Trans Canada is pleased to announce that the Company has now completed its eleventh (11) full month of robust steady oil production for the month of August 2024, with trucking and oil sales to Altex.
Image Credit: Trans Canada
The Lloydminster well has shipped 5,207 barrels (bbl) for the month of August and produced at an average daily rate of 168 bbl/d gross (32.0 bbl/d net) to the Company since being placed on production, representing its 18.75 % working interest ownership. Production shipping and sales commenced on the well a year ago on October 6th, 2023, and the well has now produced over 67, 962 bbl, exceeding the 65,000-barrel production benchmark of consistent, steady oil production with its multilateral well. Croverro Energy Ltd. is the Operator.
- Successfully drilled its second multilateral well in August 2024, targeting the General Petroleum (GP) reservoir.
- Reporting eleven months of steady oil production in August 2024, shipping 5,207 barrels from the Lloydminster multilateral well, which has now produced over 67,962 barrels
The Company has acquired additional lands inside the Area of Mutual Interest ("AMI"), which will allow additional opportunity for multilateral wells. The lands are contiguous with our existing lands. The newly acquired lands, together combined with our existing lands have the oil resource potential for additional drilling in both the Sparky and GP producing zones.
Commented Tim Coupland, "We have now successfully produced over eleven (11) months of steady oil production and surpassed the 65,000-barrel production benchmark. With the signing of our latest lease completion of the land acquisition and utilizing our technical proficiency and drilling expertise, we successfully drilled our second multilateral well this August, targeting the General Petroleum Zone (GP) reservoir. World oil prices are forecasted to remain high which will allow the Company to actively pursue additional drilling opportunities and new acquisitions."
"The successful drilling of our second multilateral well in the GP reservoir marks an important milestone in our strategy to expand production. This well positions us to increase our output significantly and demonstrates our ability to grow efficiently while maintaining steady production from our first well," commented Director Chris Timmins. " As we bring this new well online, we are excited about the potential to enhance our production growth further and strengthen our presence in the region."
The Company continues to explore additional exploration drilling opportunities in Canada and the United States.