Trans Canada Gold Corp. Sells Stake in Non-Performing Well to Focus on Sparky Zone

Trans Canada Gold Corp. has agreed to sell its 18.75% interest in the non-performing 8-23-049-1 W4M General Petroleum zone well. This includes all associated equipment and rights, to its partners for $100,000 CDN. This decision reflects the company's strategic shift toward the Sparky Zone to enhance operational efficiency and reduce non-performing assets.

With $75,000 payable immediately and an additional bonus contingent on production, the sale aligns with Trans Canada's long-term focus. The company expects success with the upcoming 5-23 Multilateral Well targeting the Sparky Zone, aiming for increased oil production in 2025.

The company plans to leverage advanced multilateral drilling techniques, undeterred by market volatility and lower energy prices. The ongoing collaboration with Croverro Energy Ltd. remains key to achieving these goals. Trans Canada holds an 18.75% stake in their joint ventures, covering an area of 1040 acres.