30, 2024.NI 51-101 CRUDE OIL RESERVES REPORT ON THE 13-14 and 15-14 LLOYDMINSTER MULTILATERAL WELLSHeavy Crude Oil Reserves(@ June 30, 2024)100%Heavy Crude Oil MbblCompany Gross(1)Heavy Crude Oil MbblCompany Net(2)Heavy Crude Oil Mbbl0% NPVMM$10% NPVMM$20% NPVMM$Proved Developed Producing306.557.552.53,107.12,249.11,753.4Total Proved504.694.687.84,879.83,497.32,675.3Probable74.814.011.6729.9397.7248.9Total Proved plus Probable579.4108.699.45,607.63,895.12,924.2(1) \"Gross Reserves\" are the Company's working interest reserves before the deduction of royalties(2) \"Net Reserves\" are the Company's working interest reserves after deductions of royalty obligations, plus the Company's royalty interests.Commented Tim Coupland, \"The June 30, 2024 year end NI 51-101 Reserve report is indicating a very long life, for our two- revenue producing multilateral wells drilled this year. These wells, drilled under our newly adopted Multi-lateral well drilling strategy, are providing new revenues for the Company, and providing much needed additional capital, to...