Trans Canada Gold Corp. and Croverro Energy Ltd. Advance Heavy Oil Development Program With New Multi-Lateral Well Project in Alberta

VANCOUVER, BC / ACCESS Newswire / February 13, 2025 — Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) has finalized an agreement to participate in the development of an advanced multi-lateral horizontal well in partnership with Croverro Energy Ltd., marking the company’s third major drilling initiative in the region. The proposed 5-23 well will be developed adjacent to the company’s highly productive Lloyd 12-14 Multilateral Well located near Lloydminster, Alberta, with Trans Canada holding an 18.75% working interest in the venture.

Production Performance and Technical Foundation

The success of this new venture builds on the demonstrated productivity of Trans Canada’s existing operations. The 7HZ LLOYD 12-14-49-01W4 well, drilled in 2023, has already yielded over 85,000 barrels of oil while maintaining steady monthly output rates. That well encountered approximately 2,486 metres of oil-bearing zones within the Sparky Oil Formation, establishing strong geological and technical precedent for the current project.

The upcoming 5-23 well is engineered to expose an estimated 3,000 meters of Sparky formation productive zones, employing a similar seven-leg multi-lateral architecture that has proven effective in the area. Croverro Energy Ltd. will serve as operator under the joint venture arrangement, bringing established expertise in multi-lateral horizontal well execution.

Development Timeline and Financial Structure

Drilling operations are scheduled for the summer months through Q3 2025, contingent upon final regulatory approval from the Alberta Energy Regulator. Total project costs are estimated at $1.9 million, with Trans Canada’s net cost obligation limited to approximately $350,000 due to its 18.75% working interest stake. Notably, all well funding will be sourced from existing production cash flow, eliminating any requirement for equity dilution to finance the development.

The Area of Mutual Interest encompassing both current and projected drilling sites now spans 1,040 acres, containing additional resource potential in both the Sparky and GP formation zones.

Strategic Commentary and Long-Term Vision

Tim Coupland, President and CEO of Trans Canada Gold Corp., remarked on the significance of this advancement: “The 5-23 well deployment represents a natural extension of our operational success with the 12-14 Multilateral Well developed in October 2023. This third multi-lateral undertaking with Croverro reinforces our partnership with a proven, cost-effective operator committed to production consistency. Our approach integrating multi-lateral horizontal well technology with advanced seismic analysis and computer-based modelling delivers measurable drilling outcomes. As world oil market conditions support stable pricing environments, this development phase positions Trans Canada for sustainable growth and expanded production revenue streams.”

The well design incorporates recent seismic processing and surrounding well data to optimize drilling outcomes and resource recovery efficiency within the Sparky Oil Formation.

About Trans Canada Gold Corp.

Trans Canada Gold Corp. operates as a conventional heavy oil production and development company focused on resource property advancement and petroleum production growth. The company identifies, acquires, and develops oil and gas assets in partnership with experienced operators, primarily throughout Alberta. The organization maintains qualified exploration and geological expertise in production field operations and drilling management.

FOR FURTHER INFORMATION: Tim Coupland, President and CEO Trans Canada Gold Corp. Tel: (604) 681-3131 astar@telus.com

Christian Timmins, Director Trans Canada Gold Corp. Tel: (403) 597-3410

www.transcanadagold.com

SOURCE: Trans Canada Gold Corp.

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