London
29 °C
Manchester
Glasgow
Dublin
22 °C
Belfast
Washington
32 °C
Denver
Atlanta
Dallas
Houston Texas
34 °C
New Orleans
El Paso
Phoenix
Los Angeles
18 °C
30 °C
29 °C
9 °C
20 °C
15 °C
Trans Canada Gold Corp. Releases 2024 Reserves Report for 13-14 7HZ Lloyd Well and 15-14 Lloyd Well, Prepared by Petrotech and Associates, Highlighting Reserves and Revenue From Multilateral Oil Well Program
NYSE - LSE
Trans Canada Gold Corp. Releases 2024 Reserves Report for 13-14 7HZ Lloyd Well and 15-14 Lloyd Well, Prepared by Petrotech and Associates, Highlighting Reserves and Revenue From Multilateral Oil Well Program
Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ("Trans Canada" or the "Company"), is pleased to release the Company's 2024 Independent Reserves report on its two newly drilled and producing 13-14-049-01W4 well and the undeveloped well location 15-14-049-01W4 (the "Wells") from its reserves evaluator. The preliminary report was completed by Petrotech & Associates, an independent qualified reserves evaluator based in Calgary, Alberta, and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). The reserves evaluation was conducted using the Sproule June 30, 2024 price forecast for heavy crude oil (12 °API) at www.sproule.com, adjusted for location and quality.
The disclosures contained in this reserves report represent information compiled, related to the Company's reserves, future net revenue, and discounted value of future net revenue, and discounted value of future net cash flows as of June 30, 2024.
NI 51-101 CRUDE OIL RESERVES REPORT ON THE 13-14 and 15-14 LLOYDMINSTER MULTILATERAL WELLS
Heavy Crude Oil Reserves (@ June 30, 2024) | 100% Heavy Crude Oil Mbbl | Company Gross(1) Heavy Crude Oil Mbbl | Company Net(2) Heavy Crude Oil Mbbl | 0% NPV MM$ | 10% NPV MM$ | 20% NPV MM$ |
Proved Developed Producing | 306.5 | 57.5 | 52.5 | 3,107.1 | 2,249.1 | 1,753.4 |
Total Proved | 504.6 | 94.6 | 87.8 | 4,879.8 | 3,497.3 | 2,675.3 |
Probable | 74.8 | 14.0 | 11.6 | 729.9 | 397.7 | 248.9 |
Total Proved plus Probable | 579.4 | 108.6 | 99.4 | 5,607.6 | 3,895.1 | 2,924.2 |
(1) "Gross Reserves" are the Company's working interest reserves before the deduction of royalties
(2) "Net Reserves" are the Company's working interest reserves after deductions of royalty obligations, plus the Company's royalty interests.
Commented Tim Coupland, "The June 30, 2024 year end NI 51-101 Reserve report is indicating a very long life, for our two- revenue producing multilateral wells drilled this year. These wells, drilled under our newly adopted Multi-lateral well drilling strategy, are providing new revenues for the Company, and providing much needed additional capital, to deploy future drilling opportunities and land acquisitions in 2025. Our production increases combined with recent land and lease acquisitions, and multilateral drilling success, strengthen our newly adopted strategic business model, drilling and developing multilateral wells. The Company currently have a potential 18.75% working interest opportunity to participate in drilling 2 or 3 additional multilateral wells in 2025 with Croverro, subject to permitting. The new U.S. Election results have now produced, a more energy friendly environment, south of the border, the Trans Mountain Pipeline expansion has brought an end to transportation bottlenecks for years which has prevented the Canadian oil industry's ability to grow, and assisted in a new ability to ship more barrels out of Western Canada's oil producing region. This industry success, will in turn will allow the Company to actively pursue and finance additional drilling opportunities and pursue new Canadian oil and gas drilling opportunities and acquisitions both domestically and abroad in 2025."
The Company continues to explore additional exploration drilling opportunities in Canada and the United States, and abroad.
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
[email protected]
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.
P.Gallardo--HdM
