Acquisition of Additional Lands: Trans Canada Gold Corp. has acquired a 320-acre parcel of land from Canpar, Freehold Royalties, and Rife Resources. This new acquisition, combined with existing holdings, brings the total controlled lands to 640 acres. The land has oil resource potential in the Sparky and General Petroleum (GP) producing zones, with the company's interest in the land at 18.75%.
Potential for Additional Wells: The newly acquired land will allow the drilling of up to four additional multilateral wells. These wells will target the prolific Sparky and GP zones, enhancing the company's potential for increased oil production.
Strategic Partnerships and Seismic Data: The operator, Croverro Energy, has acquired and processed two additional seismic lines. This, combined with existing well control, will enable more precise targeting when drilling horizontal wells. This strategic approach, along with the upcoming drill program, positions Trans Canada Gold for increased production and revenue growth.
VANCOUVER, BC / ACCESSWIRE / July 30, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to announce that the Company has acquired additional lands inside the AMI which will allow the drilling of up to 4 additional multilateral wells. The 320-acre parcel offset our existing lands to the north were acquired from Canpar (CN Pension Fund), Freehold Royalties and Rife Resources. The newly acquired lands, together combined with our existing lands have the oil resource potential in both the Sparky and General Petroleum (GP) producing zones. These additional lands bring total lands controlled to 640 acres. The company interest in the lands is 18.75% with all wells to be drilled on a non-promoted basis (pay 18.75% to earn 18.75%).
Our operator, Croverro Energy, has acquired and processed 2 additional seismic lines, which combined together with existing well control will allow the more precise targeting, when drilling the horizontal wells in the oil resource reservoirs.
Commented Tim Coupland, "This is exciting news for the Company, which will allow for drilling up to four (4) more additional multilateral wells targeting the prolific Sparky and GP producing zones. We are excited to be drilling our second large multi-lateral oil well shortly, with a reliable and experienced partner, who can consistently target and discover oil reservoirs, followed by successful drilling, oil production, low operational costs and proven revenue success."
"The recent acquisition of a 320-acre parcel from Canpar, Freehold Royalties, and Rife Resources significantly expands our land holdings to 640 acres, strengthening our position in the oil-rich Sparky and General Petroleum (GP) zones," commented Director Chris Timmins. "Our partner and operator, Croverro Energy, has processed additional seismic lines, enabling us to target these oil reservoirs precisely and optimize drilling outcomes. This strategic approach, along with our expanded drilling inventory, underscores our commitment to growth and positions Trans Canada Gold for significant production and revenue increases."
ABOUT TRANS CANADA GOLD CORP. - OIL AND GAS PRODUCTION/REVENUE PRODUCING WELLS
The Company is a discovery focused Oil & Gas Resource Development and Mineral Exploration Company that is currently focused on developing and drilling its' production of conventional heavy oil exploration properties, increasing production capabilities, and increasing future oil production revenues through responsible exploration. The Company identifies, acquires and finances with its working interest partners, the ongoing development of oil and gas assets primarily situated in Alberta Canada. The Company has qualified Senior exploration management and Geological teams of professionals, seasoned in exploration production, field exploration and drilling. The Company currently works with Croverro Energy Ltd., who has demonstrated proficiency, expected of an experienced oil and gas technical team that has proven oil production, and revenue success with large multi-lateral wells currently under their supervision. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through selective property acquisitions, and responsible exploration drilling, and maximizing long term petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Trans Canada Gold Corp.
Tel: (604) 681-3131
astar@telus.com
www.transcanadagold.com
or
Christian Timmins, Director
Trans Canada Gold Corp.
Tel: (403) 597-3410
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Trans Canada Gold Corp.
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