- Trans Canada Gold (TSXV:TTG) has completed another month of steady oil production for March 2025, with trucking and oil sales to Altex
- The company’s two Lloydminster wells shipped a total of 4,558 barrels (bbl) for the month, producing at an average daily rate of 147 bbl/d gross
- The company expects additional oil production for 2025, and we are exploring additional exploration drilling opportunities in both central Canada and the United States
- Trans Canada Gold stock (TSXV:TTG) last traded at $0.04
Trans Canada Gold (TSXV:TTG) has completed another month of steady oil production for March 2025, with trucking and oil sales to Altex. The company’s two Lloydminster wells shipped a total of 4,558 barrels (bbl) for the month, producing at an average daily rate of 147 bbl/d gross (28 bbl/d net) to the company, reflecting its 18.75 per cent working interest ownership in both wells. Despite limited access to railcars resulting in seven lost shipping days via rail, daily production and shipping sales remained robust.
Production shipping and sales commenced on the first newly drilled multilateral well on October 6, 2023, with the new well brought into production in mid-September 2024. Croverro Energy Ltd. serves as the operator for these operations.
“We are expecting additional oil production for 2025, and we are exploring additional exploration drilling opportunities in both central Canada and the United States,” company president and CEO, Tim Coupland commented in a news release. “The company will continue with its newly adopted multilateral well drilling strategy for 2025-2026, using new state of the art multilateral well drilling techniques in Alberta and Saskatchewan, to create growth.”
Trans Canada Gold agreed to participate in drilling a seven-leg Sparky multilateral well with Croverro as the operator for the joint venture. The proposed 5-23 well will be situated adjacent to the company’s successful 12-14 multilateral well near Lloydminster, Alberta. Trans Canada holds an 18.75 per cent interest in the new well, which is expected to mirror the success of the 7HZ LLOYD 12-14-49-01W4 well drilled in 2023. This well encountered 2,486 metres of oil pay in the Sparky Oil Formation and has produced over 85,000 barrels of oil to date. The new 5-23 well is planned to open an estimated 3,000 metres of Sparky formation and is scheduled for drilling in the third quarter of 2025, pending final permitting by the Alberta Energy Regulator.
The joint venture with Croverro encompasses an Area of Mutual Interest containing 4.2 square km with potential in the Sparky and GP zones. The drilling, completion, and equipping costs for the new well are projected to be C$1.9 million ($350,000 net to Trans Canada), fully funded from production cash flow to prevent share dilution.
Croverro Energy Ltd. continues to implement repair solutions on the newly drilled GP well, which is blocked at the intermediate casing. Multiple Super Flushes have been conducted, and Croverro remains optimistic about resuming operations and restoring lost production, with the repair plan fully implemented this spring.
Trans Canada Gold Corp. is a Vancouver-based discovery focused oil and gas resource development and mineral exploration company.
Trans Canada Gold stock (TSXV:TTG) last traded at $0.04 and has fallen 11.11 per cent since this time last year.
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(Top image via Trans Canada Gold Corp. on Instagram.)
