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Trans Canada Gold Corp. to Sell Its 18.75 % Petroleum and Natural Gas Rights and Interest in the Non-performing 8-23-049-1 W4M GP Well Only, and the GP Petroleum Zone Rights Within the AMI to Its Working Interest Partners
VANCOUVER, BC / ACCESS Newswire / April 30, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:T...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. to Sell Its 18.75 % Petroleum and Natural Gas Rights and Interest in the Non-performing 8-23-049-1 W4M GP Well Only, and the GP Petroleum Zone Rights Within the AMI to Its Working Interest PartnersVANCOUVER, BC / ACCESS Newswire / April 30, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\"), is pleased to announce that the Company has agreed to sell to its working interest partners it's 18.75% interest in the recently drilled, non-performing 8-23-049-1 W4M General Petroleum (GP) zone well including all surface and downhole equipment, and GP Petroleum rights within the Area of Mutual Interest (AMI) for $100,000 CDN.Under the terms of the agreement Trans Canada agree to sell its 18.75% interest in the 8-23-049-1 W4M Well and its drilling rights to its working interest partners in the GP Zone only, for the sum of $100,000 CDN, with $75,000 payable immediately and a bonus based on cumulative production of 45,000 barrels of oil for a total price of $100,000 (Purchase Price). The Company has an 18.75% working interest in the Joint Venture with Croverro. The Area of Mutual Interest currently contains 1040 acres with potential in the Sparky and GP zones. The Company has chosen to strategically focus on the prolific Sparky zone when drilling, to allow for greater operational efficiency by de-risking, uneconomic non-performing assets, lower operational costs, and utilizing current cashflow which will allow no further dilution to shareholders, with a commitment oil production success.Commented Tim Coupland, \"We are expecting continued drilling success with the new 5-23 Multilateral Well targeting the Sparky Zone slated for July, and additional increased oil production for 2025 with Croverro. We continue to focus on continued drilling success in the Sparky Zone, while navigating the increased market volatility and expected lower energy prices in the oil and gas energy sector. The Company remains extremely mindful of the current uncertainty within energy sector including tariff pricing pressures and the Canadian election results, which may influence energy policy direction.\" The Company continues exploring additional exploration drilling opportunities, despite industry and capital market challenges in both central Canada and the United States. The Company continues with adva...