TSX Venture Exchange
Shares Outstanding: 63,200,998
TORONTO, March 20, 2013 /CNW/ - Canuc Resources Corporation ("Canuc" or
the "Company") (TSXV:CDA) is pleased to report that the W-B 533 Unit #1
oil and gas well located on the Walker Buckler lease in Shackleford
County, Texas commenced production on March 11, 2013 at an estimated
rate of 25 barrels of sweet West Texas Intermediate oil per day and 80
McF of natural gas. As previously mentioned (press release dated
February 27, 2013), the W-B 533 Unit #1 well was completed to a depth
of 4,458 feet and intersected 3 oil bearing horizons within the Caddo
limestone, a known hydrocarbon bearing unit in the area. Historically
wells in the Caddo limestone operate for many years. The Walker Buckler
lease is a 14,754 acre land package that could accommodate 10 - 15
additional wells. Canuc has a 15% working interest (12% net revenue
interest) in the lease.
Drilling has recently commenced on the Thompson "A" lease which consists
of 160 acres in Stephens County, Texas. Canuc has a 20% working
interest (16% net revenue interest) in this lease. This new well, known
as the The Thompson "A" is located 2,000 feet north of the Thompson 40
#1 and will be drilled to intersect the gas bearing "Iona Hickey"
conglomerate that was intersected in both the Thompson 40 #1 and
Thompson 40 #2 wells. The Caddo limestone is also present and extensive
in the area. The Thompson 40 #2 well logs indicated that the oil
bearing Caddo limestone was encountered at 3,200 feet thus providing a
secondary target for this well. As with the previous Thompson leases,
gas pipelines are present on the property facilitating transport.
"We continue to be pleased with the results from our oil and gas project
in Texas and look forward to expanding these activities through 2013,"
said Gary Lohman, President and CEO.
At Mill Village, the results of the fall diamond drill program were
disappointing and with the advent of the ongoing success in Texas, the
Company is presently re-evaluating its programs in Nova Scotia.
Canuc is a junior natural resource company with its principal
exploration properties located in Ecuador and Nova Scotia. Canuc is
also active in the Oil and Gas sector in Texas and will be expanding
these activities throughout 2013.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this release.
This news release contains forward-looking statements that include risks
and uncertainties. When used in this news release, the words
"estimate", "project", "anticipate", "expect", "intend", "believe",
"hope", "may" and similar expressions, as well as "will", "shall" and
other indications of future tense, are intended to identify
forward-looking statements. The forward-looking statements are based on
current expectations and apply only as of the date on which they were
made. The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include changes
in the prevailing price of gold, the Canadian-United States exchange
rate, grade of ore mined and unforeseen difficulties in mining
operations that could affect revenues and production costs. Other
factors such as uncertainties regarding government regulations could
also affect the results. Other risks may be set out in Annual Reports.
SOURCE: Canuc Resources Corporation
For further information:
Gary Lohman, President & CEO
Chris Chadder, CFO