Trans Canada Gold Corp. Completes Ninth Month of Steady Oil Production

Trans Canada Gold Corp. has announced the completion of its ninth month of stable oil production for June 2024. The company shipped 5,435 barrels from its Lloydminster multilateral horizontal heavy oil well, averaging a daily production rate of 181 barrels.

The well, whose production started on October 6th, 2023, has exceeded 56,730 barrels in total, surpassing the 50,000-barrel milestone. Croverro Energy Ltd. operates the well, in which Trans Canada holds an 18.75% working interest.

Additionally, the company has acquired new leases and land positions under a Farmout Agreement, with plans to drill a second multilateral well this summer. The well is expected to contact over 3000 meters of the General Petroleum Sand reservoir. Final permitting is awaited from the Alberta Energy Regulator.

CEO Tim Coupland emphasized that high global oil prices and the operational TMX pipeline will bolster the company’s drilling prospects. Director Chris Timmins highlighted the strategic advantages of multilateral wells, which offer modest decline rates and sustained production levels.