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

Associated Press

30-04-2025

VANCOUVER, 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 advanced multilateral drilling techniques strategy for 2025-2026 to deliver long term value and production stability.'
DRILLING TO COMMENCE SUMMER 2025 MULTILATERAL WELL-TARGETING SPARKY FORMATION
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 now 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 Zone only. 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.
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: [phone]
[email protected]
www.transcanadagold.com
or
Christian Timmins, Director
Trans Canada Gold Corp.
Tel: [phone]
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.
press release