Business
Trans Canada Gold Corp. Ships 3,763 Barrels For The Month Of February 2025 From Both Of Its Lloydminster Multilateral Heavy Oil Wells
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / March 12, 2025 / Trans Canada Gold Corp. (TSX...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Ships 3,763 Barrels For The Month Of February 2025 From Both Of Its Lloydminster Multilateral Heavy Oil WellsVANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / March 12, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\"), is pleased to announce that the Company has now completed another month of steady oil production for the month of February 2025, with trucking and oil sales to Altex. The two Lloydminster wells have shipped 3,763 barrels (bbl) for the month of February and produced at an average daily rate of 127 bbl/d gross (25.2 bbl/d net) to the Company since being placed on production, representing its 18.75% working interest ownership in both wells. Daily production was impaired due to extremely cold weather conditions which resulted in seven lost shipping days. Production shipping and sales commenced on the first newly drilled Multilateral well a year ago on October 6th, 2023, and the new well was brought on production in mid-September 2024. Croverro Energy Ltd. is the Operator.The Company has agreed to participate to drill a 7-leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 well will be situated adjacent to the Company's 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 85,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer/ third quarter of 2025, subject to final permitting by the Alberta Energy Regulator.The company has an 18.75% working interest in the Joint Venture with Croverro. The Area of Mutual Interest now contains 1040 acres with potential in the Sparky and GP zones. This third multi-lateral horizontal well is based on similar wells drilled in the Sparky Oil Formation using surrounding well control and recently processed seismic lines. Croverro Energy Ltd., under the terms of the agreement, is the Operator.Drilling, completion and equippi...